How to record accrued expenses?

Forum|Forum|7 years ago
March 12, 2019
3 replies
4 views

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?

QuickBooks Desktop

Best answer by qbteachmt

"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.

qbteachmtAnswer

Level 11

"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.

lewyAuthor

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.

qbteachmt

Level 11

"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.

NEVER

Level 1

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.

lewyAuthor

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?

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