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Accruals

Year end accounts are produced using the "accruals" accountancy concept. At its simplest, this means matching your sales and expenses to the year the work was done. 

An accrual journal is typically an expense which occurred in the next year of trading but which relates to the prior year. It should therefore be included in those accounts to accurately reflect the profit reported for that year of trading. 

Last Updated: 25 Jun 2015 04:30PM BST
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