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Level 1

How to record accrued expenses?

I receive an invoice today in March 16, Vendor actually provide the services for last year 2015. May I ask what are the steps to record this accrual expenses?

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Best answer 03-11-2019

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Level 15

"But the services was provided by the vendor in last fisc...

"But the services was provided by the vendor in last fiscal year , so I think that I need to record that expenses in last fiscal year, isn't it?"

Then use Enter Bill and date that for last year. This is AP = accrued expense not yet paid.


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Highlighted
Level 15

"But the services was provided by the vendor in last fisc...

"But the services was provided by the vendor in last fiscal year , so I think that I need to record that expenses in last fiscal year, isn't it?"

Then use Enter Bill and date that for last year. This is AP = accrued expense not yet paid.


View solution in original post

Level 1

For my case, I ask my vendor to change its invoice date t...

For my case, I ask my vendor to change its invoice date to the last day of last year, so I record this as last year expenses ^^,and the date of paper invoice is same as the system record.
Level 15

"For my case, I ask my vendor to change its invoice date...

"For my case, I ask my vendor to change its invoice date to the last day of last year,"

Due Date controls nothing except if the bill is Paid on time or not.

"so I record this as last year expenses ^^,and the date of paper invoice is same as the system record."

Bill date, not Due Date, creates the accrual entry for what is the details on the bill.


Level 6

This is not an accrual, it is a normal purchase. Some bus...

This is not an accrual, it is a normal purchase. Some business types would have reported the amount of the Bill as Work in Progress at the 2015 yearend. Record the Vendor Bill like any other with a date in the current fiscal year.

Level 1

But the services was provided by the vendor in last fisca...

But the services was provided by the vendor in last fiscal year , so I think that I need to record that expenses in last fiscal year, isn't it?