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Liability Account for Tracking Payables - Can we use for Year End journal entries?
We had few outstanding Invoices to paid as of 30th June which were paid subsequently. We wanted to account these expenses for FY2019-20 and hence attempted to show them as Accounts Payable - Sundry C...
Hi alagmuthu , conventional accounting practice suggests that you do NOT use a control account for other purposes. Create a separate account for sundry or other accruals. The payables reconciliation report is designed to prove whether your payables balances to the control account, and if other transactions are included, then it will never balance, which may mislead.
