Year End-Accrued Expense

Object Code:

2999

Object Category:

Liability

Object Level:

Payables

Object Consolidation:

Liabilities

Object Description:

A current liability used to record expenses incurred or received in the current fiscal year that are not paid until after 6/30. Use: This object code is intended to be used from June 1 to July 31 and is the offset to an expense object code when doing an accrual. The entry must be reversed in the following fiscal year (by July 31). Credit - 2999 Debit - Expense