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S/D 20 hart co directors’ bonus

This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.

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August 16, 2021 at 10:23 am #631723
Noah098
Member
- Topics: 935
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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?
August 16, 2021 at 10:32 am #631724
Kim Smith
Keymaster
- Topics: 100
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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”.
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