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    sheila09's Avatar
    sheila09 Posts: 1, Reputation: 1
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    #1

    Feb 26, 2008, 12:18 PM
    Interest due on property taxes
    Where do you post interest due on property taxes that were paid late when using GAAP Accounting?
    MaggieMouse's Avatar
    MaggieMouse Posts: 226, Reputation: 8
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    #2

    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.
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