2006-11-06 18:19:06 · 2 answers · asked by Mike 2 in Business & Finance ➔ Other - Business & Finance
Accrued payroll refers to the amount of income that you've accumulated over a given period of time.
Generally, the period of time is the Year-To-Date (YTD). The two types that you'll most often see are Accrued Taxable Income, which is the money that you've earned so far in the year which qualifies as taxable income (i.e. the amount on which you must pay taxes) and Accrued Net Income, which is the total amount of money that your company has paid you (after withholdings) and put into your bank account.
2006-11-06 18:24:21 · answer #1 · answered by ratboy_wustl 2 · 0⤊ 0⤋
From an accounting perspective, accrued payroll is a liability. It is the payroll liability that the company has accrued (i.e. the employees have worked and therefore are owed $), but not been paid yet in cash.
Once it has been paid, debit accrued payroll, credit cash.
2006-11-07 02:37:09 · answer #2 · answered by csanda 6 · 1⤊ 0⤋