CloseKit covers the entire prepayment and accrual workflow — from entry to reconciliation to export — without the complexity of enterprise tools or the limitations of a spreadsheet.
See exactly what makes up every prepaid asset and accrued liability balance on any date. Drill into individual items, filter by account type, and verify balances in seconds instead of hours.
As of 31 Jan 2026
Prepaid Insurance
3 prepayments
| Description | Original | Remaining | Status |
|---|---|---|---|
| Office Insurance 2026 | £6,000.00 | £5,000.00 | Active |
| Directors & Officers | £4,200.00 | £3,450.00 | Active |
Accrued Expenses
2 accruals
Add a prepayment or accrued liability in under a minute. Choose your GL accounts, enter the amount and dates, pick an amortization or reversal method, and CloseKit handles the rest automatically.
Enter a new prepaid expense or deposit
Whether you need equal monthly amounts, daily-weighted calculations, a fully custom schedule, or a single full reversal — CloseKit supports every pattern your team uses, for both prepayments and accrued liabilities.
Equal amount recognised each calendar month
Weighted by exact days in each period
You define the amount for each period
Entire amount reversed on a single date
A complete history of edits, adjustments, and corrections is recorded automatically. Know who changed what and when, without relying on email chains or spreadsheet comments.
Changed from £10,000 to £12,000
sarah@acme.com · 14 Jan 2026, 11:42
£1,500 removed from remaining balance
sarah@acme.com · 28 Nov 2024, 09:15
Office Insurance 2024 — £6,000
tom@acme.com · 01 Jan 2024, 08:00
Import your chart of accounts or enter accounts manually. Each prepayment and accrual links to both a balance sheet account and an expense account, matching your real GL layout.
| Number | Name | Type | Linked |
|---|---|---|---|
| 1200 | Prepaid Insurance | Prepaid Asset | 3 items |
| 1210 | Prepaid Rent | Prepaid Asset | 1 items |
| 6100 | Insurance Expense | Expense | — |
| 2100 | Accrued Expenses | Accrued Liability | 2 items |
Download journal entry schedules, full reconciliation reports, and amortization tables as CSV — covering both prepayments and accrued liabilities, formatted to import directly into your accounting system.
Journal Entry Schedule
Monthly amortization entries, ready to import into your accounting system
Balance Reconciliation
Full breakdown of every GL account balance for your chosen date
Full Amortization Table
Period-by-period schedule for all active prepayments
Start with a prebuilt checklist or build your own from scratch. Save it as a reusable template that seeds each new period. Link tasks to prepayments, accruals, or workbooks. Download pre-formatted Excel templates for balance sheet and P&L flux reviews. Track progress in real time and formally sign off when done.
March 2026
Prepayments
Accruals
Sign-Off
When Xero syncs a transaction dated inside an already-closed period, CloseKit flags it automatically. Review each alert, approve legitimate late postings with a note, or dismiss false alarms — with a full audit trail either way.
Post-close alerts require the Team plan with Xero integration. Syncs happen automatically — no manual imports needed.
January 2026 · Closed 3 Feb 2026
Xero synced 2 transactions dated in a closed period
HSBC — Stripe payment processing fees
Annual AWS infrastructure invoice
Q4 payroll adjustment (correction)
Features currently in development for teams with more complex needs.
Invite colleagues and collaborate on the same chart of accounts.
Manage prepayments and accruals across several companies in one place.
Control who can add, edit, or only view financial records.
Push journal entries directly to your accounting system without manual CSV uploads.
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