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Dear Mr Moffat
I would like to ask you for help.
If we deal with accrued expenses we have to estimate our expense in present period. In next period we are receiving invoice. Figure on our invoice can be higher or lower when compared to our estimate. How to fix this problem in accounts?
We do not go back and change the figures for the previous period. The over or under accrual is dealt with by adjusting the total expense in the current period.
I show this in my free lectures on accruals and prepayments.
The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.thanks for reply. I will definitely watch videos on accruals and prepayments again
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