Hi, All
We received some Tax refund but it belongs to last year. I know to post a bank receipt to the bank account the money was paid into, but other entry how to deal with it as it belongs to Previous year.
The other thing is money due from the government as sales funded, how can I deal with it before I close the year end.
Cheers
Raouf
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Re: Tax Refund from past year
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brucedenney
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If it belongs in the previous year then, there should have been a provision made in the previous year to accounts for it, you just need to offset it against that provision.
If it was not provided for then, you need to decide if you want to go back to last year and alter things or if you want to put it in this year.
If it was not provided for then, you need to decide if you want to go back to last year and alter things or if you want to put it in this year.
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