Accrual Accounting Fees Journal Entry

Accounting Fees are paid to accountants or accounts manager who provides services related to accounting works such as preparing Ledgers’ Accounts, Bank Reconciliation Statement, etc., to the company against a fees known as Accounting Fees.

Accrual or Accrued Accounting Fee is the amount payable by the company to Accountant for the services of accounting works such as Preparing Books of Accounts and Financial Statements, etc received by the company during the accounting period against which the payment is not paid by the company to accountant or accounts manager.

Accrued Accounting Fees or Outstanding Accounting Fees or Accounting Fees Payable is an example of Accrued Expenses and it is a Current Liability and shown in the Balance Sheet on Liabilities & Equity side.

Accounting Fees Accrued Adjusting Entry is recorded at the end of the accounting period in the book of company’s business:

                                       Accounting Fees a/c   XXX

                                                                       Accrued Accounting Fees a/c   XXX

                                                 (Accounting Fees Accrued During The Month)

When the company actually paid the accounting fees to accountant, then following journal entry is recorded as below:

                                          Accounting Fees a/c   XXX

                                                                             Cash a/c   XXX

                                                     (Accounting Fees Paid For The Month)