What is the entry for outstanding payments ?

1. To record the expense:-

Expense Account Dr.              xxxx

        Outstanding Payment / Payable  Cr.    xxxx

 

2.  Payment of Outstanding Expenses.

Outstanding payments / payable account  Dr.       xxxxx

            Cash / Bank Account   Cr.                                     xxxx

1. To record the expense:- Debit the Expense Account To Credit Outstanding Payment / Payable (This is Accrual basis)2. Payment of Outstanding Expenses. Debit Outstanding payments / payable account To Credit Bank / Cash (to close the entry) Then finally if any adjustment is required then through Journal Voucher it should be adjudted

Book the expense:-

 

Expense Account   Dr.             

        Accrued Expenses(Liability) Account    Cr. 

 

  Payment of Accrued Expenses:-

 

Accrued Expenses(Liability) Account   Dr.     

            Cash / Bank Account    Cr.                                   

for making payment to an outstanding amount......u will just debit that liability with cash or bank......outstanding expense debit              bank credit.

Dr: Expenses

Cr: Outstanding Expenses

outstanding liabilities Dr  to  Bank

like salaries Dr to bank

OUTSTANDING LIABILITY DR     XXXX

BANK/CASH                         CR     XXXX