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Accounting Project

Need help with doing the accrual and cash basis and getting started on project. Obstacle is setting up the project and verifying that the accounting equation balances out. Thanks.

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I will try to give some examples of when to use accrual and how to set up the accounting entry.

If you accured salary expense and the company's year end is December 31, and you cannot pay that accrued salary you will need to do an accrual. See below:

In December you would:

Salary Expense ..........Debit
Salary Payable ...............Credit

In Jauary you would:

Salary ...