I do accounts for a small firm and it has just been brought to my attention that a few invoices have not been provided to me for the prior accounting period (accounts already submitted) and therefore were not included in the expenses.
Can these be included within the current accounting period (just like missed VAT receipts) or would they need to be flagged up as correction to prior accounts?
If they materially affect the results of the previous year then they should be adjusted in your current year as a prior year adjustment and amend comparatives.
If they are not material then just include them in the current year.
I would say that unless and until the left out invoices materially impact the reported accounts , they should be adjusted in the current accounting period. VAT can also be accounted for in this period.
Also, the company can seek suggestion from HMRC if they need to play really safe.
Thanks a lot for your comments. The balances are not very material, less than £100 in total. In this case would you include them with the date as of the start of the current financial year? As otherwise, if I add them with the correct dates, then my PnL won't reflect those in the current period (I'm using Quickbooks at the moment).
