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Backdating payments


#1

I have been reminded by the accountant of 3 outstanding invoices, and have paid today (July 2018).

He says because the first two apply to work in the tax year he is preparing (up to 31 March) he will bring those payments into that year.

My question is: how do I tag things in my bank account paying from today but applying to the previous tax year (i.e. put into the nominal accounts before 31 March).

I expect this will involve journaling, but I have not done this year (I started using Quickfile in October last year): could someone enlighten me so I get it right?

Or if it’s something else, please let me know.


#2

If those three invoices were booked in QF before year end then you need to record payment as and when they were paid else you have two options, either book those purchase invoices in QF with dates as it show on purchase invoices it self book an accrual for expenses, reverse that accrual in next year and book invoices in next year.
Journal entry for accrual will be
Dr Expense (what ever the expense is, say Telephone)
Cr Accrual a/c (balance sheet)


#3

As per FaradayKeynes, if the purchase invoices are logged in Quickfile with their original dates the system will include them in the correct accounting year for your P&L (IF it is still open, ie, not locked).
Payment date is irrelevant to your P&L.
However, if the missing invoices are dated AFTER your year end, then again as previously advised raise an AUTO-REVERSING Journal. Ie Journal Date 31/03 Auto-Reversing Date = Invoice date,
eg April 2018.


#4

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