Definition: Accruals account
A part of the accounting records which records liabilities.
For example, if an organisation pays ECU 100 000 annually in arrears at 30 June for services received, by 31 December it has therefore received 50 per cent of those services for no payment and should make an accrual for a liability of ECU 50 000 at 31 December.
Organization for Economic Cooperation and Development (OECD), "Effects of European Union Accession, Part 1: Budgeting and Financial Control", OECD SIGMA Paper No. 19, Paris, March 1998