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How to account for payment

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Jane Clee
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How to account for payment

Post by Jane Clee » 18 Nov 2016, 16:32

I have a supplier invoice showing as outstanding for the previous financial year. Upon investigation we have discovered the invice was paid for in the previous year by credit card.

How would i account for this.
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brucedenney
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Re: How to account for payment

Post by brucedenney » 18 Nov 2016, 16:45

If it was paid in the prior year how did the payment get bank reconciled?

I guess you could stick a T9 credit note to suspense and let the accontant sort it at year end.
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Jane Clee
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Re: How to account for payment

Post by Jane Clee » 18 Nov 2016, 16:56

Our previous bookkeeper has not broken down the payments on the credit card bank statement. The credit card bill has been posted to the misc account every month. Is a credit note the best option.
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brucedenney
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Re: How to account for payment

Post by brucedenney » 18 Nov 2016, 17:15

Yes
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Jane Clee
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Re: How to account for payment

Post by Jane Clee » 18 Nov 2016, 17:17

Thank you
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Jane Clee
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Re: How to account for payment

Post by Jane Clee » 18 Nov 2016, 17:27

Just out of curosity what would the accountant do at year end. I am just wondering if it is something we can do rather than giving the accountant additional work and our bill being higher.
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brucedenney
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Re: How to account for payment

Post by brucedenney » 21 Nov 2016, 09:59

Write it off!
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