If you were working on a financial year of 06/04/2010 - 05/04/2011 and you received a credit note/receipt for the previous financial year (Fed 2010) which had been finalised, how would you post this credit?
The business in question was working from a personal and business account at the time using cash purchases. It is only now that I have been presented with this credit note (refund receipt) and the purchases have been overstated. It is not a massive amount but I would like to get this correct.
Thanks for your reply. I know from past experiences that when it is immaterial as it is in this case that it will not cause a problem but I like to post on here for the reassurance (a little quirk in my thinking). I'm more experienced in larger organisations and used to having the systems and procedures in place to have most things wrapped up close to year end, or having outstanding P/O's and commitments/queries in place to estimate accruals and prepayments and budget variations. I'm learning from the other end now with having credit notes being submitted 11 months later They never taught you this at college!
No problem Dean - I too have worked for PLC's (we used to do the year end for the auditors coming in, stat accts done for £20m t/o business by 20th of month!), but now deal with businesses where the filing system may include the van glovebox!
They never taught you this at college!
