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View Full Version : Interest due on property taxes


sheila09
Feb 26, 2008, 12:18 PM
Where do you post interest due on property taxes that were paid late when using GAAP Accounting?

MaggieMouse
Feb 29, 2008, 08:36 AM
Accrued accounting is a requirement for GAAP compliance, so it doesn't matter when the payment is cleared. You record the transaction when it occures. Dr. Property Taxes, Cr. Taxes Payable.