USA Year End Cutoff and Accruals

[barefootcoop]

My year end cutoff date is Aug 31, 2018. Fiscal year is Sept 2017 to Aug 2018. Is it wrong to process all invoices, check requests and expenses reports submitted after the cutoff date of August 31, 2018 in the next fiscal year and accrue expenses related to FY2018 in August. For example, I received several invoices and expense reports in mid Sept 2018 (FY2019) relating to Aug 2018. Is it wrong to process payments in Sept 2018 (FY2019) and record an accrual to ensure those Aug 2018 are recognized in the proper period. I still have AP open for processing. I will close AP at the end of September.
Do my companies keep AP open and only accrue expenses after closing AP for year end close?
Please advise.

Thank you

 

[bklynboy]

I would just accrue for them in Aug 2018 since they were received after the cutoff assuming they are for services/work performed in that earlier period. Not sure what other option you have since they are paid in the later period you have no choice but to accrue (or if immaterial just ignore).

 

[biroly]

I think you make accrue records in August 2018 for year 2018 expenses.