what is the difference between outstanding & accrued?
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Answer Posted / ullash swain
Outstanding- The exepenses which is due but not paid is called outstanding expenses.
For example- Electricity bill cycle date is 15 th march to 14 th April.So vendor would issue invoice after 14th April because electricity consumption on 14 th April would be include.In this case if payment not happened till 14 the April , we can treat it as an Outstanding expenses.
Accrued- The expenses which has been incurred but not accounted in the current month which is called accrued expenses.As invoice not received from the vendors we need to calculate the accrual days on basis of invoice bill cycle date.If accrued expenses has not been accounted in the current month then it will become a outstanding .
Example- In above example, Accrued expenses would be charge as 15 days for the month of march due to invoice has not been generated.
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