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Accrual recognition

When to accrue for an invoice

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?

 

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19th Sep 2017 20:29

When it is received is irrelevant. It's when the goods or services were received.

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to johngroganjga
20th Sep 2017 00:40

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.......

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19th Sep 2017 21:36

What a shockingly poor question. No wonder you don't want anyone knowing who you are.

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19th Sep 2017 22:13

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.

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20th Sep 2017 08:17

Yes you should accrue if the service has been provided for and the invoice has not been received .

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