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 payme...
Forum Discussion
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
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.
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
Hi Princess_R
Thank you very much for your time and advice.
I will definitely seek for the guidance from the accountant later. But I would like to be seeking for others' advice for now. Thanks
Cheers
