What is the outstanding expenses journal entries, reconciliations, procure to pay process.

Question

Accepted Answer

Outstanding expenses journal entries, reconciliations, procure to pay process involve recording expenses, ensuring accuracy, and managing payments.

Outstanding expenses journal entries involve recording expenses that have been incurred but not yet paid.
Reconciliations involve comparing financial records to ensure accuracy and identify discrepancies.
Procure to pay process involves managing the entire process from purchasing goods or services to making payments.
Example: Recording utility expenses as outstanding expenses until they are paid.
Example: Reconciling bank statements with accounting records to ensure accuracy.
Example: Managing vendor relationships and processing invoices for payment in procure to pay process.

Accepted Answer

Expenses a/c to outstanding expense account

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