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How to handle historical sales

CAE-579

Hi everyone,

If I sent out an invoice from MYOB at the end of June but have not yet been paid for it starting in July, can someone tell me how I would handle this for the 2017-18 financial year? I noticed that when I create a sales report, that it's including the amount in the report but as I haven't been paid for it yet I dont' know how to handle it.

I'd really appreciate any help.

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Accepted answers

Haydes

Hi @CAE-579

In this case you are still safe to close your year off, so long as you have completed the other Year End Processes.

You can still receive payments on Invoices dated in the previous Year without worry.

You can always report on the previous years data after rolling over. I suggest taking a backup before closing the year just in case.

Feel free to reach out if you have any other questions or concerns.

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CAE-579

Thanks for the reply,

I'm not sure what accounting method is used so I may have to ask my accountant as you suggested. When I receive the money in my account I usually go into the sales register, click on the invoice and click the "Receive Payment" button. If I find out that I'm on the Accrual Accounting Method, how would I do this? I mean even if I reported the sale this year and then I closed off the 2017/18 year, how could I "receive payment" as described since I would have closed everything off?

Sorry if I sound a bit vague - I'm not that into accounting!

Haydes

Hi @CAE-579

Generally if you have unpaid invoices in the previous year, it depends on your Accounting Method on whether you report this on your BAS or other reports.

For example if you are on the Accrual Accounting Method, you would be reporting this Sale as income in the previous year despite not receiving any payments.

Whereas if you are on the Cash Accounting Method, you would be reporting this whenever you receive the payment and not the date of Invoice.

Note that the Aged Receivables reports will show all open Invoices and any Balance Sheet and Profit and Loss reports are usually Accrual unless you run the Small Business Entity reports.

If you're uncertain what your Accounting Method is for your financial records, I suggest contacting the Accountant as they would be the ones to help you with what Method to choose.