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Thread: Processing back dated invoices

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    Processing back dated invoices

    Hi everyone

    Having reconciled a supplier account I have found an invoice which had not been processed for 22-02-13. Having taken over the books in June, I am not sure how this happened but I am left with the great joy of correcting it. What would be the easiest way to deal with this invoice? Do I put through a supplier jnl for the current period but date it as above or is a bad idea? What are my options....?

    Thank you

    Regards
    Raene

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    Hi Raene

    Have the financial statements for 2013 been finalised? What accounting software are you using?

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    Hi Mike. As far as I know, the FS have been finalized. I use Pastel Express.

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    If the AFS are done, and provided the amount of the invoice is not material put the invoice through in the next financial year.

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    It is for cost of sales.

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    Raene,

    I agree with jddt, if the AFS are finalised, process the transaction in the current year.

    For VAT purposes you have to be careful not to include it in a previous VAT period though, as that might throw out your VAT reconciliation. So when you post it, choose the current VAT period's period, in order for you to claim it in the current period. Just not sure about the date, maybe the 1st date of the financial year?

    You are allowed to claim this invoice up to 5 years after the date of the invoice.

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