We run an small advertising magazine and we sell the space either monthly or as part of package spanning 3, 6 or 12 months. Before using Quickfile I ran everything on Excel spreadsheets and I could work out which packages had been paid for and overlapped our year end, I could then give this figure to our accountants. I am not sure how to structure our invoices on here to enable me to get to this information. Any thoughts gratefully received.
If the advertiser is committing to advertise for the period i.e 3, 6 or 12 months from day 1, raise an invoice for the full amount of the advertising on day 1 and then allocate payments made to the reduce the balance of the invoice, at the end of the year your accountant will be able to obtain the necessary information from Quick File to journal as required to deferred income.
To assist your accountant, you should enter the period of advertising on the invoice i.e. 01 December 2013 to 30 June 2014.
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