[email protected] Registered Posts: 94 💫 🐯 💫
Hi All

I have a set of accounts that had the incorrect debtors brought forward from prior year. The debtors amount was too low for P/y. How do I correct it for the current year end accounts?



  • Cullen
    Cullen Registered Posts: 592
    Why is it too low? Were transactions omitted or were they posted with an incorrect date?

    What system do you have? The strategy may be different for different systems.

    Have you reconciled the aged debtors to the Debtors Control Account?
    [email protected] Registered Posts: 94 💫 🐯 💫

    They were totally omitted. I don't have any system just good old basic accounts I'm afraid!

    Any help would be greatfully received!

  • Cullen
    Cullen Registered Posts: 592
    Does your TB balance? If so perhaps the capital figure in the balance sheet is incorrect. Perhaps the debtors have been included as "other assets" or something?

    I would look at your aged debtors. If the business is mainly cash, perhaps the customers did not have any outstanding balances on their accounts at the year end?

    Sorry I don't seem to be much help.
  • deanshepherd
    deanshepherd Registered Posts: 1,809
    I would suggest that if debtors were omitted then either the bank account was wrong or the invoices were not declared as income.

    In either scenario I would just correct it in the current year.
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