Monthly Archives: March 2023

You’re waiting on a bill from your independent contractor that you expect to be around $10,000, but you haven’t gotten it in the mail yet. Rather than waiting for the bill, you record a $10,000 expense at the end of the month. In addition to these general guidelines, each business should consider any industry standards which may affect the holding period of records due to the unusual legal circumstances. In this case, the $2,300 in wages that is the beginning balance of Wage Expense are October wages and already include the $1,200 accrual. Cash Flow Statement Here’s why you should implement [...]