Accruals Discovery For Goods Received but Not Invoiced
Goods-received-but-not-invoiced Accruals represent expenses recorded for goods or services received by a company before the corresponding supplier invoice is received. This ensures accurate financial reporting by recognizing liabilities in the correct accounting period.
Key Features
Goods Receipt Notes (GRNs)
When goods are received, a GRN is created in the system to confirm receipt. Accruals are based on GRNs that have no matching invoices. Example: A shipment of 1,000 units of raw materials is received on December 30. The invoice arrives on January 10. The system records a GRNI accrual using the GRN date.
Purchase Order (PO) matching systems
The system matches GRNs against corresponding POs. Any mismatch between received goods and unrecorded invoices flags items for accrual. Example: A PO for 500 units of packaging materials was placed, and 450 units were received by the period end. No invoice has been received, so a GRNI accrual is triggered for the received quantity.
Receiving reports or logs
Physical or digital receiving logs are maintained, and accountants review them to identify goods received but not invoiced. Example: A construction company receives 100 tons of cement. The receiving report shows the delivery date, but the invoice is pending, so the accounting team accrues for this amount.
Warehouse inventory systems
Inventory systems track increases in stock levels and flag entries where no matching invoice exists within a certain timeframe. Example: A retailer receives 300 units of electronics and records them in inventory. The inventory system detects a delay in invoice receipt and prompts a GRNI entry.
Vendor acknowledgements or shipping documents
Documentation from vendors confirming dispatch or delivery can act as a basis to identify expected but uninvoiced items. Example: A vendor delivers specialized machinery parts. The shipping documentation confirms receipt on-site, and the finance team accrues based on delivery confirmation.
80%
Accrual processing cost
Co-pilot reports all accrued expenses using AI eliminating the need for manual accruals completely
<5%
Variance in accured Vs actual costs
Co-pilot identifies all expenses comprehensively for all type of scenarios through data using AI.
Human Errors
Accrual reversal
Month end closing pressure
Auditability
VALUE PROPOSITION
Why Hyperbots Accruals Co-Pilot
Hyperbots Accruals Co-pilot automates accrual identification, booking, and reversal processes with high configurability and accuracy, ensuring timely and compliant financial reporting while reducing manual effort and errors.
Why Hyperbots Agentic AI Platform?
Finance specific
Best-in-class accuracy
Synthesis of unstructured and strutured finance data
Pre-trained agents with state of the art models
Company specific inference time learning
FAQs: Accruals Discovery for Goods Received but not Invoiced
What do you do if good received are lesser than in PO. What computation Hyperbots Co-pilot does to estimate accrual?
How can timing differences between the arrival of goods and the subsequent vendor invoice impact financial statements if not recorded as GRNI?
What role do vendor acknowledgements or shipping documents play in verifying received goods before an invoice is issued?
Why is it important for warehouse inventory systems to alert accounting teams to incoming stock without associated invoices?
How can regular review of physical or digital receiving logs improve the accuracy of GRNI accruals?
In what ways do 2-way matching by Hyperbots Co-pilot help detect discrepancies between received quantities and pending invoices?
How do Goods Receipt Notes (GRNs) serve as a reliable source document for identifying goods received but not yet invoiced?
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