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Prepaid expenses are expenses paid for in advance. You accrue a prepaid expense when you pay for something that you will receive in the near future. Any time you pay for something before using it, you must recognize it through prepaid expenses accounting. How do accountants deal with prepayments? AccountingRead More →

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Advance payments received against a supply of goods or services are subject to VAT, provided the supply is taxable. The supplier must raise an invoice for the value of the advance payments. Should you include VAT in accruals? An accrual is a liability of the business. … If your businessRead More →