Let's now look at the different types of accrual dates.
Posted: Mon Jan 20, 2025 5:24 am
The accrual date is a very important accounting principle that you should know if you have a company. For this, we created a complete guide with its definition, types, differences with the payment date and more.
Content
What is the accrual date?
x
Types of accrual dates
Practical examples of the accrual date
Differences between accrual date, issue date and payment date
Common challenges in determining the accrual date
Conclusion
Sources
What is the accrual date?
According to the General Accounting Plan , the accrual date is an accounting principle that indicates the day on which a right to payment or an obligation arises for self-employed workers and companies.
For practical purposes, it does not matter whether the money is received or the debt is paid on that day, since the date is only relevant for accounting records and for calculating corporate tax, personal income tax, VAT, etc.
The accrual date in accounting and taxation
You already know what the accrual date is, but what is its relevance in accounting? This date determines the moment in which income and expenses are recognized, so it has a direct impact on the preparation of financial statements and accounting books.
On the other hand, in tax matters, the laws in Spain establish that the obligation to pay a tax arises at the time the economic transaction is carried out, that is, as indicated by the accrual date.
So, depending on the date indicated, taxes are calculated taking into consideration the tax period to which they correspond. It also influences the right to apply certain tax deductions and credits depending on your economic activity.
Types of accrual dates
Accrual date on an invoice
Every invoice must include an issue date and an accrual date (which list of romania phone number in some cases may be the same). The latter indicates the moment in which a customer's obligation to pay for the purchase of a product or service arises.
Accrual date according to taxes
Depending on the type of tax you have to pay, the accrual date changes:
Income tax accrual date : Personal Income Tax (IRPF) covers all tax-relevant events that occur throughout the calendar year. The accrual date is December 31 in Spain.
VAT accrual date : This tax is different, since Article 75 of the VAT Law indicates that the accrual date is the moment in which the economic transaction involving the payment of VAT is carried out.
Corporate Tax accrual date : this case is similar to that of Personal Income Tax. Commercial companies with an obligation to pay this tax have an accrual date of December 31 according to the Corporate Tax Law .
Practical examples of the accrual date
The best way to understand this concept is through some examples.
Case 1: Billing for services
Imagine that you hire a company to perform maintenance on various machines for a month. The company generates an invoice for its service on September 1, but its accrual date will be at the end of the month, that is, September 30.
Why does this happen? Since the maintenance service is continuous, the provision of the service is considered to end at the end of the month and that is when the obligation to pay arises.
Content
What is the accrual date?
x
Types of accrual dates
Practical examples of the accrual date
Differences between accrual date, issue date and payment date
Common challenges in determining the accrual date
Conclusion
Sources
What is the accrual date?
According to the General Accounting Plan , the accrual date is an accounting principle that indicates the day on which a right to payment or an obligation arises for self-employed workers and companies.
For practical purposes, it does not matter whether the money is received or the debt is paid on that day, since the date is only relevant for accounting records and for calculating corporate tax, personal income tax, VAT, etc.
The accrual date in accounting and taxation
You already know what the accrual date is, but what is its relevance in accounting? This date determines the moment in which income and expenses are recognized, so it has a direct impact on the preparation of financial statements and accounting books.
On the other hand, in tax matters, the laws in Spain establish that the obligation to pay a tax arises at the time the economic transaction is carried out, that is, as indicated by the accrual date.
So, depending on the date indicated, taxes are calculated taking into consideration the tax period to which they correspond. It also influences the right to apply certain tax deductions and credits depending on your economic activity.
Types of accrual dates
Accrual date on an invoice
Every invoice must include an issue date and an accrual date (which list of romania phone number in some cases may be the same). The latter indicates the moment in which a customer's obligation to pay for the purchase of a product or service arises.
Accrual date according to taxes
Depending on the type of tax you have to pay, the accrual date changes:
Income tax accrual date : Personal Income Tax (IRPF) covers all tax-relevant events that occur throughout the calendar year. The accrual date is December 31 in Spain.
VAT accrual date : This tax is different, since Article 75 of the VAT Law indicates that the accrual date is the moment in which the economic transaction involving the payment of VAT is carried out.
Corporate Tax accrual date : this case is similar to that of Personal Income Tax. Commercial companies with an obligation to pay this tax have an accrual date of December 31 according to the Corporate Tax Law .
Practical examples of the accrual date
The best way to understand this concept is through some examples.
Case 1: Billing for services
Imagine that you hire a company to perform maintenance on various machines for a month. The company generates an invoice for its service on September 1, but its accrual date will be at the end of the month, that is, September 30.
Why does this happen? Since the maintenance service is continuous, the provision of the service is considered to end at the end of the month and that is when the obligation to pay arises.