Home For AAT student members AQ 2013 AAT Level 4 (Level 8 in Scotland)

Credit Note/Year End

columbiacolumbia Experienced MentorRegistered Posts: 580
Hi Guys

Can anyone help me please as my mind has gone totally blank (doesn't take much to confuse me at the best of times!) :confused1:

I have a credit note dated June 09, which relates to rental charges dated May 09. The year end date is 31 May.

Can someone give me a nudge in the right direction as to posting it correctly.

Thanks

Trace

Comments

  • AK002AK002 Font Of All Knowledge Registered Posts: 2,492
    You should 'accrue' this.. although i'm not sure if technically it should be shown in prepayments..

    But it should definetly be in the year it relates to..
  • columbiacolumbia Experienced Mentor Registered Posts: 580
    Yeah...... That's where I was getting confused!!! Normally I would accrue, but it is a credit.......

    Thanks for your reply
  • AK002AK002 Font Of All Knowledge Registered Posts: 2,492
    I would say show it in prepayments? As techinically it's money paid but due back.
  • columbiacolumbia Experienced Mentor Registered Posts: 580
    Yeah, that sounds good!

    Thanks
  • columbiacolumbia Experienced Mentor Registered Posts: 580
    Hi

    Just spoken to an accountant who says that it is treated as a debtor in the year end accounts!
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