I do accounts and it has just been brought to my attention that a two customer invoices have not been invoiced prior accounting period but we received the money (accounts already submitted) and therefore were not included in the sales.
Can these be included within the current accounting period (there are not VAT on the invoice) or would they need to be flagged up as correction to prior accounts?
A missing customer invoice can cause delays in payment and create accounting discrepancies. To resolve the issue, start by double-checking records and communication with the customer. If the invoice cannot be located, consider creating a duplicate and communicating with the customer to confirm payment...
A missing customer invoice can cause delays in payment and create accounting discrepancies. To resolve the issue, start by double-checking records and communication with the customer. If the invoice cannot be located, consider creating a duplicate and communicating with the customer to confirm payment...
Why do you not answer the specific question? On any of your posts? You just dump a post that is semi-relevant, with spam links.
If the invoices were not invoiced in the prior accounting period, then they should not be included in that period's sales figures. However, if the payments were received in that period, they should have been included as part of the cash receipts for the period.
If the sales invoices were missed in the prior period and you have already submitted the accounts, you will need to make a correction to the prior period's accounts. This means you will need to adjust the sales figures for that period to include the missing invoices and also adjust any relevant taxes or fees, such as VAT.
If the missing invoices do not include any VAT, then you will not need to make any adjustments to the VAT returns filed for the prior period. However, if the invoices do include VAT, you will also need to adjust the VAT return for the prior period to include the VAT due on those invoices.
As for the current accounting period, you can include the missing invoices as part of the sales figures for the current period, as long as you make sure to distinguish them from the sales that occurred in the current period. This can be done by making a note or a separate entry in the accounts for the correction made to the prior period.
It's important to ensure that the correction is made accurately and in compliance with relevant accounting standards and regulations. If you're unsure about how to make the correction or have any other questions, it's always best to seek advice from a qualified accountant or financial advisor.
If the invoices were not invoiced in the prior accounting period, then they should not be included in that period's sales figures. However, if the payments were received in that period, they should have been included as part of the cash receipts for the period.
If the sales invoices were missed in the prior period and you have already submitted the accounts, you will need to make a correction to the prior period's accounts. This means you will need to adjust the sales figures for that period to include the missing invoices and also adjust any relevant taxes or fees, such as VAT.
If the missing invoices do not include any VAT, then you will not need to make any adjustments to the VAT returns filed for the prior period. However, if the invoices do include VAT, you will also need to adjust the VAT return for the prior period to include the VAT due on those invoices.
As for the current accounting period, you can include the missing invoices as part of the sales figures for the current period, as long as you make sure to distinguish them from the sales that occurred in the current period. This can be done by making a note or a separate entry in the accounts for the correction made to the prior period.
It's important to ensure that the correction is made accurately and in compliance with relevant accounting standards and regulations. If you're unsure about how to make the correction or have any other questions, it's always best to seek advice from a qualified accountant or financial advisor.
quite a bit of misleading information there starting in 1st sentance. final sentance is appropiate for person asking. As his response is to any accountant.
