Keyword Analysis & Research: accrued payroll expense journal entry

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How do you calculate the payroll accrual?

Multiply the number of hours that each employee has worked by his hourly wage to calculate your outstanding payroll obligation to him. If your employees are salaried, prorate salaries based on a daily rate by calculating the number of days they have worked for which they have not been paid and multiplying it by their daily rate.

When do you accrue expenses?

An accrued expense occurs when an accounting period is coming to a close and there are unpaid expenses and unrecorded liabilities. For example, wages that have been earned but not yet disbursed would represent an accrued expense. Companies handle accrued expenses by making adjusting entries to the general journal.

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