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Post Info TOPIC: Double entry for WiP for YE Accounts
Corry


Veteran Member

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Posts: 66
Date:
Double entry for WiP for YE Accounts
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Hi Guys,

Can someone please confirm (or point me in the right direction) for the Year End Journal for Work in Progress

Dr - WiP

Cr - Sales

Then when the invoice has been raised:

Dr - Sales

Cr - WiP

The situation is this: a landscape gardener did some work in March but did not invoice it until April. The March period is now closed (for VAT purposes) so the invoices cannot be entered into March. Are the above journals the correct way to account for this crossing his year end?

Thanks in advance smile

Corrinna



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Cheshire


Master Book-keeper

Status: Offline
Posts: 8646
Date:
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Dr accrued income cr sales.

__________________

 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
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