Supplier Invoice

mariamcd020

Hello!

I have received a supplier invoice dated 31/3/10 and my companies year end is 1/4/2010. This invoice has only reached me now. the accountants have already finalised the accounts and this is not included. I have asked the supplier to redate the invoice which they won't as they can only do it by end of month not into next month. What are the implications of this can it go into the next year?

Any suggestions appricated!x

Rinske

Is the amount significant and did you accrue for the amount outstanding?

If it's in the accruals anyways, it shouldn't matter. Same goes if it is just a small amount.

If it is significant, it depends a bit on what it is, but I would just put it in the new period and not worry too much about it.

mariamcd020

thank you!

I see, the total invoice is 990 and we are vat registered. x

blobbyh

As Rinske said, the cost should have been accrued if it was one you should have known about. Also, why was the invoice so late in reaching you? Was it not sent by the supplier n time or has it been sitting on someone's desk at your organisation? If the latter, then I can understand why the supplier will not re-date their invoice simply to accommodate a failing in your own system.

I can understand some companies shutting down monthly management accounts quickly - often mid to end of the following month - for internal meetings and suchlike but closing down the year end accounts within forty or so days seems indecently quick and very prone to later adjustments for errors and omissions.

If you have a software system that can differentiate between posting date and periods then post it as the invoice date with the period going into period 4 (April). Otherwise, you have extra work on your hands.

Rinske

We got the auditors in already, our year end is 31/03 I don't think it's too quick to close. We accrue for all known inventories and known services.

However is 990 significant for your business or not, that's something we can't judge.