Fiscal Close Accrual and Defer
https://financeandbusiness.ucdavis.edu/systems/kuali/fiscal-close/accrual-defer#def%20exp Accruals: revenue and expense paid next year but belongs to this year Deferred: revenue expense paid this year but belongs to next year Accruals: Accrued Expense (credit side) Used when goods or services are received this fiscal year and will be paid for next fiscal year. This is required for items of $10,000 or …