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December 27, 2013 03:20PM
This question often comes up when paying bills at the end of the year. Technically an expense charged to an open account at a business creates a payable which does not become a cash expense until it is paid. If you want the expense to show on the cash books it needs to be paid yet this year.

If it is charged to a credit card it is an expense at the time of the charge, although many people don't post the expense until they actually pay the credit card bill which postpones the actual cash expense.

Hope this helps.



dirtclodDecember 27, 2013 01:46PM

Re: payable

Don GarrettDecember 27, 2013 03:20PM

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