journal-entry-prep

Name: journal-entry-prep
Author: anthropics

23kstars2.7kforks

How to install journal-entry-prep?

anthropics/knowledge-work-plugins/journal-entry-prep

$npx -y skills add anthropics/knowledge-work-plugins --skill journal-entry-prep

Installs into the current project.

Summary

Prepare journal entries with proper debits, credits, and supporting documentation for month-end close. Use when booking accruals, prepaid amortization, fixed asset depreciation, payroll entries, revenue recognition, or any manual journal entry.

Files · 1

View on GitHub

SKILL.md

1	# Journal Entry Preparation
2
3	Important: This skill assists with journal entry workflows but does not provide financial advice. All entries should be reviewed by qualified financial professionals before posting.
4
5	Best practices, standard entry types, documentation requirements, and review workflows for journal entry preparation.
6
7	## Standard Accrual Types and Their Entries
8
9	### Accounts Payable Accruals
10
11	Accrue for goods or services received but not yet invoiced at period end.
12
13	Typical entry:
14	- Debit: Expense account (or capitalize if asset-qualifying)
15	- Credit: Accrued liabilities
16
17	Sources for calculation:
18	- Open purchase orders with confirmed receipts
19	- Contracts with services rendered but unbilled
20	- Recurring vendor arrangements (utilities, subscriptions, professional services)
21	- Employee expense reports submitted but not yet processed
22
23	Key considerations:
24	- Reverse in the following period (auto-reversal recommended)
25	- Use consistent estimation methodology period over period
26	- Document basis for estimates (PO amount, contract terms, historical run-rate)
27	- Track actual vs accrual to refine future estimates
28
29	### Fixed Asset Depreciation
30
31	Book periodic depreciation expense for tangible and intangible assets.
32
33	Typical entry:
34	- Debit: Depreciation/amortization expense (by department or cost center)
35	- Credit: Accumulated depreciation/amortization
36
37	Depreciation methods:
38	- Straight-line: (Cost - Salvage) / Useful life — most common for financial reporting
39	- Declining balance: Accelerated method applying fixed rate to net book value
40	- Units of production: Based on actual usage or output vs total expected
41
42	Key considerations:
43	- Run depreciation from the fixed asset register or schedule
44	- Verify new additions are set up with correct useful life and method
45	- Check for disposals or impairments requiring write-off
46	- Ensure consistency between book and tax depreciation tracking
47
48	### Prepaid Expense Amortization
49
50	Amortize prepaid expenses over their benefit period.
51
52	Typical entry:
53	- Debit: Expense account (insurance, software, rent, etc.)
54	- Credit: Prepaid expense
55
56	Common prepaid categories:
57	- Insurance premiums (typically 12-month policies)
58	- Software licenses and subscriptions
59	- Prepaid rent (if applicable under lease terms)
60	- Prepaid maintenance contracts
61	- Conference and event deposits
62
63	Key considerations:
64	- Maintain an amortization schedule with start/end dates and monthly amounts
65	- Review for any prepaid items that should be fully expensed (immaterial amounts)
66	- Check for cancelled or terminated contracts requiring accelerated amortization
67	- Verify new prepaids are added to the schedule promptly
68
69	### Payroll Accruals
70
71	Accrue compensation and related costs for the period.
72
73	Typical entries:
74
75	Salary accrual (for pay periods not aligned with month-end):
76	- Debit: Salary expense (by department)
77	- Credit: Accrued payroll
78
79	Bonus accrual:
80	- Debit: Bonus expense (by department)
81	- Credit: Accrued bonus
82
83	Benefits accrual:
84	- Debit: Benefits expense
85	- Credit: Accrued benefits
86
87	Payroll tax accrual:
88	- Debit: Payroll tax expense
89	- Credit: Accrued payroll taxes
90
91	Key considerations:
92	- Calculate salary accrual based on working days in the period vs pay period
93	- Bonus accruals should reflect plan terms (target amounts, performance metrics, payout timing)
94	- Include employer-side taxes and benefits (FICA, FUTA, health, 401k match)
95	- Track PTO/vacation accrual liability if required by policy or jurisdiction
96
97	### Revenue Recognition
98
99	Recognize revenue based on performance obligations and delivery.
100
101	Typical entries:
102
103	Recognize previously deferred revenue:
104	- Debit: Deferred revenue
105	- Credit: Revenue
106
107	Recognize revenue with new receivable:
108	- Debit: Accounts receivable
109	- Credit: Revenue
110
111	Defer revenue received in advance:
112	- Debit: Cash / Accounts receivable
113	- Credit: Deferred revenue
114
115	Key considerations:
116	- Follow ASC 606 five-step framework for contracts with customers
117	- Identify distinct performance obligations in each contract
118	- Determine transaction price (including variable consideration)
119	- Allocate transaction price to performance obligations
120	- Recognize revenue as/when performance obligations are satisfied
121	- Maintain contract-level detail for audit support
122
123	## Supporting Documentation Requirements
124
125	Every journal entry should have:
126
127	1. Entry description/memo: Clear, specific description of what the entry records and why
128	2. Calculation support: How amounts were derived (formula, schedule, source data reference)
129	3. Source documents: Reference to the underlying transactions or events (PO numbers, invoice numbers, contract references, payroll

People who liked this also viewed

6 picks

Type

journal-entry-prep

23kstars2.7kforks

View on GitHub

How to install journal-entry-prep?

anthropics/knowledge-work-plugins/journal-entry-prep

$npx -y skills add anthropics/knowledge-work-plugins --skill journal-entry-prep

Installs into the current project.

Summary

Files · 1

View on GitHub

SKILL.md

1	# Journal Entry Preparation
2
3	Important: This skill assists with journal entry workflows but does not provide financial advice. All entries should be reviewed by qualified financial professionals before posting.
4
5	Best practices, standard entry types, documentation requirements, and review workflows for journal entry preparation.
6
7	## Standard Accrual Types and Their Entries
8
9	### Accounts Payable Accruals
10
11	Accrue for goods or services received but not yet invoiced at period end.
12
13	Typical entry:
14	- Debit: Expense account (or capitalize if asset-qualifying)
15	- Credit: Accrued liabilities
16
17	Sources for calculation:
18	- Open purchase orders with confirmed receipts
19	- Contracts with services rendered but unbilled
20	- Recurring vendor arrangements (utilities, subscriptions, professional services)
21	- Employee expense reports submitted but not yet processed
22
23	Key considerations:
24	- Reverse in the following period (auto-reversal recommended)
25	- Use consistent estimation methodology period over period
26	- Document basis for estimates (PO amount, contract terms, historical run-rate)
27	- Track actual vs accrual to refine future estimates
28
29	### Fixed Asset Depreciation
30
31	Book periodic depreciation expense for tangible and intangible assets.
32
33	Typical entry:
34	- Debit: Depreciation/amortization expense (by department or cost center)
35	- Credit: Accumulated depreciation/amortization
36
37	Depreciation methods:
38	- Straight-line: (Cost - Salvage) / Useful life — most common for financial reporting
39	- Declining balance: Accelerated method applying fixed rate to net book value
40	- Units of production: Based on actual usage or output vs total expected
41
42	Key considerations:
43	- Run depreciation from the fixed asset register or schedule
44	- Verify new additions are set up with correct useful life and method
45	- Check for disposals or impairments requiring write-off
46	- Ensure consistency between book and tax depreciation tracking
47
48	### Prepaid Expense Amortization
49
50	Amortize prepaid expenses over their benefit period.
51
52	Typical entry:
53	- Debit: Expense account (insurance, software, rent, etc.)
54	- Credit: Prepaid expense
55
56	Common prepaid categories:
57	- Insurance premiums (typically 12-month policies)
58	- Software licenses and subscriptions
59	- Prepaid rent (if applicable under lease terms)
60	- Prepaid maintenance contracts
61	- Conference and event deposits
62
63	Key considerations:
64	- Maintain an amortization schedule with start/end dates and monthly amounts
65	- Review for any prepaid items that should be fully expensed (immaterial amounts)
66	- Check for cancelled or terminated contracts requiring accelerated amortization
67	- Verify new prepaids are added to the schedule promptly
68
69	### Payroll Accruals
70
71	Accrue compensation and related costs for the period.
72
73	Typical entries:
74
75	Salary accrual (for pay periods not aligned with month-end):
76	- Debit: Salary expense (by department)
77	- Credit: Accrued payroll
78
79	Bonus accrual:
80	- Debit: Bonus expense (by department)
81	- Credit: Accrued bonus
82
83	Benefits accrual:
84	- Debit: Benefits expense
85	- Credit: Accrued benefits
86
87	Payroll tax accrual:
88	- Debit: Payroll tax expense
89	- Credit: Accrued payroll taxes
90
91	Key considerations:
92	- Calculate salary accrual based on working days in the period vs pay period
93	- Bonus accruals should reflect plan terms (target amounts, performance metrics, payout timing)
94	- Include employer-side taxes and benefits (FICA, FUTA, health, 401k match)
95	- Track PTO/vacation accrual liability if required by policy or jurisdiction
96
97	### Revenue Recognition
98
99	Recognize revenue based on performance obligations and delivery.
100
101	Typical entries:
102
103	Recognize previously deferred revenue:
104	- Debit: Deferred revenue
105	- Credit: Revenue
106
107	Recognize revenue with new receivable:
108	- Debit: Accounts receivable
109	- Credit: Revenue
110
111	Defer revenue received in advance:
112	- Debit: Cash / Accounts receivable
113	- Credit: Deferred revenue
114
115	Key considerations:
116	- Follow ASC 606 five-step framework for contracts with customers
117	- Identify distinct performance obligations in each contract
118	- Determine transaction price (including variable consideration)
119	- Allocate transaction price to performance obligations
120	- Recognize revenue as/when performance obligations are satisfied
121	- Maintain contract-level detail for audit support
122
123	## Supporting Documentation Requirements
124
125	Every journal entry should have:
126
127	1. Entry description/memo: Clear, specific description of what the entry records and why
128	2. Calculation support: How amounts were derived (formula, schedule, source data reference)
129	3. Source documents: Reference to the underlying transactions or events (PO numbers, invoice numbers, contract references, payroll

People who liked this also viewed

6 picks

Type