How to Record Accrued Expenses | Journal Entry | What is an Accrued Expense?

In this video we will cover the following :
What is an Accrued Expense
How to record Accrued Expenses
These are the following journal entries for Recording an Accrued Expense
Dr Expense
Cr Accrued Expense
When the expense has been paid
Dr Accrued Expense
Cr Bank/Cash
Accrued Income Tutorial Link : • How to record Accrued ...
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[@sachinkishore4115]

Thank you for simple explanation of journal entry wih an example. it is east to understand concept of Accrued Expense.

[@missaccounting]

Glad it was helpful!

[@SuperShahidkapoor]

Imagine we end up receiving an invoice having a rent of 4500. How would the journal entry look like ?

[@sydneypumulo3060]

I really appreciate your tutorials. Can i have a tutorial on suspense account?

[@BenlyBaea-oo8jz]

Appreciate your tutorials..can I have a tutorial for posting accrued expense transaction to their ledger accounts

[@missaccounting]

Will post a video on this!

[@ONESHOT007YT]

Wow...well explained..loved it.

[@missaccounting]

Thanks a lot 😊

[@Champingcom]

thanks

[@isabelnieto5189]

thank you for this video, I'm doing Accounts payables under accrual accounting, I'm having trouble understanding how to record a bill, if i receive a bill this month (April) for a billing period for previous month how do I record that in Quickbooks? or if the billing period crosses months like april into may?

[@JareeLovido]

Thanks

[@BenlyBaea-oo8jz]

Thanks alot .it's very helpful..can you show the ledger accounts to record accrued expenses transaction to ledger accounts

[@missaccounting]

Yes, here is the video ua-cam.com/video/13FhrV_Pz08/v-deo.html

[@sachindakhare]

We received invoices as you said end of month then we need to post invoices in ERP that time what will be entry in software/Erp how it will net off/ adjust

[@user-yt9ji6mm3z]

Could you please tell me why it would be recorded under liability in the balance sheet and not under expenses ?

[@missaccounting]

Accrued means something that is still owed.. we have not paid something we owe. we only record expenses when we have paid it already. In this case its a liability. If I stayed in an apartment for 2 months, and have paid it, its an expense. But if I have not paid it, it means I still owe them, its a liability.

[@waqasashraf3131]

​@@missaccountingthen why did we record dr rent expense if we were still owing it?

[@enashijazi7141]

How about if we received the invoice later with different amounts? Or if never received

[@ruchikachauhan1112]

Why did you not record invoice entry invoice booking entry if we are receiving invoice

[@missaccounting]

This video is only explaining the concept of accrued expenses, please watch my other videos on invoice entries.

[@prettysmilea7380]

Do you have to accrued expenses for example for a contracted job which is delay for a few months?

[@AdmiringBear-oq4vb]

Isn't there any impact on equity when accrued expense paid
Accrued electricity paid 10
Cash. Accrued expense
-10. -10
No impact to equity?
Plz reply

[@missaccounting]

I just made a new video on that please have a look. ua-cam.com/video/13FhrV_Pz08/v-deo.html

[@SachitPurusottam]

Deferred Revenue expenditure?

[@kishnura]

Dr Rent exepenses (PL)
Cr Accrued Rent (Bs)

[@akashhela8521]

💖💖💖💖💖💖💖💖

[@amanrajpoot8169]

Thanks

[@missaccounting]

Welcome

[@wajahatkhan7478]

thanks

[@missaccounting]

It's a pleasure!