How do I record my creditors? (Accounts Payable)
When accounting on an accruals basis, you should record your Accounts Payable or creditors (money you owe), so that it is reflected on your balance sheet. For example, if you have engaged contractors to complete significant works for you within the present financial year, but by the time the invoice arrives it gets paid in the next financial year, you should record this as Accounts Payable. Equally, you may need to account for your HMRC employer liabilities (PAYE and NIC) for the last month of the financial year, when they actually get paid in the first month of the next year.
This can be done in the Adjustments module of ExpensePlus.
1. Within the Adjustments screen, click on 'Accounts Payable' in the Creditors & Debtors table;
2. Click the 'Add New Accounts Payable' button and then enter the details required:
3. This adjustment will then be shown in the Accounts Payable table and will have adjusted your balance sheet total. It can be reversed out in the first month of the next financial year (or when the expenditure is actually paid) using the Reversal button, which has appeared to the right-hand side of the adjustment.