Credit Note/Year End

columbia

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

AK002

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..

columbia

Yeah...... That's where I was getting confused!!! Normally I would accrue, but it is a credit.......

Thanks for your reply

AK002

I would say show it in prepayments? As techinically it's money paid but due back.

columbia

Yeah, that sounds good!

Thanks

columbia

Hi

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