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Accrued income in P&L?
Due to multiple c*ck-ups with my client's self billing system (combined with a ridiculously long 5 week payment term so it didn't become immediately apparent) I did two month's work at the end of last year which my (soon-not-to-be-)accountant is treating as accrued income.
Is there a way to replicate this in FAC to come up with the same CT calculation?
Is there a way to replicate this in FAC to come up with the same CT calculation?
I’m unsure
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Inappropriate?Until we have the facility to enter journals (adjustments) I suggest the following:
1. Enter a dummy invoice at the year end for the value of the WIP. Don't include VAT.
2. On day 1 of the new year enter a credit note to cancel the dummy invoice.
Not perfect but it should work.
A professional question! Why is your accountant "soon-not-to-be"?
I’m confident
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Inappropriate?Because they were *rsy about me using FAC and 50% more expensive compared to similar larger (but FAC friendly) firms -
Inappropriate?Stuart,
Thanks for the workround suggestion.
We should have Journals for you within a couple of weeks, and WiP hopefully not too long after that.
Bet you can't wait ;_>
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Inappropriate?Thanks James. One of my "competitors" will ONLY work with Sage and insists that any client who dares to use any other program must print out all the transactions and nominal accounts to allow them to work on the records as if they were not computerised!
I’m amused but saddened at my profession.
EMPLOYEE
