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How to account for an invoice from last year?
I've received a payment for an invoice that was issued in the last tax year. I do not want this invoice to 'mess up' the figures for this year, but I also do not want to it to remain unexplained in my bank account. How should i handle this? Which options should I pick when explaining the payment?
(Note: I was *not* using FAC in the last tax year so there's no invoice to put this payment up against).
thanks,
Stefan
(Note: I was *not* using FAC in the last tax year so there's no invoice to put this payment up against).
thanks,
Stefan
I’m wondering...
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Inappropriate?Enter the total amount you were owed by customers at your last year end in opening balances. As you are paid allocate the receipt to "opening balances".
You should really enter all your opening balances but that's easier than it sounds if you're not used to "reading" accounts. Let me know if I can help.
I’m confident
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Inappropriate?Thanks Stuart, that makes sense. I presume I would only know my opening balances once my accounts for last year are audited by my accountant (which he is doing as we speak)?
I bet you can tell I'm a techie and struggle with the money side of things :-) I'm hoping FA will help me on my way.
I’m glad to have found help.
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Inappropriate?Ok I tried this now but still can't figure it out :)
I added an amount of £609.24 as an opening balance under Trade Debtors.
I then went into my bank accounts and found the received payment of the same amount (for the invoice that was issued last year).
But I can't figure out how to match this to the opening balance. What options do I need to select? Is 'Other money in' > 'Receipt from initial debtor' the correct one?
thanks
I’m clueless
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Inappropriate?Anyone got an answer to my question?
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Inappropriate?Stefan,
Sorry to be a bit slow getting back to you.
Yes indeed: "Other Money In > Receipt from Initial Debtor" is right.
EMPLOYEE
