Prior year adjustment

Situation: I have discovered several credit card transactions (not material according to my accountant) relating to my prior year not recorded in my prior year in QF; my QF prior year is still OPEN, that is, not closed; my year end accounts relating to the prior year have been filed with HMRC and are therefore finalised.

My accountant wants me to record the transactions in current year but not as prior year adjustments as they are not material, that is, as ordinary transactions.

QUESTION: what date do I show for them? Date of processing, that is, now? Or can I show them with original transaction date from prior year and not tag them and still close off year and then tag them in current accounting year?

Your help will be appreciated - kind regards

This has received no reply - can someone reply please?

Is the answer - process year end and enter transactions in the new QF accounting year? Can the transaction date in QF be the same as the original date of the real transaction in the prior year?

We don’t provide accounting advice on this forum only general advice on using the software. I would recommend discussing this with your accountant.

I don’t want accounting advice - I’ve already discussed this with my accountant. I don’t know how to make it any clearer - maybe I just don’t know enough how QF works.

The transactions physically occurred QF accouning yr1, say. That yr1 remains open QF but the accounts have been finalised and filed with HMRC but the transactions were missed and have not yet been posted anywhere in QF.

Do I simply process the yr1 close and record the transactions in the new yr2? Or can I record then with yr1 still open and not tag them, close yr1 (year end processing) and then tag them when yr2 is open. Does it matter? Is there a date implication?

If you’ve already finalised your year-end accounts then I would have thought it would not be a good idea to enter them in year 1 as this would affect the figures your accountant has already submitted to HMRC. I am not an accountant so I can’t provide a categorical answer here. Usually bank and credit card balances are cross-checked with the paper statements at the year-end before the figures are sent to HMRC, as soon as the accounts are filed the period should be closed.

This isn’t a question of how do I do x on QuickFile but whether or not it’s OK to x. This is definitely one for your accountant.

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