Your Guide to Automated Accrual & Prepaid Accounting

FinQuery processes contracts, invoices, and statements of work by uploading documents and automatically mapping data to generate accounting schedules, journal entries, and roll-forward reports. The system scans documents to identify renewal dates and sends alerts before contract renewals occur. General ledger accounts and segments are configured once, after which the system automatically handles account splits and populates journal entries and reports. Users can bulk upload accounts payable transactions or import invoices for continuous reconciliation. The system generates estimated expense schedules that adjust when actual bills arrive. Schedules can be created without source documents to track un-invoiced spend. FinQuery compares actual AP transactions against expected payments, identifies variances, and dynamically adjusts expense schedules. The Remaining Expected tab identifies missing accruals and un-invoiced spend. Deferred payments trigger automatic generation of accrued expense and liability entries. When payment timelines shift, the system records expenses and corresponding accruals while maintaining an audit trail. The platform tracks the complete lifecycle of obligations from initial agreement through final settlement, including true-ups and deferrals. When services renew before invoices arrive, FinQuery tracks the accrued liability, then reclassifies it as a prepaid asset and begins amortization after payment, managing the entire lifecycle in a single record. Multi-segment allocations are configured once and automatically split journal entries across custom dimensions for granular reporting. Each vendor has a dashboard displaying total contract value, incurred expense, payments, and variances. For prepaid expenses, the system uploads invoices or bulk transactions and extracts terms to build expense schedules. Journal entries and roll-forward reports generate automatically. The system scans incoming documents to detect service gaps from closed periods and flags catch-up entries. When invoices arrive late covering prior periods, alerts indicate which period should record the adjustment. Amortization schedules automatically calculate catch-up adjustments with detailed breakdowns showing prior-period corrections separated from current expenses. Journal entries include itemized catch-up adjustments. Custom financial dimensions map upfront to automatically split journal entries across segments and departments. The Invoice Booking Account designation reconciles differences between AP coding and automated journal entries. Journal entry exports include complete multi-segment account strings for direct import to ERP systems. Account summary lead sheets combine with detailed prepaid activity to track every balance change. Reports filter by department, cost center, or custom dimensions. The system maintains a permanent audit trail that updates automatically when adjustments, corrections, or mid-cycle changes occur.