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Hi,

I dont know if I've already posted this query. How do I deal with previous years transactions e.g. 2016 - 2019, which are missing invoices, BP, BR or a mix. It would take too long to enter the missing transactions. If I did a year end for each :- 2016, 2017, 2018 and 2019 would that be the answer to clear down the balances and have the financial year showing 2020. Or would that be madness ? Is there an alternative ?

I started with the company in Jan this year and handed this mess, I so want to put it right.


TIA

If the previous years accounts are incomplete, then you should talk to your qualified accountant as if earnings have been misrepresented then there will be tax implications.

If the previous year are correct, just procedures not followed and items not present in bank rec etc, then there may be a view to take and simply pay tax on it rather than spend more on finding it. Again you need to talk to your accountant to workout how best to resolve the issue.

If there are only a few transactions, then you could put them in this year as part of the brought forward balance by entering them now.