Month-end close
Maintain accruals and prepaid schedules
Imagine maintains your accrual and prepaid schedules so recurring entries are never missed or miscalculated at close. Each prepaid and accrued item is tracked, the period's amortization or accrual is calculated, the journal entries you approve are posted, and every schedule rolls forward with supporting detail intact.
The manual reality today
-
01
Spreadsheet schedules drift out of sync
Prepaid and accrual schedules kept in spreadsheets are easy to fat-finger, and one broken formula can understate or overstate expense for months before anyone catches it.
-
02
Recurring entries get forgotten
Amortizing a prepaid or booking an accrual every period is easy to skip when close is busy, which leaves the books wrong until someone catches it.
-
03
New items aren't captured on time
Fresh prepaids and accruals have to be spotted and added to the schedule, and when they slip through, expense recognition is off from the start.
How Imagine handles it
-
01
Track every prepaid and accrual
A live schedule holds each prepaid balance and accrued item, including its amount, term, and recognition pattern.
-
02
Detect new items to schedule
Recent activity is reviewed for new prepaid payments and expenses that need accruing, and each is proposed for the schedule with the right amortization or reversal terms.
-
03
Calculate and post period entries
The period's amortization or accrual is computed for each item, and the journal entries are prepared for the close, ready for your approval.
-
04
Roll schedules forward with detail
After posting, remaining balances are updated and each schedule carries into the next period with a clear record of the calculation.
Works with the tools you already run
- QuickBooks Online
- NetSuite
- Sage Intacct
- Xero
- Bill.com
What changes
Schedules current every period
Accruals and prepaids are calculated and rolled forward automatically, so the schedules stay accurate without manual upkeep.
No missed or duplicated entries
Recurring amortization and accruals post reliably each close, removing the errors that come from forgotten or doubled-up entries.
Expense recognition you can trust
Because each entry is calculated consistently and documented, expense lands in the right period and stands up to review.
Frequently asked questions
How is prepaid amortization handled?
Each prepaid balance is tracked with its term and recognition pattern, the amount to amortize for the period is calculated, and the journal entry is prepared for your approval. The remaining balance is updated and carried forward automatically.
Can new accruals and prepaids be identified automatically?
Yes. Recent payments and expenses are reviewed for items that should be scheduled, such as a new prepaid insurance payment, and each is proposed with appropriate terms. You confirm before anything is set up.
Do the journal entries post automatically?
You decide. Routine, recurring entries can post automatically within the thresholds you set, while new or unusual items are held for your review, and every entry keeps its full calculation on record.
What if a schedule needs to change mid-term?
When an amount, term, or treatment changes, the schedule is updated and the remaining recognition is recalculated from that point, with a record of the change kept so the history stays clear.