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+--- Thread: Accruals! (/showthread.php?tid=3713)
Accruals! - finance - 08-19-2006
Trying to tidy up a clients set of books at the moment.
The books of account are still being written up.
However, here's a good one.
My client has a series of payments leaving his bank account which were never posted to his creditors ledger/bank (cash), and for which no invoices were received or posted to his profit and loss account.
I can post the payments (credit Bank /ac, debit creditors control) but I need to account for this in my profit and loss account.
I am correct to accrue the invoices and to accrue the V.A.T. - in order to get the profit and loss account right? (he won't receive the invoices before yearend).