I've completed end of year and the accountant has come back to me to say he has added two purchase accounts together to make a total cost of sales. Do I need to change that in this particular years accounts to show it as one cost of sales nominal of can I close down the year and just start the new year having two cost of sales nominal codes going forward?
If I do need to change it, is there an easy way to change all the entries from one nominal to another in QBs Pro 2015?
Hi if you have actually processed the year end I dont think I would worry about it - remind the Accountant perhaps at the next year end that you didnt move one to the other, although strictly speaking he should pick that up from any b/f balances on the reports you send.
-- Edited by Cheshire on Sunday 20th of September 2015 08:43:11 AM
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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
If the accountant has added the purchase invoices, then its possible he will include them as part of his year end journals. You should check with him first.
If he does give them to you via journal, you would post his adjustment to a dummy creditors account, and then add the purchase invoices via suppliers, as normal - but instead of posting the invoice to purchases, you post to that dummy account.
Now, if VAT is included on the invoices, you would post the net on the invoice to the dummy account, and allow it to calculate the VAT - this will adjust the next VAT return accordingly. After you have saved the invoice, you will then find the remaining balance on the dummy account should equal to the VAT, and to clear this, do a journal from the VAT account (CR) (whichever holds the input tax) to the dummy account (DR). That should bring your dummy account balance to NIL.
The date you would use for these transactions, should match the date of the journal - I process mine on the first day of the new year, so that my previous year balances always match what I give the accountant, and the journals are then easily identifiable. But some people like to post journals as the last day of the financial year, and that's totally fine too - just do it the way you are used to.
