Can anyone explain how to deal with last financial year transaction after year end.
1. My client had personal credit card and debit card. However payment to that card accounts are made through business current account and expenses are either personal and business. Bank statement were missing and had no idea what was happening however now i have got them. but its to late as we have already done year end for last three years and don't know how to reconcile that account after year end .
2 There was one transaction entered in error now i have found the error after year end can i correct it in new tax year.
1) post all the items as normal on the 1st of the month in the new year. as long as we are not talking huge amounts it should be ok.
When you say done the year end, do you mean the accountant has done the final accounts or have you ran the year end in your software so cant go back and enter them?
2) What is the value of the error? if its a low amount say a few hundred quid, just correct it as at the 1st day of the month in the new year.
