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-   -   Interest due on property taxes (https://www.askmehelpdesk.com/showthread.php?t=188530)

  • Feb 26, 2008, 12:18 PM
    sheila09
    Interest due on property taxes
    Where do you post interest due on property taxes that were paid late when using GAAP Accounting?
  • Feb 29, 2008, 08:36 AM
    MaggieMouse
    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.

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