How to accrue expenses

Hi. Please can you help explain how to accrue expenses at year end. When importing goods we shipped goods before year end, but the final cost of the liability is not known until after delivery. The subsequent invoice is dated after year end, even though delivery was before. Is there a method to accrue this so the expense appears on the correct years accounts? Thank you

You can book whole amount in accrual through journal at year end
Dr Purchases
Cr Accruals

This topic was automatically closed after 7 days. New replies are no longer allowed.