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What will accrue in Payables?
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Till invoice is created, liability is recorded in Exp AP Accrual account or Inv AP Accrual Account. When invoice is matched against a PO/Receipt, AP Accrual is relieved and Liability will get accrued in Payables. Once invoice is paid, liability is relieved.
Hence in invoice, the accounting entries would be
AP Accrual A/C - Dr (Expense A/C in case of Expense Reports)
Liability A/C - Cr
During Payment,
Liability A/C - Dr
Bank/Cash A/C - Cr
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Answer / prasad
Accrue in Payables means When any Goods/Services enter in the Organisation, Its becomes a liability to pay to the vendor. Therefore The payment for the same called is accrual which is payable in near future.
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Answer / mandhala
Accrued Revenue: Revenue is recognized before cash is
received.
| Is This Answer Correct ? | 6 Yes | 8 No |
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