The name Bunyip is translated as âDevilâ or âSpiritâ and the beast has most commonly been described as some kind of lake monster said to dwell in things such as billabongs and swamps.
Unallocated money is also a convenient place to build up savings. Record your incomes as they come in, and take what you need each month. Over time you'll build up a cushion in your Unallocated that you can use to jump start your savings or pay down debt.
Accrued income is income which has been earned but not yet received. Income must be recorded in the accounting period in which it is earned. Therefore, accrued income must be recognized in the accounting period in which it arises rather than in the subsequent period in which it will be received. As income will be credited to record the accrued income, a corresponding receivable must be created to account for the debit side of the transaction.