last year items

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:28AM in AAT student discussion
I need a little help. I have recently taken on the role of Clerk to a community council, and am also the responsible finance officer. We have had the internal audit done on last year's accounts, but there were some bank statements missing. Upon getting these statements, there are some bank interest items that relate to last year. What do I do with these? Can I just add them to last year's accounts, add them to this year's accounts with a note, or is there a special process I need to go through? The accounts haven't had their external audit yet.

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    last year items

    I wouldn't suppose that the bank interest receiveable from last year would amount to a "material" error (or does it!), and i guess that last yrs accounts have now been finalised. If they have been finalised then you shouldn't adjust last years finacial statement. Therefore, I would just include the omitted values into this year's bank interest!<BR><BR>If this is the incorrect treatment i'm sure someone else will spot this and comment further!<BR><BR>Regards

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