Related Topic – Journal Entry for Prepaid Expenses. Students can log on to links like accrued or outstanding expenses homework answers online to get more information on the need for accrued and outstanding expenses. ... Sir i want to know what type of voucher is prepaid expenses/prepaid incomes/ outstanding expenses/ outstanding incomes in tally. Related Topic – Journal Entry for Prepaid Expenses What is a Journal Entry? What is the Journal Entry for Carriage Outwards? Outstanding expenses are those expenses which are in respect of accounting period for which books are prepared, but have not been provided in Books. Journal entries are the first step in the accounting cycle and are used to record all business transactions and events in the accounting system. If all other sites open fine, then please contact the administrator of this website with the following information. Or. Outstanding Expense: – Outstanding expenses are expenses which are due but not paid. Outstanding expenses are those which are yet to be paid in current financial year. The Journal Entry To Record Accrued Legal Fees Is That We Debit Legal Fees Expense Account And Credit Accrued Legal Fees Account For The Accounting Period. Treatment of Postage and Courier Expenses in Final Accounts. When Rent is Paid. For example, if we had the provision expense of USD 125,360 in the previous period, we should reverse such amount first before recording the above journal entry. Or. Postage expenses are indirect expenses. Accrued expenses or outstanding expenses are treated as personal accounts. Journal Entries for Prepaid Expenses. A basic insurance journal entry is Debit: Insurance Expense, Credit: Bank for payments to an insurance company for business insurance.. Not all insurance payments (premiums) are deductible* business expenses. Journal proper contents outstanding expenses and prepaid expenses. The Journal Date is the date of the end of the time period. Credit:- Expenses Payable Account. Outstanding salary account is a liability account.the balance of which represents a debt to the employees.As such this balance is shown on the liabilities side of the balance sheet.The double entry is thus completed as the amount was first debited to Trading Account ( From salary account). are examples of such expenses that may remain due at the end of the accounting year.. It is useful to note that the provision expense journal entry above should be recorded after we have reversed the previous provision first. Captcha* Click on image to update the captcha. December 31st 2019 – (Overdue expense recorded as outstanding), 2. --> Increase in Expense Journal Entry of Outstanding Expense. Journal entry for outstanding expenses with the modern rule.. With the Modern rule of accounting it is too easy: Example 1: Salary for the Month of Jan-18 Rs 50,000 due but not paid yet The first account is salary, it will be treated as like simple expense entry shown below:. Read More…. Outstanding expense Journal entry in Tally ERP 9. expense When expenses are made and not paid they are outstanding • Salary due for the month Rs 15,000. For passing an outstanding the expense in Tally ERP 9, prefer the following example. What is a Journal Entry? Credit:- Cash Account. I assume by calling it “prepaid” you are saying it hasn’t been earned yet. In the balance sheet the treatment for outstanding expenses will be to show outstanding expenses as current liabilities on the liability side of the balance sheet. Outstanding expenses entry in journal entry? Rental account period = 12 months Annual rent = 12,000 Period of accounts = 1 month Accrued expense = 12,000 x 1 / 12 = 1,000 The accrued expenses journal entry is as follows: Question: Pass journal entries for the following events: In each case the accounts payable journal entries show the debit and credit account together with a … - 13541632 01 Two stes med a stone 253 25 senting F 10.000and receiving 1.000 steres dreta Teresat 5 ses sharesof … As such accrued liabilities mean that the unpaid bills issued to the company are increasing. If the problem persists, then check your internet connectivity. - Simply “refresh” this page. The Journal Entry for the above transaction would look … or. Expense Journal entries are the critical accounting entries that reflect the expenditures incurred by the entity. This is due to the value of accounts receivable in the balance sheet should state at the cash realizable value and the period that expense incurs should match with the time that revenue earns. Let's do Basic Journal Entry by CA Deepak Lalwani in this chapter. Once the journal entry for outstanding expenses has been posted they are then placed appropriately in the final accounts. Results of Journal Entry Merchandise balance decreases by $5,000. What is the Journal Entry for Credit Purchase and Cash Purchase. ABC Company will expense the compensation on a straight-line basis over the two-year vesting period. • Telephone bill received Rs 2500. In fact, the benefits of these expenses ... Read moreAdjusting entry for accrued/outstanding expenses Entry to be passed. The same journal entry will also be recorded a year later. b) In case of unpaid professional fees:-Type of voucher to be prepared:-Journal Voucher. Extract from Trial Balance of Unreal Corp. Journal entry for outstanding expenses in the books of Unreal Corp. (Salaries related to previous year transferred to outstanding salary account), (Wages related to previous year transferred to outstanding wages account). Journalize the outstanding items in the books of Unreal Corp. using the below the trial balance and additional information provided along with it. January 10th 2020 – (Payment made towards outstanding rent), Treatment of Oustanding Expenses in Financial Statements. Solved Example for You. We run a Question answer forum to help you. --> Increase in Expense Salary -> Expense a/c -> Expenses Rule -> Increase in Expenses -> Debit. The adjusting entry on January 31 would result in an expense of $10,000 (rent expense) and a … General Journal. Journal Entry of Outstanding. Telephone bill from BSNL for the month of May 2016 is 2500.00,Bill received on 10th of June 2016. To Cash A/c 1,10,000 (being rent paid ) Journal entry for outstanding rent will be The adjusting entry will be debit the expense (Salary )account with an additional Rs 5000 and to credit a liability ( Outstanding Salary ) account with the amount payable, thus: The Ledger account will be written up thus:-. Here's how: Create a journal entry for Accounts Receivable . The benefits of such expenses have been consumed although due to some reason they are not paid until the end of the accounting period. Accrued expense Journal Entry is the journal entry passed to record the expenses which are incurred over one accounting period by the company but not paid actually in that accounting period where expense account will be debited and the accrued liabilities account will be credited Debit:- Legal and Professional Expenses Account. For example. The Relevant Expenses Account With the amount that relates to the next year. Entry to be made. Accounting with example. Accrual system. The agreement is such that the JR Associates will pay $50,000 each to XYZ at the completion of each milestone. What are the Three Types of Personal Accounts? Under such condition. 3. We faced problems while connecting to the server or receiving data from the server. In order to know the exact business result such expenses are accounted in the period as it occurred. Accrued Expenses Journal Entry. If you want to … The company enters into a contract with JR Associates to build a hotel in Arab. What is unearned Income ? Expenses Payable A/c. The term “accrued” means “accumulate” or “increase”. Some of expenses paid in advance requires Journal entry for pre-paid expenses to derive true profit loss during the given period of time. Outstanding Expense is those expenses which are incurred during a particular financial period and due to be paid in the future. Journal proper refer to the special types of journals which occur occasionally. Expenses like salaries, rents etc. On January 2, 2022, when the market value of ABC Company stock has risen to $35 per share, the employee exercises all of the options and pays $20,000 for stock now worth $35,000. Outstanding expenses are those expenses which are, They are an obligation for the business and therefore, January 10th 2020 (When it is actually paid). Journal entry for outstanding expenses Outstanding and prepaid (income/expenses) arise while preparing final books of accounts because of following one of the most important basic principle of accounting i.e. Here’s the journal entry to record that transaction: Thus, Expenditure debited would represent the liability Expenditure Outstanding and Expenditure credited would represent the asset Expenditure Prepaid. In order to know the exact business result such expenses are accounted in the period as it occurred. Outstanding expense Journal Entry in Tally ERP9. What is the journal entryfor this if the total contract value is $100,000. At the end of the first month the business needs to accrue the cost of the rent for the period. Enter the Journal Date. In next accounting year, it should be paid. reduce that expense as the amount of cash, then what is the journal entry A basic insurance journal entry is Debit: Insurance Expense, Credit: Bank for payments to an insurance company for business insurance.. Not all insurance payments (premiums) are deductible* business expenses. How to Create a Cost of Goods Sold Journal Entry. Tallygame.com is an educational blog about Tally ERP 9,Accounting ,Finance & Indian Taxation driven by a team of expert and experienced professionals with qualifications and years of Working Experience. Please enable it in order to use this form. The adjusting journal entry for a prepaid expense, however, does affect both a company’s income statement and balance sheet. As business events occur throughout the accounting period, journal entries are recorded in the general journal to show how the event changed in the accounting equation. Accounting entries of depreciation. • Note : outstanding expense is a liability for the firm. Journal Entry for Outstanding Expenses Outstanding expenses are those expenses which are due in the current accounting period but not paid. XYZ Company is into contracting business and has operations in the middle east and east Africa. Results of Journal Entry Merchandise balance decreases by $5,000. Outstanding Expenses Account. The accounting rule applied is “credit the increase in liability” and “debit the increase in expense” (modern rules of accounting). Example of Suspense Account. Here’s what a typical journal entry looks like: Transaction: Pay an expense of $100. The Expenditure Outstanding a/c is created at the beginning of the accounting period through the opening entry. However Outstanding expenses are recorded in books to show our liability to pay our due expense in the next financial period or year. In your case, since your customers are not eligible for a refund, you'll need to create a journal entry. They are treated as a liability by the business. printing. Outstanding Rent Account 1,00,000. The initial journal entry for a prepaid expense does not affect a company’s financial statements. An outstanding expense is added to the respective expense in profit and loss account. Rent paid during the year is Rs 1,10,000 rent for the year is rs 120,000. of each month are paid in the following months. Go to the Plus(+) icon at the top right. The first Journal entry will be – At the completion of the second milestone, two entries will be recorded one reversal of the initial accrual and another for billi… Tally erp 9 online training , Accounting tutorials -Tallygame, Home » Accounting » Outstanding Expense & Journal entries. Courier Company’s A/c. Please wait for a few seconds and try again. Record the journal entry by debiting bad debt expense and crediting allowance for doubtful accounts. Record the journal entry by debiting bad debt expense and crediting allowance for doubtful accounts. Adjustment Entries for Outstanding Expenses in Final Accounts! But since you are getting paid out by the insurance company before doing the repairs, you would probably record it first - record that the insurer owes your company the money. Journal entry for outstanding expenses. outstanding expenses dr. to cash. Enter the reason for this journal entry in the Memo field. Such expenses, which are due for payment in given accounting year but the payment will be made in future accounting year, i.e., payment of such items is postponed, are Outstanding or unpaid expenses. The adjusting journal entry is done each month, and at the end of the year, when the insurance policy has no future economic benefits, the prepaid insurance balance would be 0. So on January 1, 2022, ABC Company will record this as a stock option expense journal entry for half of the options: The cost goods sold is the cost assigned to those goods or services that correspond to sales made to customers.In the case of merchandise, this usually means goods that were physically shipped to customers, but it can also mean goods that are still on the company's premises under bill and hold arrangements with customers. Your email address will not be published. Journal Entry for Accrued Income It is income earned during a particular accounting period but not received until the end of that period. Sometimes in the normal course of business, an enterprise may have some expenses relating to which the payment is due at the end of the year.We know these expenses as Outstanding Expenses. --> Decrease in Assets Cost of Merchandise Sold account balance increases by $5,000. All the information you need is there, but it’s useless when it’s all messed up like that! It is treated as an asset for the business. Then, set the journal entry to reverse so it will offset the credits. Company X Ltd. started a business and for that, it requires the property on rent. The benefits of such expenses have been consumed although due to some reason they are not paid until the end of the accounting period. Outstanding Expense & Journal entries The outstanding expenses are those expense which are due but not paid. it is correct journal entry: particular expenses a/c dr to outstanding expenses but when we do payment of outstanding expenses: the entry will be outstanding expenses dr to cash but there is also a question that in profit and loss account we have to reduce that expense as the amount of cash, then what is the journal entry Adjusting entries using journal voucher The use of adjusting entry is to get accurate financial result of a company. Let’s say a company XYZ Ltd that has paid interest on the outstanding term loan of $1,000,000 for March 2018 on 5th April 2018. Some insurance payments can go on to the Profit and Loss Report and some must go … The Journal entry to record outstanding expenses is: The Outstanding Expense A/c appears on the liability side of the Balance Sheet. b) In case of outstanding Expenses:-Type of voucher to be prepared:-Journal voucher. All Rights Reserved. On the first line, select the expense or liability account affected by the bill from the drop-down list in the Account column. While preparing the Trading and Profit and Loss A/c we need to add the amount of outstanding expense to that particular expense. Salary A/c Dr. 15,000 The telephone bill generated by BSNL for the consecutive month of May 2016 is 2500 and the bill was received on the June 10th of 2016. - 13541632 01 Two stes med a stone 253 25 senting F 10.000and receiving 1.000 steres dreta Teresat 5 ses sharesof … Outstanding expenses entry in journal entry? Treatment of Oustanding Expenses in Financial Statements. Enter the amount in the Credits column. They are also known as expenses due but not paid. Refer to the first example of prepaid rent. As per the agreement, X Ltd has to pay the rent of full 12 months in advance at the beginning of the year (on 01.01.2019) itself to the landlord a… As business events occur throughout the accounting period, journal entries are recorded in the general journal to show how the event changed in the accounting equation. Prepaid expense acts like an asset and.. Journal Entry for Prepaid Expenses Prepaid expenses are those expenses which are paid in advance for a benefit yet to be received. Bank Account. Debits: A debit is an accounting transaction that increases either an asset account like cash or an expense account like utility expense. The expense matches the revenue with which it is associated. Cr Repairs (expense) $15,000 This entry is usually a later entry. Rent A/c Dr. 1,10,000. Required fields are marked *. Lots of Accounting & Financial students and professionals trust us for learning Tally ERP 9 and our basic classes of accounting and taxation. How to cancel the calculator option in tally 5.4. An outstanding expense indicates that an expense has been incurred and is PAST DUE for payment. but when we do payment of outstanding expenses: the entry will be. For the sake of quality, our forum is currently "Restricted" to invitation-only. What is the Journal Entry for Prepaid Expenses? or. They are also known as expenses due but not paid and should be shown in the financial books to avoid overstatement of earnings. Journal entries help us sort all this into meaningful information. Introduction. • Electricity bill Received Rs 3000. O/S expense account is credited to record its journal entry. Select the Journal Date. The balance in this account Rs 65000 now shows the salary expense for the year and will be debited to profit and loss account. Suppose Salary amounting to Rs 60000 were paid during the year December 31,  2016.This amount,will then shown in the trail balance drawn up at the date.Suppose ,further that salary amounting to Rs 5000 are outstanding on December 31.Therefore,the total expense on salary for the year will be 65000. Lost your password? Multiplying the option value by the number of shares in the option grant, we get a total value for the stock options of $8,000. Double Entry Bookkeeping Alternatively, a business could pay bills early in order to recognize expenses sooner, thereby reducing its short-term income tax liability. The amount shown against an expense item in the trail balance represents the amount actually paid, and if any amount remains unpaid on account of an expense correctly attributable to the given period,such unpaid or outstanding expenses should be adjusted in the accounts before the final accounts could be correctly drawn up. In this example we are entering a monthly interest against a loan account into the journal. Journal Entry for Outstanding Expenses It involves two accounts: Outstanding Expense Account and the related Expense Account (Overdue expense recorded as … For passing an outstanding the expense in Tally ERP 9, prefer the following example. In short, this journal entry recognized in the financial statements enhances the accuracy of the statements. Treatment after journal entry for outstanding expenses. Wages A/c Dr. 1000. You will receive a link and will create a new password via email. --> Decrease in Assets Cost of Merchandise Sold account balance increases by $5,000. Once the journal entry for outstanding expenses has been posted they are then placed appropriately in the final accounts. To O/S Wages A/c 1000 (Being wages due ) Example 2. Javascript is disabled on your browser. Your email address will not be published. In the US we would call any unearned salary an advance. Outstanding expenses is also known as payable, due, unpaid, to be paid and unpaid When work completes within an accounting year but not paid is known outstanding expenses. Outstanding expenses are those expenses which are due in the current accounting period but not paid. Expenses relating to the current period, which have been incurred but not paid at the end of the period are known as outstanding expenses. Staff welfare expense like drinking water, food bills on credit from a shop/party we use journal voucher to book such expenses. Skip to content. In order to bring a true result, it is necessary to account the expenses in that year in which they are incurred, irrespective of the fact whether they are paid or not. it is correct journal entry: particular expenses a/c dr. to outstanding expenses. Wages, salary, rent, interest on the loan, etc. It signed an agreement with Mr. Y to take the property on rent for the period of one year. TextStatus: undefined HTTP Error: undefined, >Read Top Accounting and Finance Interview Questions, ©️ Copyright 2020. Let’s assume that in March there were 30,000 due to be paid for rent which wasn’t paid due to some reason. The following journal entry is made to accommodate a prepaid expense: Dr. Prepaid Expense A/c (a newly opened account) Cr. The accounting effect of this entry is as follows: An outstanding expense is a liability and shown in Balance Sheet as a liability. 1. In Mr. John’s case, the journal entry would be: They are due in the current accounting period but are left unpaid. The journal entry for prepaid expenses involves two accounts: prepaid expense a/c and expense a/c. Journal Entry of an Outstanding Expense As an example, let's say that on Dec 31, 2020, the salary outstanding for staff is $25,000. There are certain expenses incurred but not paid. Question – On December 31st 2019 Company-A recognizes rent due for 1,00,000 related to the same year. In each case the accounts payable journal entries show the debit and credit account together with a … The accrual journal shown above debits the rent expense account which represents the cost to the business of using the premises for the month. In case if you wish to join our forum, please send an email seeking an invitation to "[email protected]". Outstanding expense Journal entry in Tally ERP 9. For booking outstanding expense in tally erp9, consider the following example. www.Accountingcapital.com. Accrued expense journal entry. Some insurance payments can go on to the Profit and Loss Report and some must go … Such Outstanding expenses relate to a given accounting period but are not paid. The outstanding expenses are those expense which are due but not paid. That an expense has been posted they are then placed appropriately in the accounting rule of “ the! The end of the accounting system contract value is $ 100,000 Purchase and cash Purchase financial... Does not affect a company Expenditure credited would represent the liability Expenditure outstanding a/c created... Do Basic journal entry for outstanding expenses has been incurred and is PAST due for 1,00,000 to! If all other sites open fine, then please contact the administrator of this website with the the! It involves two accounts: prepaid expense: Dr. prepaid expense a/c ( a newly opened account ).! Of “ Debit the increase in expenses - > expenses rule - > expense a/c - > expenses -... Known as expenses due but not paid until the end of the period... 1,10,000 rent for the month business of using the below the trial balance and additional information provided along with.. `` Restricted '' to invitation-only a straight-line basis over the two-year vesting period: outstanding expense journal entries and Basic. ©️ Copyright 2020 is a personal account as per the traditional classification of accounts financial.... Pay $ 50,000 each to XYZ at the end of the period as it occurred entries show Debit. Journal entry for outstanding expenses has been posted they are not paid until end!, since your customers are not paid a/c Dr. 15,000 outstanding expenses are those which are due but paid. For the period as it occurred we would call any unearned salary advance... Expenses/ outstanding incomes in Tally ERP 9, prefer the following example expenses. For manager 's commission, Treatment of Postage and Courier expenses in Final accounts in! Other expense like salary, rent etc expenses/ outstanding incomes in Tally ERP 9 and our Basic classes accounting... Journal entryfor this if the problem persists, then please contact the administrator of this entry is made to a! Results of journal entry is to get accurate financial result of a company ’ s useless it. And expense a/c - > Debit you are saying it hasn ’ t been earned yet not been.... Indicates that an expense has been posted they are also known as expenses but! All other sites open fine, then check your internet connectivity incomes/ outstanding outstanding... Are expenses which are due in the next year on January 10th 2020 – ( payment made towards outstanding ). Basis over the two-year vesting period expenses may be on operating expenses, selling and distribution and! Financial year those expenses which are incurred during a particular financial period or.! Our site: ) accounted in the books of Unreal Corp. using the below journal entry balance! All the information you need is there, but it ’ s useless when it ’ financial! Are saying it hasn ’ t been earned yet example we are entering a monthly interest a. Yet to be paid in the next financial period or year help sort... For booking outstanding expense is those expenses which are incurred during a particular period... Select the expense or liability account affected by the bill from the server telephone bill from BSNL for following. “ accrued ” means “ accumulate ” or “ increase ” 15,000 this entry is to get accurate result! Seeking an invitation to `` [ email protected ] '' outstanding incomes Tally... To use this form expenses have been consumed although due to some they... S financial Statements been made journal voucher the use of adjusting entry is made to accommodate prepaid... The situation into their books with the following example should be shown in the closing balance as. Incurred by the business and therefore treated as an asset for the following example step in the accounting! Earned yet rent ), 2 accounting period through the outstanding expenses journal entry entry in financial. -Type of voucher to be paid know what type of voucher is prepaid expenses/prepaid outstanding. Would call any unearned salary an advance their books with the amount of outstanding expense to that expense! Liability account affected by the entity the revenue with which it is correct journal entry for an outstanding expense entry. Accrued income recognizes the accounting system 2019 Company-A recognizes rent due for payment in sheet..., salary, rent, interest on the first line, select expense. In Assets Cost of Merchandise Sold account balance increases by $ 5,000 reflect expenditures... Period through the opening entry is such that the JR Associates will pay 50,000... Is paid in the future: undefined, > Read top accounting and taxation zero. Debit the increase in expenses - > expense a/c an obligation for outstanding expenses journal entry year is 120,000! Or receiving data from the server amount that relates to the same paid! Expense ) $ 15,000 this entry is as follows: an outstanding the expense in and... What is the Date of the accounting cycle and are used to record journal. May 2016 is 2500.00, bill received on 10th of June 2016 Cost of Merchandise Sold account balance increases $! The property on rent Postage and Courier expenses in financial Statements persists then! Pay our due expense in Tally ERP9 by calling it “ prepaid ” are! $ 100 65000 now shows the salary expense for the month of 2016... June 2016 Questions, ©️ Copyright 2020 entry for outstanding expenses: the entry will be debited to and! Any unearned salary an advance also known as expenses due but not paid until the end of the of! Year, it involves two accounts: prepaid expense does not affect company. Of this entry is as follows: an outstanding the expense or liability account affected by the of. Rules of accounting and taxation hotel in Arab expense recorded as outstanding ), 2 the of... Two-Year vesting period “ Oustanding expense ” is a liability by the business of using premises... Financial expenses Expenditure outstanding a/c is created at the end of the time.! Are recorded in books to avoid overstatement of earnings on 10th of June 2016 of “ Debit increase... Journal shown above debits the rent for the business of using the premises for the period as it.. Expenditure debited would represent the asset Expenditure prepaid also be recorded a year later time... 'S do Basic journal entry for outstanding expenses: the entry will be debited profit. Occur occasionally payable journal entries show the Debit and Credit account together with a … accrued expense entry. We faced problems while connecting to the business needs to accrue the to... Shows the outstanding expenses journal entry expense for the sake of quality, our forum, please send an email seeking invitation. Check your internet connectivity relevant expenses account with the following months > Debit -Tallygame, »... Together with a zero balance you want to … adjustment entries for expenses... Expenses a/c Dr. 15,000 outstanding expenses outstanding expense to that particular expense each case the payable. Month are paid in the us we would call any outstanding expenses journal entry salary advance! Is to get accurate financial result of a journal entry s financial Statements XYZ at the end the! All messed up like that 9, prefer the following information the balance. Salary, rent, interest on the loan, etc the credits are not until. Please contact the administrator of this entry is as follows: an outstanding the expense in Tally 9. Debited would represent the liability Expenditure outstanding and Expenditure credited would represent outstanding expenses journal entry. Been earned yet cash next year on January 10th 2020 `` [ email protected ].. Initial journal entry Merchandise balance decreases by $ 5,000 the month Rs 15,000 expenses the. Be recorded a year later join our forum is currently `` Restricted '' invitation-only... Unearned salary an advance our site: ) same journal entry in Arab is an operating expense just any... Of quality, our forum, please send an email seeking an invitation to [..., interest on the left side of a journal entry will be which represents the Cost Merchandise. Recognizes rent due for 1,00,000 related to the company will record the situation their. Which occur occasionally -Type of voucher is prepaid expenses/prepaid incomes/ outstanding expenses/ outstanding incomes in Tally ERP9 of. With JR Associates to build a hotel in Arab to add the amount of expenses. Know the exact business result such expenses have outstanding expenses journal entry consumed although due to be paid in current financial.! That reflect the expenditures incurred by the bill from BSNL for the year and will create a password! Expense matches the revenue with which it is associated pay an expense has been posted they are also known expenses. Compensation on a straight-line basis over the two-year vesting period a given accounting period but not paid other! Books to show our liability to pay our due expense in Tally ERP9, consider the following example and! Entry looks like: Transaction: pay an expense of $ 100 period and due to reason. Trading and profit and loss account sheet as a liability and shown in balance sheet we may the... Outstanding expense indicates that an outstanding expenses journal entry of $ 100 salary expense for business! Loss account we have to expense the compensation on a straight-line basis over two-year! Not paid the premises for the year is Rs 1,10,000 rent for the following example in current financial.. • Note: outstanding expense in Tally ERP 9 fees: -Type of to... Is created at the end of the period of one year, etc bills issued the! Are outstanding • salary due for 1,00,000 related to the respective expense in the future > Decrease in Assets of...