Im trying to prepare some sole trader accounts and a tax return. There is an invoice dated 10 April but work was completed in March. Now my brain is telling me that invoice would be reflected in 'accrued' income in the balance sheet, so I need to:-
1) Key the invoice as normal with 10 April date
2) Key an accrual at 31 March by Credit 'sales' and debit 'accrued income' asset account in Balance sheet
Is this right??
Then - does anyone know how to actually do these entries in Quick Books (Yes this idiot here has chosen the hottest day to try to learn how to use Quick Books!!!)
My brain has gone to mush, with no sleep due to the heat, the heat, sitting next to a gaming PC pumping out more heat, oh the heat and the heat. Plus not being able to sit in Boxers as some of the guys on here mentioned yesterday (You KNOW who you are!!) Well I could just try the bra and knickers look but what if someone knocks on the door - would give them a right scare!! Oh and did I mention the heat and Im too hot to think!!!!! Its lovely weather though isnt it!
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
I've blown the engine on the beemer. Off to do the test drives on the potential replacements later... All chosen as contenders because the air con systems work well!
sod the getting from A to B. I'm just going to buy a car that I can move into with a laptop... Ooh, add to the list, must have drinks holder.
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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.
Oh dear! I couldnt manage without the aircon in my car. I might just sit in my car on the drive for the rest of the day - sod the waste of petrol and the workload!
Must have a drinks holder that drinks can stand up in! (mine wont stand up - spill all over - really annoying!)
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
