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Accruals double entry

Forums › Ask CIMA Tutor Forums › Ask CIMA BA3 Tutor Forums › Accruals double entry

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by John Moffat.
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  • January 11, 2019 at 1:32 am #500740
    hongo
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    Hi

    1. Should accrued income be reversed when sales invoice is raised but not paid yet ?

    2. Once invoice is raised and and still not paid do I need to make an accrual for unpaid invoices ?

    January 11, 2019 at 8:26 am #500780
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54659
    • ☆☆☆☆☆

    1. Yes

    2. No. Once the invoice has been raised, the income and the receivable will both have been recorded and no more entries are needed (until, obviously, payment is received).

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