Probably an obvious question but Im still getting to grips with some of the entries!
Our business owes rates eg 1,000 per annum, to the local council and pays part of this on a monthly basis but I'm not 100% sure of the correct journal entries.
I would have expected:
CR Accruals (2101) €1,000
DR Rent rates (7100) €1,000
Each time we make a monthly payment:
CR Bank €150
DR Accruals (2101) €150
Does this look right?
