accruals and payables

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July 30, 2022 at 4:57 pm #662179
richieakins15
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Please is there a difference between accruals and payables? And if there is, how do I know the difference.
July 31, 2022 at 8:42 am #662212
John Moffat
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Although they are both shown as current liabilities, payables are where we have received an invoice but have not yet paid it. Accruals are where we have not yet received an invoice but know that we do owe money.

Have you watched my lectures on accruals?
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