What is it?
An accrual is an accounting term which describes the recording of expenses in the period they relate to as opposed to the when the bill is received.
Why is it important?
At the end of the fiscal year, any expenses that relate to the fiscal year should be recorded even if the final bill or invoice has not been received. It is important to record these expenses to ensure the accuracy of Carleton’s Financial Statements for the given accounting period.
Where do I find more information?
If you have an outstanding invoice at year end and to determine if an accrual is necessary, please visit Accounts Payable’s website or email Accounts Payable.