So as far as reconciling month-end liabilities, everyone probably has their own method. At the same time, we need to reclass the accrued liabilities to accounts payable as we know the exact amount. Company can make a journal entry by debiting Audit Fees Expense 1,000 and credit accounts payable 1,000. I need to put a disclaimer here that my background isn't in accounting, but I do know how the system works. So audit fees record in 202X is understated, so we need to record additional expenses. Business expenses can include a range of things, like rent, payroll, and inventory. Then they look at the difference in these two numbers to see what the outstanding company card liability is. Journal entries for expenses are records you keep in your general ledger or accounting software that track information about your business expenses, like the date they were incurred and how much they cost. This requires Accounting or Finance to create a report to show what was paid out that month and how much the total of all company card transactions were that uploaded into SAP Concur that month. This then tells the company how much to send to the bank to cover the balances on all the assigned company cards. In this set up, employee must submit their company card expenses. The other option for company cards is called Individual Billed/Company Paid. This pension expense is calculated using actuarial assumptions such as the employee’s expected lifespan and estimated rate of return on assets. I believe companies do it this way mainly to avoid possible late fees on the company cards and to avoid mismatches in what they paid out to the bank and what employees submitted. The journal entry must include the accurate amount of pension expense and the amount of liability recognized for the pension plan. The equipment is estimated to have a useful. ![]() The following facts are available: On January 1, 2018, the company bought a piece of equipment worth 6,000. If your company card is what we call Company Billed/Company Paid, then the company pays the entire bill regardless of employees submitting their expenses through SAP Concur. Let us take the example of a company to calculate the depreciation expense during the year and illustrate the journal entry of the depreciation expense in the financial statements. Depending on how your company card program was set up in SAP Concur things are handled a little different.
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