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Post Info TOPIC: filing invoices at year end?


Newbie

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filing invoices at year end?
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Hi,  can you help?  I know this is a rather silly question, but in previous years, I noticed that my accountant had missed it - as had I mis-filed?  We have just had our year end on the 30th April... Ihave invoices dated pre 30/04/2013  - but paid after our year end on the 03/05/2013  - where should I file them?  in the previous years files or the new year files ?  can someone help?

Tarah



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Tara Roche Schiavon


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Hi Tarah,

welcome to the forum

Revenue should be recognised in the period to which it relates, not when it is receieved or paid (IAS18 (IFRS) or FRS5 application note G (UKGAAP)).

kind regards,

Shaun.



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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



Expert

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Hi Tarah

Are you using a software package or an excel spreadsheet? Are you VAT registered? If so, are you accounting for VAT based on the invoice date, or the cash paid date?

I can give you a specific answer related to your situation if you let me know.



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Expert

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I would file them in the period you processed them in.

Sounds like they should be in the 2012/13 but not processed until 2013/14.  Therefore should be filed in 2013/14 period.

Depending on the materiality then they may need to be recognised as creditors at the 2012/13 year end.

Regards

Mark



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Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.

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