For example, in May, you take out a loan for $20,000 from a local bank to help fund your business. The above entry ensures that the travel expense is posted in June, when it occurred, not in the month that the invoice was paid. Helping organizations spend smarter and more efficiently by automating purchasing and invoice… Continue reading Accrued Expenses vs Accounts Payable: What They Are & How Theyre Different Order to Cash Knowledge Center