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FoxAccountancyServices


Expert

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Prepayments and accruals
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Hi Joanne

Add a monthly accrual. When the invoice arrives, post it straight to the accruals code

You are getting there with these!!!



-- Edited by FoxAccountancyServices on Thursday 25th of July 2013 08:38:59 PM

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Cheshire


Master Book-keeper

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Hi 

just wondering....

If anyone else has rent as a prepayment and as an accrual in the same year?  

In March we had a rent bill for 25 March - 23 June, so I set up as a prepayment and released the expense in March, April and May (on 25th of each month)

Now its July and I still havent seen a bill for the rent from 23 June, so i was thinking of dr rent account and cr accruals for one months worth.

Does this sound right? Or I have lost the plot (again!)



__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Cheshire


Master Book-keeper

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Posts: 8646
Date:
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Yey!! I still have to write them down though!

Thanks Michelle

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
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