At the end of each month or other period, it is the bookkeeper's or accountant's job to make entries and prepare financial statements. When using accrual accounting, it is necessary to book for items that are incurred in the period, but have not been paid.

Supplies and other expenses are booked when the item is received, and purchased services are booked when the service is complete. These items still must be booked even if an invoice has not been received in accounts payable.

Payroll has specific challenges, since the salaries related to time worked must be booked even if the payroll period has not ended. Specific instructions on payroll accruals can be found here.

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