Proforma payment

kazflan Registered Posts: 36 Regular contributor ⭐
I have posted a payment to a supplier account but have not received the invoice as yet. as it is month end I cannot remember if I have to post a dummy invoice to the account or accrue the invoice. I see the person prior to me raised a dummy invoice and then credited it out?? So long since I have dealt with this type of transaction. Any advice on how to account for correctly at month end. Thanks


  • crispy
    crispy Registered Posts: 466 Dedicated contributor 🦉
    Has the comapny received the goods/service for which paid for in advance and is just awaiting the final invoice? If so, I would create an accrual for the expense and just leave the supplier balance as a credit and include under prepayments. If an invoice is due I would chase the supplier for a copy as well.

    If you have not received the product/service then leave as credit balance under prepayments/other debtors and create no accrual.
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