Category Archives: Uncategorized

Personal Taxes are due by the end of April

Just a reminder that your personal taxes are due by the end of this month (April).  You really don’t want to be late…especially if you owe money to our beloved Government.  Call now to get them done ASAP.  403.966.3534

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What are “Accrued Liabilities”?

I often get asked what exactly are “Accrued Liabilites”.  Well…here’s my answer to that…

Generally speaking accrued liabilities are amounts that you owe but didn’t occur in the reporting period and haven’t been recorded yet under accounts payable.

In simple terms: Accrued liabilities are expenses that you want to record today, but don’t yet have an invoice for.

For the most part accountants will put their fees under this account. This allows you to use the expense of the work for the taxes in the year that it happens.

Wages, sales tax, rent, etc are all items that could be used as an accrued liability.

Examples of Accrued Expenses
Accrued expenses include the following:
  • Interest Payable
  • Interest Expense
  • Interest owed but not yet paid on borrowed funds.
  • Salary and wage expense owed, but not yet paid.
  • Salaries Expense*
  • Salaries Payable
  • *Many companies use “Salaries Expense” for employees paid by the week and
  • “Wages Expense” for employees paid by the hour.
  • Rent owed, but not yet paid.
  • Rent Expense
  • Rent Payable
  • Utility and telephone bills owed, but not yet paid:
  • Utilities [or Telephone] Expense
  • Utilities [or Telephone] Payable
  • Salary and wage expense owed, but not yet paid.
  • Salaries Expense*
  • Salaries Payable
  • *Many companies use “Salaries Expense” for employees paid by the week and
  • “Wages Expense” for employees paid by the hour.
  • Commissions and royalties owed but not yet paid.
  • Commission [or Royalty] Expense
  • Commission [or Royalty] Payable
  • Salary and wage expense owed, but not yet paid.
  • Salaries Expense*
  • Salaries Payable
  • *Many companies use “Salaries Expense” for employees paid by the week and
  • “Wages Expense” for employees paid by the hour.
  • Utility and telephone bills owed, but not yet paid:
  • Utilities [or Telephone] Expense


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