Credit Note/Year End

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columbia
columbia Registered Posts: 580 Epic contributor 🐘
in AAT Level 4 (Level 8 in Scotland)
Hi Guys

Can anyone help me please as my mind has gone totally blank (doesn't take much to confuse me at the best of times!) :confused1:

I have a credit note dated June 09, which relates to rental charges dated May 09. The year end date is 31 May.

Can someone give me a nudge in the right direction as to posting it correctly.

Thanks

Trace

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  • AK002
    AK002 Registered Posts: 2,492 Beyond epic contributor 🧙‍♂️
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    You should 'accrue' this.. although i'm not sure if technically it should be shown in prepayments..

    But it should definetly be in the year it relates to..
  • columbia
    columbia Registered Posts: 580 Epic contributor 🐘
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    Yeah...... That's where I was getting confused!!! Normally I would accrue, but it is a credit.......

    Thanks for your reply
  • AK002
    AK002 Registered Posts: 2,492 Beyond epic contributor 🧙‍♂️
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    I would say show it in prepayments? As techinically it's money paid but due back.
  • columbia
    columbia Registered Posts: 580 Epic contributor 🐘
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    Yeah, that sounds good!

    Thanks
  • columbia
    columbia Registered Posts: 580 Epic contributor 🐘
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    Hi

    Just spoken to an accountant who says that it is treated as a debtor in the year end accounts!

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