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Accrued Expenses

Accrued expenses are the payments which must be made, but which are not yet recorded in the general ledger accounts.
  • Under the accrual basis of accounting expenses are reported when they are earned, even before actual payment is processed.
  • Accrued expenses are recorded with an adjusting entry prior to issuing the financial statements.
  • Best example is rent which is recorded under the accrual expenses at the end of the financial year, even befor the actual payment is done.

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