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How to account for payment
Posted: 18 Nov 2016, 16:32
by Jane Clee
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.
Re: How to account for payment
Posted: 18 Nov 2016, 16:45
by brucedenney
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.
Re: How to account for payment
Posted: 18 Nov 2016, 16:56
by Jane Clee
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.
Re: How to account for payment
Posted: 18 Nov 2016, 17:15
by brucedenney
Yes
Re: How to account for payment
Posted: 18 Nov 2016, 17:17
by Jane Clee
Thank you
Re: How to account for payment
Posted: 18 Nov 2016, 17:27
by Jane Clee
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.
Re: How to account for payment
Posted: 21 Nov 2016, 09:59
by brucedenney
Write it off!