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BenRab
Oct 20, 2008, 06:11 PM
Can someone tell me what "accrual" is in accounting and what it is for? Tkx.
MF Controller
Oct 22, 2008, 09:24 AM
an accural is for accounting for expenses in the month that they were incurred. For example if I spend $100 on a plumbing service in September but I won't receive the bill/invoice til October but I want the expense in September's financials, then I would accrue the expense in September and then when I actually pay in October, I will pay and reverse the accrual