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Accruals and prepayments

NickynooNickynoo Feels At HomeRegistered Posts: 34
What should I dp with a suppliers account where by I have noticed that we were misseing around 16 invoices for the year 2010 & 2011? to what they have hence a difference in what they are saying we owe them to what is on our system?

(I have been asked to deal with the accounts for another business that is for the same director and it appears these particular accounts are in a slight state)

A family member had been doing the accounts previously as well as one or two other people that have come and gone over this period.

I am concerned because of year end accounts etc, have they been done ............ any advice on where to start would be much appreiated.




  • PGMPGM Font Of All Knowledge Registered Posts: 1,954
    You could accrue for the cost at year end.

    But the correct way would be to
    Dr costs
    Cr creditors

    Because the creditors figure will be misstated also.
  • crispycrispy Trusted Regular SouthamptonRegistered Posts: 456

    Could you not ask the supplier for an updated copy statement of account, compare to your own records - then request copy's of the missing invoices. Check with the director for approval of the invoices or if there remains any outstanding query's as to why they had not been previously processed.
  • NickynooNickynoo Feels At Home Registered Posts: 34

    I have requested a statement of account for this company to date, which is how I managed to locate there were 16 missing invoices for 2010 and 2011, I am really concerned as to how to deal with these on sage to bring the account to date, I have asked the supplier to let me know of payments made by the company and which invoices they are allocated to, do you think this would be a good way forward?

    Thank you

  • NickynooNickynoo Feels At Home Registered Posts: 34
    I am unsure if the system has had year end done since 2010 I think I need to check with the director :(
  • crispycrispy Trusted Regular SouthamptonRegistered Posts: 456
    Maybe ask the supplier for a full transaction listing and compare to your own, and then try to prove out any differences ?

    Eg. Balance Per Supplier £
    Balance Per System Records £
    Difference £

    Try to then resolve the difference and update the system as needed.

    If this is a Ltd company then have the previous accounts been filed (by an external accountant?). If so, contact the accountant and request copy of Trial Balance / schedules of Debtors / Creditors.

    Sounds like a mess to me. Ugh -I hate those..
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