I'm working on a transaction where I'm receiving different opinions on how to calculate Net Working Capital. The company accrues year-end bonuses in December and pays them in March, so NWC is 20% less in Dec, Jan, and Feb, which weighs down the TTM average. My CPA is telling me I shouldn't be including the year-end bonus accrual in the calculation because it should not be viewed as a current liability.

There's a $100k difference in what the seller owes me for the NWC calculation when I include it versus excluding it. I haven't been able to find anything online arguing one side versus the other, so if someone has something they can send me, please include it in your comment. Thanks!