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  • Creditors vs Accruals

    Hello<BR><BR>Prob a straightforward question, but I'm having a thick moment!<BR><BR>What is the difference between having a balance in the creditors account, and having a balance in the Accruals account....??<BR><BR>I have supplier invoices overdue, and don't know if they are to be shown as creditor balance or accrual balance!!<BR><BR>Tx, you're all lovely!

  • #2
    Creditors vs Accruals

    accruals are expenses so are completely different to creditors.<BR>overdue invoices should be shown on the creditor balance!!!<BR>hope this helps<BR>steph

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    • #3
      Creditors vs Accruals

      so any unpaid invoices that i have for the month do not appear in the p&l? <BR><BR>if it helps, the compnay i work for has not yet started trading, so all invoices are for expenses, rather than for purchases

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      • #4
        Creditors vs Accruals

        Dr expenses<BR>Cr creditors

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        • #5
          Creditors vs Accruals

          <br><br><< <i>accruals are expenses so are completely different to creditors.<BR>overdue invoices should be shown on the creditor balance!!!<BR>hope this helps<BR>steph</i> >><br><br><BR><BR>Accruals have to appear in the balance sheet because they are liable to lead to a request for payment (work done/deliveries received for which our firm will owe money). At year end, outstanding accruals and creditors are both to be included in the balance sheet.

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