Taxes for Accrual Expenses

There are taxes for Accrual Expenses also.  AccountingGuru has come up with this option now.

Let us see how we can assign Taxes for Accrual Expenses.

For Ex. We'll take telephone bill.  Telephone bill has to be paid every following month.  The bill may be generated by the service provider by the mid of the month and the due date will fall on the following month.  So we will create an Accrual expense.

To create this Accrual Expense,  Go to -> Accounting - > New Accrual Expense as shown below.

Feed in the following details as shown in the below screen.

Date           -   21.11.2012 (Accrual Expense creating date)
Due Date    -  04.12.2012 (Payable date)
Comments   - Airtel telephone bill for the period 15th Oct 2012 to 14th Nov 2012(Narration on the  
                     Payment)
Select the Expense - Telephone and Other communication
Ref No             -  123456 ( Bill No)
Amount            -  1340.00 (Excluding Taxes)
Tax                  -   VAT 4 (Select the VAT percentage which already created)
To                    -  Bharti Airtel ( Services Provider)

Click on Create as shown below

On successful creation, the below screen appears.

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