Discussion:Accrued Interest
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Discussion Forum Index --> Accounting Questions --> Accrued Interest
| 27 January 2008 | |
| Corporation has a Note Payable, did not pay interest, calculation the amount of Accrued Interest ayable, should I debit Interest Expense even though I cannot deduct on Corporate Tax Return until Interest is paid?
Signed Drain Bamaged | |
PostingFromWork (talk|edits) said: | 28 January 2008 |
| Yes, yes you should, unless on the off chance you are keeping the books on a tax basis. I assume that you are an accrual method corp and that the N/P is to a related party, as that is the only sincerio that seems to fit.
Book/GAAP and tax seldom match. | |
RoyDaleOne (talk|edits) said: | 3 February 2008 |
| What basis of accounting is the Corporation using?
Is the note to a related party? | |
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