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Forums › ACCA Forums › ACCA FA Financial Accounting Forums › accrued expenses
Hi guys
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’ll simply make an adjusting entry for the difference between the estimated figure and the actual invoice figure.
f6ali’s contribution is incorrect. For the correct treatment, see John Moffat’s answer to the same question in the Ask ACCA Tutor forum