Accrual entry

Accounting
1

Dear all,
I have to pay some money which I want to be recognised this year ie before 31/03/2018. However, I would be pay the cash out next ie after 01/04/2018.

  1. How do I go about creating entries for this?
  2. How do I tag the bank transactions when the cash has been paid out at a later date?
    Many thanks
    Solar
2

Hi @solarpower03

What’s the purpose of the transaction? For example, is it a prepayment to a supplier?

3

Thank you - it is for pension. The payment need to be made to the pension provider. It is exactly same as prepayment to a supplier.