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The general term for an expense that has not been paid or revenue that has not been received and has not yet been recorded in the accounts is Accrued Expense.
What Is an Accrued Expense?
A cost that is recorded on the books but not paid for is referred to as an accumulated expense, also known as an accrued liability. In the accounting period in which it occurs, the expense is reported. Accrued expenses are listed on a company's balance sheet as current liabilities since they represent a company's obligation to make future cash payments. When compared to the supplier's invoice, which will arrive at a later time, an accumulated expense may be an estimate. According to the accrual method of accounting, costs are recorded as incurred, not necessarily as paid, at the time of the transaction.
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