Accruals prepayments

Hi,

Silly question of the day -

How do you know the value of accruals and prepayments at the end of the year for your clients?

If you have many clients, how do you keep tabs on them all?

Do you, as soon as you see the initial invoice, make adjustments at that point, or complete it all at year end? Do you have separate excel files containing such information?

PS - Clearly a student, just intrigued to how it all works in the real world.

Thanks

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