Removing previous years invoices
Posted: 06 Nov 2010, 07:52
How do I remove an invoice posted in error in a previous accounting year? What is the effect on the accounts?
Depends.
Has the year end been done?
Has the accountant taken the data away and started work on preparing the accounts?
If no, then you can just reverse/delete the transaction as it doesn't matter.
If the year end has been done, then you need to make a decision, if the invoice is a large amount and will materially alter the accounts, then you need to contact your accountant and let her/him know about it. They will decide how they want it handled.
If it is a relatively small amount, then simply raise a credit note to cancel it on the first day of the new year.