What is accrued liability in SAP LOD-ET - Excise Tax Solution on SAP Cloud Platform, with S/4 integration?

SAP Term: accrued liability

• Component: LOD-ET

• Component Name: Excise Tax Solution on SAP Cloud Platform, with S/4 integration

• Description: Excise Tax Solution on SAP Cloud Platform, with S/4 integrat An expense that a company or a business has incurred but has not yet paid.

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• Key Concepts: 
  Accrued liability is a term used in the LOD-ET Excise Tax Solution on SAP Cloud Platform, with S/4 integration. It is a liability that has been incurred but not yet paid. This means that the company has an obligation to pay for goods or services that have been received, but the payment has not yet been made. 
  
  How to use it: 
  Accrued liabilities are recorded in the company’s books as a current liability. This means that the company must pay the amount due within one year of the date of the transaction. The amount of the liability is recorded in the company’s balance sheet as a debit and is offset by a credit to an accrued liabilities account. 
  
  Tips & Tricks: 
  It is important to keep track of accrued liabilities in order to ensure that all payments are made on time and that all liabilities are accounted for. Accrued liabilities should be monitored regularly and any changes should be reported to management. 
  
  Related Information: 
  Accrued liabilities are related to accounts payable, which is a current liability that represents money owed to suppliers for goods or services purchased on credit. Accounts payable is recorded in the company’s books as a current liability and must be paid within one year of the date of the transaction.