Forum Discussion

Ianinfinance's avatar
Ianinfinance
Experienced Cover User
3 days ago

Income in advance

In May and June 2024, we received Income in Advance for our service going to provide to our customer through the next FY (July 2024-  June 2025).  

 

On 30 June 24, we do GJ to move the sales payments received for May and June to the account of Income in recognized in advance. However, I just found that somehow, there is a duplicated GJ for the income received in May (The first GJ for income received (in advance) in May was entered on 31/5/2024 and the second GJ, combined the income received for both May and June, entered date 30/06/2024). It means the income received in May was recorded twice. 

 

I tried to simply reverse the GJ of 31/05/24. ( I needed to dated today's date in GJ as our accounts has been closed for 2024 and we do not want affect our Financial statements of 2024.) However, it caused the sale increased which is not correct because the GJ was duplicated by mistake.   

 

Please kindly advise me to deal with this situation.

 

Thank you so much for your help in advance.

  • Earl_HD's avatar
    Earl_HD
    MYOB Moderator
    3 days ago

    Hi Ianinfinance,

    In this type of issue, we do recommend reaching out to an accountant for an accurate answer. But if I were to handle the situation, I'd not reverse the original GJ entered on 31/05/2024. Instead, correct the duplicate entry made on 30/06/2024 which combined income for May and June. Since your accounts for 2024 are closed, you can create a new GJ entry dated today to reverse the duplicated amount just for May income.

    Regards,
    Earl

    • Ianinfinance's avatar
      Ianinfinance
      Experienced Cover User
      2 days ago

      Hi Earl

       

      Thank you for your reply.

      I agree with you to reverse GJ on 31/5/24 instead of the GJ of combined income, entered on 30/06/24.

      I did try to create a new GJ, dated today to reverse the one on 31/5/24. However, it caused the increase of May sale amount which is duplicated. (So the sale amount is more than actual)

       

      I am still looking for advice/ways to fix the problem.

      • Princess_R's avatar
        Princess_R
        MYOB Moderator
        2 days ago

        Hi Ianinfinance,

         

        It’s challenging for us to provide an exact solution since we’re not accountants, so it’s important to consult your accountant for guidance tailored to your situation. Hopefully, other members might be able to share some advice. You can also check out this link for more info.   

         

        Cheers,

        Princess

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