I have discovered a rent invoice has been omitted from July 2015??? To get me back on track, do i post this on Sage under our rent N/C of 7100 or under Accruals N/C 2109????
sorry the late reply. Our year end is end of April 2016.
we currently rent our premises and a quarterly invoice is raised. i have noticed i didnt the invoice for the 1st July 2015. i have it now but not sure how to post onto Sage? and also in monthly the journals.
Do you do monthly management accounts and lock down your period end monthly? If not I probably would be tempted to just key the invoice to rent as at the invoice ie July 2015 and leave it at that.
If you do or just want to keep it consistent, please advise the date of the invoice and the period it covers. It certainly doesnt sound like it straddles the previous year end, but I would like to double check if its paid in arrears or advance. Do you normally drop the invoice to the rent nominal and then adjust via journals, or via the accruals or prepayments nominals and then adjust?
__________________
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
fortunately it doesn't cover the previous financial year.
The rent leaves our account each month of £8125.00. the invoice in question was dated 1st July 2015 covering the months of 1st July-30th Sept 2015 £29250.00 inc VAT. the money has left our account which i have done a prepayment for, so the monthly management accounts are right, but Sage show i have a missing invoice.
Also i close off each month on sage
Hope the above helps????
-- Edited by magikmatt on Friday 8th of January 2016 12:04:08 PM
-- Edited by magikmatt on Friday 8th of January 2016 12:04:29 PM
The rent leaves our account each month of £8125.00.
Ok how was this posted? Supplier payment on account? Bank payment direct to a prepayments or rent?
the invoice in question was dated 1st July 2015 covering the months of 1st July-30th Sept 2015 £29250.00 inc VAT. the money has left our account which i have done a prepayment for, so the monthly management accounts are right,
Do you mean accrual? Or have you processed prepayments, and now have have a credit balance to clear on the prepayments account? If so the invoice net will go to prepayments, and should net off to nil.
I have posted this on sage as a prepayment. As normally the invoice is raised on the 1st July then each month i post a prepayment for each quarter.
The money leaves our bank account each month
I agree with you regarding the invoice , obviously with my cock up this now shows a credit balance with nothing to go against it. So when i post this invoice on Sage i will post this invoice as an Accrual??
