Question

what QBO task is used to record accruals and deferrals

what QBO task is used to record accruals and deferrals

Homework Answers

Answer #1

Accruals :

Go to "general journal"

Post entry as " Expense Dr

Accrued accounts payable Cr "

For that you have to create balance sheet account which is "Accrued accounts payable"

And then post the entry.

You have to reverse the above entry when the payment is made.

Deferrals :

1) Create a balance sheet a/c called Deferred costs, under other current assets.
2) Enter journal entry - Dr Deferred costs Cr The Expense a/c to defer.
3) Enter another journal entry - the reverse of the above.

I hope this will help you.If requires clarification , you may comment below.

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