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Post Info TOPIC: Accrued Fees
Eilef


Senior Member

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Posts: 214
Date:
Accrued Fees
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i have a bill from eBay for £7 which is for Feb transaction fees.

the bill is due in March but I want it to show in Feb P&L so I have accrued it by 

DB eBay fees account

CR accrued control account

firstly is that the right way of doing it?

secondly, 

once this his bill is paid in a few weeks time how do I process the payment without it hitting my P&L?

I think I should:

CR bank

DB accused control Account

 it can someone just confirm this please

 

 



-- Edited by Eilef on Saturday 7th of March 2015 08:45:25 PM

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Kind Regards

 

Eilef Loken MIAB

 
Shamus


Forum Moderator & Expert

Status: Offline
Posts: 11981
Date:
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Yep,

Dr Expense
Cr Acrual


then

Cr Bank
Dr Acrual


the expense will only appear in the P&L of the period to which the expense relates.

the acrual account merely acts as a temporary timing difference in the transaction.

kind regards,

Shaun.

__________________

Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
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