Accrual accounting is a method of recording revenue and expenses that have occurred but payment is not yet received or recorded. Because Procurify doesn't track revenue generated, only expenses are reported. In short, the accrual report in Procurify includes the following non-expense Accounts Payable items:
- Items on the unbilled items list
- Items on a draft bill
- Items on a pending bill (not final approved)
- Items on a denied bill
Procurify Accrual Reporting allows you to export items in a CSV format. Accruals exports cannot be customized. If you want to customize columns, it is recommended that you access the Unbilled PO Items export by accessing SETTINGS → Exports.
Please note that the received date in the Accruals exports, in the Accounts Payable module, is actually when the user recorded it in Procurify, and not necessarily the actual received date. For example, the received date is in July, however, the individual who recorded the transaction didn't record it until August. The received date would be August in Procurify and not July.
- Items that are archived or Billed are no longer considered accrual. Archived items are cancelled transactions which means no payment is required.