Introduction
Greg needs an introduction as to what accruals and deferrals are from an accounting perspective as he's not familiar with this concept.
Secondly, as part of the close process he needs guidance on posting journal entries to record accruals or by using recurring entries. He needs to learn what Apps are used in the SAP system to record these transactions.
Accrual and Deferral Postings
During the close, the accounting department needs to identify, in line with accounting practices, any accruals or deferral (prepayments) that need to be recorded in the general ledger, in accordance with GAAP (Generally Accepted Accounting Practices).

Accrual:
An accrual is an expense or revenue that is recognized (i.e., belongs in the current period) but the invoice has not been received or issued. An example of this would be rent for a building that was due in the current accounting period but was not paid. For this reason, such revenues and expenses must be accrued; that is, they must be divided over the periods in which they are incurred.
Deferral (Prepayment):
In contrast, a deferral is an expense or revenue posted in the current period (invoice sent/received), but the actual business transaction, or part of it, is actually incurred in a future period. An example would be insurance paid in one period that covers the whole Fiscal Year, or an advance payment from a customer for services not yet performed.