financial year sage

meibaker

in the simulation test part 2, it states you will be required to make entries on a computerised accounting package for transaction occuring in july 2007, so i set up the financial year starts at july 2007, is that right?
then there is a quesiton ask you to enter cheques from customer, and 2 cheques are dated 30 june and 28 june, that's out of the fiancial year? what shall i do now? please help

mikes

I would post the batch with July's date and record the cheques with the date they were written.

Because this subject can be done at the certificate stage, then making adjustments for accruals and prepayments are outside the scope of the work skills unit. I wouln't worry about it. You are going to get cheques well after month and year end dates.

*Jo

you can post the cheques as the date recieved not the date they are written. The simulation should give you "todays date". You would only post the date they are dated if it is a supplier cheque drawn by the business.

meibaker

but there wasn't any date? i am doing simulation test 2, osborne books.

meibaker

but there wasn't any date, may be i have to guess some date,do you think i will lose any marks for this?

*Jo

I haven't seen the osbourne books im afraid. Im assuming your meaning there wasn;t a date that you are entering the transactions. If not i would just pick a date in July and use that as your posting date.

meibaker

thanks for your help.