RJMS

iTrader: (2)

A long shot - but you never know with SN

I am trying to prepare my own business accounts - I use my own database systems for storing all expenses etc. and am making solid progress trying to match the last professionally prepared set of accounts.

I am now on the balance sheet and have got a problem decisiding what "Current Liabilities" represent. I have two entries under this general heading;

VAT & Accrued Expenses.

It looks like VAT is simply the amount of VAT I would have to pay if I had prepared a VAT return at my year end - which seems sensible enough.

I really haven't got a clue as to what "Accrued Expenses" are - can any one give me a quick explanation ?

Nicks VR4

Accrued expenses

Expenses incurred but not yet paid.

RJMS

iTrader: (2)

Like my accountant's bill - for example

That may be it - but TBH the figure liiks a bit high.

Thanks for that