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Accruals and prepayments are needed in bookkeeping to ensure that financial statements satisfy the matching concept. At the end of an accounting period, accruals and prepayments need to be calculated, and journal entries prepared to record the adjustments in the relevant accounts.
Accruals or accrued expenses are expenses which relate to the current accounting period but which have not yet been paid for. Prepayments or prepaid expenses are expenses which relate to a future accounting period but which have already been paid.
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