October 30, 2016 admin

Accrued Other Expenses

Liabilities and Net Worth

ACCRUED OTHER EXPENSES LIABILITY ACCOUNT
2423

ACCOUNT EXPLANATION
Liability for expenses incurred for which no accrual account has been provided elsewhere in this Manual. Includes professional fees, service fees, contributions and rent.
TRANSACTIONS
  Jrnl. Dr. Cr.
  Monthly accrual of annual audit fee SE
    Professional & Service Fees 8660
      Accrued Other Expenses 2423
             
  Payment of annual audit fee CD
    Accrued Other Expenses 2423
      Cash in Bank—General 1001
COMMENTS
  • A subsidiary record, such as Form FMC 61, Prepaid and Accrued Expense Schedule, should support this account and should be used in computing monthly accruals.
  • Tax counsel should be obtained with regard to accrued other expenses remaining unpaid at year end.
  • Subaccount 2428 should be used specifically for Audit Tax expenses (HDTC).