Account Information

Financial Statement Statement of Financial Position
Normal Balance Credit

Definition

Payables to various parties not classified under supplier accounts

Common Journal Entries

Record claim from other creditor

Dr. Other Expenses
Cr. Other Creditors

Pay other creditor

Dr. Other Creditors
Cr. Bank Account

Settle other creditor claim

Dr. Other Creditors
Cr. Other Income

Reclassify to supplier account

Dr. Other Creditors
Cr. Accounts Payable

Record claim from other creditor

Dr. Other Expenses
Cr. Other Creditors

Pay other creditor

Dr. Other Creditors
Cr. Bank Account

Settle other creditor claim

Dr. Other Creditors
Cr. Other Income

Reclassify to supplier account

Dr. Other Creditors
Cr. Accounts Payable

📐 IFRS vs US GAAP Accounting Treatment

IFRS IFRS 9 Financial Instruments
US GAAP ASC 405 Liabilities

❓ Frequently Asked Questions

Q: What are other creditors?

A: Liabilities to various parties not classified under main supplier accounts, such as amounts due to occasional creditors.