Accruals double entry

This topic has 1 reply, 2 voices, and was last updated 7 years ago by John Moffat.

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January 11, 2019 at 1:32 am #500740
hongo
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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
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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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