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?
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.
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.