The end of year - Sep 2019 - bank balance was under-reported by the amount equivalent of accountant’s fees due on 30th September 2019 The money was debited on 2nd Oct 2019. How do I tag this transaction?
Many thanks
I’m confused. How can the bank balance be under reported on the 30th Sept if the transaction happend on the 2nd Oct?
I think your confused with showing the accountant fees being owed as a creditor on the balance sheet. If you can confirm then someone can help.
Accounting fee of £78 - actual debit was on 2nd Oct. The accountant gave me the break up.
So you need a purchase for accountant fees dated pre year end. That will place it in the balance sheet as a creditor.
An accrual should have been booked at 30th September 2019 for accountancy fee, reversed on 1st Oct and then you can book actual invoice from an accountant to tag payment to it
Yes, there is one in the previous accounting system but I started on the Quickfile with the opening balances as per my balance sheet.
How do we book the reversals?
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a journal would be required
Dr Accrual
Cr accountancy
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