Accrued Expense Journal Entry

Your major accrued costs is going to be your payroll and your payroll taxes. You'll also have to include insurance, interest, property taxes, rent and your utilities. The easiest way to track these is to create a template that you'll use then save it. When these costs occur, you'll make an entry into your template. You want to make sure that you do all of your costs first, as these will be debits. Then you'll choose your accrual accounts. Make sure to create one account that is Accrued Payroll and Taxes as this is the most major expenses that you'll have. You'll want to keep those seperate and organized. If you keep saving your accrual expenses to your journal, you have a nice little record to use at the end of the month, beginning of the next month, to help you get those bills paid. Some people like to use a program, such as Microsoft Money or Quicken to help them keep track of their expenses easier. We use a siple spreadsheet to do it ourselves.