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Post Info TOPIC: Previous year's expenditure as cost of sales in this years accounts.
Sashasib


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Previous year's expenditure as cost of sales in this years accounts.
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Hello,

Can someone advise how to include last year's expenditure in this year's cost of sales if it wasn't accrued at year end?

How do I do this in quickbooks?

Thanks
S



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Sashasib


Newbie

Status: Offline
Posts: 2
Date:
Permalink Closed

Hello everyone,

I didn't explain it very wel in my first post, and that's due to being a newbie - to both forums and bookkeeping.

Any advice appreciated on the following?

The proceeds from a fixed asset sale this year are in an 'other income' account. Direct costs have been debited, but one item of expenditure was incurred last year, accrued at year end as a creditor, paid and posted to an expense account.

How would (or should?) this cost be treated?

I use quickbooks and have been tangling with general journals. no

Thanks
S

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