Answer / omsai

EXPENSES AND LIABILITIES

Answer / tgs100

Till invoice is created, liability is recorded in Exp AP Accrual account or Inv AP Accrual Account. When invoice is matched against a PO/Receipt, AP Accrual is relieved and Liability will get accrued in Payables. Once invoice is paid, liability is relieved.
Hence in invoice, the accounting entries would be
AP Accrual A/C - Dr (Expense A/C in case of Expense Reports)
Liability A/C - Cr

During Payment,
Liability A/C - Dr
Bank/Cash A/C - Cr

Answer / prasad

Accrue in Payables means When any Goods/Services enter in the Organisation, Its becomes a liability to pay to the vendor. Therefore The payment for the same called is accrual which is payable in near future.

Answer / mandhala

Accrued Revenue: Revenue is recognized before cash is
received.

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