Typical entry:

• Debit: Depreciation/amortization expense (by department or cost center)
• Credit: Accumulated depreciation/amortization

Depreciation methods:

• Straight-line: (Cost - Salvage) / Useful life — most common for financial reporting
• Declining balance: Accelerated method applying fixed rate to net book value
• Units of production: Based on actual usage or output vs total expected

Key considerations:

• Run depreciation from the fixed asset register or schedule
• Verify new additions are set up with correct useful life and method
• Check for disposals or impairments requiring write-off
• Ensure consistency between book and tax depreciation tracking

Prepaid Expense Amortization

Amortize prepaid expenses over their benefit period.

Typical entry:

• Debit: Expense account (insurance, software, rent, etc.)
• Credit: Prepaid expense

Common prepaid categories:

• Insurance premiums (typically 12-month policies)
• Software licenses and subscriptions
• Prepaid rent (if applicable under lease terms)
• Prepaid maintenance contracts
• Conference and event deposits

Key considerations:

• Maintain an amortization schedule with start/end dates and monthly amounts
• Review for any prepaid items that should be fully expensed (immaterial amounts)
• Check for cancelled or terminated contracts requiring accelerated amortization
• Verify new prepaids are added to the schedule promptly

Payroll Accruals

Accrue compensation and related costs for the period.

Typical entries:

Salary accrual (for pay periods not aligned with month-end):

• Debit: Salary expense (by department)
• Credit: Accrued payroll

Bonus accrual:

• Debit: Bonus expense (by department)
• Credit: Accrued bonus

Benefits accrual:

• Debit: Benefits expense
• Credit: Accrued benefits

Payroll tax accrual:

• Debit: Payroll tax expense
• Credit: Accrued payroll taxes

Key considerations:

• Calculate salary accrual based on working days in the period vs pay period
• Bonus accruals should reflect plan terms (target amounts, performance metrics, payout timing)
• Include employer-side taxes and benefits (FICA, FUTA, health, 401k match)
• Track PTO/vacation accrual liability if required by policy or jurisdiction

Revenue Recognition

Recognize revenue based on performance obligations and delivery.

Typical entries:

Recognize previously deferred revenue:

• Debit: Deferred revenue
• Credit: Revenue

Recognize revenue with new receivable:

• Debit: Accounts receivable
• Credit: Revenue

Defer revenue received in advance:

• Debit: Cash / Accounts receivable
• Credit: Deferred revenue

Key considerations:

• Follow ASC 606 five-step framework for contracts with customers

…

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