Accrued Professional Fees Journal Entry

 

Accrued Professional Fees means that the company received services from professionals and qualified firms but still the payment is not made during the accounting period. It is a current liability of the business to pay to these professionals for the services rendered to it.

The adjusting entry to record accrued professional fees is shown below:

 

                           Professional Fees a/c  XXX

 

                                                             Accrued Professional Fees a/c  XXX

 

                                      (Professional Fees Accrued for the Period)

Accrued Professional Fees is recorded on balance sheet as a current liability.

Accrued Professional Fees is also known as Outstanding Professional Fees and Professional Fees Payable.