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accrual

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accrual

Standard accounting practice where an expense occurring during the accounting period is entered into the accounts regardless of whether there is supporting evidence, such as a bill or invoice. An example would be when electricity charges have been incurred but no bill has yet been received. In such a case, the expense credit would be entered into the accruals account, and the corresponding debit would be entered into the electricity expenses account.



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The aggregate amount of interest to be paid under the instrument before the close of such accrual period; and 3.
IRS Field Attorney Advice 20061701F, (April 28, 2006), which may not be used or cited as precedent, considered whether accrual basis taxpayers can deduct employment taxes on vacation/bonus pay accrued at year-end, but not paid until the next year.
Although the Internal Revenue Service has long since shifted from the friendly and service-oriented approach to a tough guy persona, (1) taxpayers have still taken some solace that they could generally enjoy protection of their tax accrual workpapers.
 
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