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Kim Smith.
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Noah098
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“Agree the individual bonus payments to the post year-end payroll records.”
Maam dont you think there is a flaw out here? i mean even if directors bonus is paid post yr end, the expense will be charged in the payroll records in the current year-accrual accounting, right?
Kim Smith
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NO – period-end accruals are effected through journal entries because they are not actual transactions themselves. In the fullness of time/due course, when the actual transactions happen, they will be recorded in the “normal way”.
Noah098
Kim SmithViewing 2 posts - 1 through 2 (of 2 total)
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