Hi,
My question is:
Do I have to accrue for invoice received during month end ?
Usually I accrue for invoices that I haven't received during the month but that I know I would need to pay shortly. However if one of those invoices is received when the month has ended should I include it in the accrual journal?
Thanks
Replies (5)
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Don't say that John!
You'll get me going about why you should NOT accrue the audit/accounts fee into the year under audit.......
Accrued expenses:
Costs relating to a period which have not so far been taken into account because they have not yet been invoiced by the supplier or paid.
Refer to johngroganjga explanation in deciding whether the costs relate to the period.
Yes you should accrue if the service has been provided for and the invoice has not been received .