MYOBCommunity
Partner Zone
|
|
Partner Zone

Purchase Invoice Date which is different from P/L Data

Contributing Cover User EEAD
7 Posts
Contributing Cover User
Australia
EEAD
Contributing Cover User

7Posts

0Kudos

0Solutions

Purchase Invoice Date which is different from P/L Data

I would like to record an invoice with issue date which is not same as expense date/month on P/L.

 

For example, there is a following invoice.

               Invoice Date:        31-Jan-2018

               Service:                 Office Rent for February 2018

 

If I input this invoice date exactly, the rent expense is recognsied in Jan 18 unless recorded as prepayment (B/S) but this is troublesome as I need to reverse this transaction later. In some case this kind of invoice is received after closing January accounts. So I would like to record this as February expense but correct invoice date. 

 

Is there any way to record to chose a different G/L month from the invoice date??

3 REPLIES
Ultimate Partner GDay53
1,087 Posts
Ultimate Partner
Australia
GDay53
Ultimate Partner

1087Posts

1135Kudos

244Solutions

Re: Purchase Invoice Date which is different from P/L Data

@EEAD

 

Welcome to the MYOB Community Forum, I hope you find it a wealth of helpful information.

 

The thing that matters here is are you on CASH or ACCRUAL accounting.

If Cash then the date on the Invoice makes no difference as it is the Payment date that is taken into account.

So even if the invoice is dated in January if it is not paid till February then it will only effect the February accounts and BAS & P&L reporting.

If ACCRUAL accounting then the date on the Invoice is the date that should be used and the date it should be accounted for. Even if you make the payment months later in a different period or year.

 

Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
gday@firstclassaccounts.com
MYOB Certified Consultant
MYOB Diamond Partner
Contributing Cover User EEAD
7 Posts
Contributing Cover User
Australia
EEAD
Contributing Cover User

7Posts

0Kudos

0Solutions

Re: Purchase Invoice Date which is different from P/L Data

Thanks.

 

I did not ask the accounting theory but how MYOB can handle this situation.

 

- Can MYOB choose different GL month from invoice date or not?

- If not, do we record a future expense item as 'prepaid expense' to avoid incorrect PL month to re recorded?

- Further, if this is the case, do we have to reverse the transaction later by a manual GL journal or there is any auto reversal function?

 

 

MYOB Moderator Steven_M
23,538 Posts
MYOB Moderator
New Zealand
Steven_M
MYOB Moderator

23538Posts

2664Kudos

3369Solutions

Re: Purchase Invoice Date which is different from P/L Data

Hi @EEAD

 

AccountRight will take the date entered on the transaction for reporting and account coding. For example, if an invoice is dated 01/02/2017 then it will record and report as 01/02/2017 on that date. The exemption to this rule is cash reporting i.e. the Small Business Entity reports, which does it when the payment is made.

 

If you wish to record a transaction into a different period/month but show that you are receiving that transaction cost at a later period you would record the transaction to a holding/contra account. Once you are ready to account for that transaction you would take the balance from that holding/contra account to the relevant account, ensuring that the date on the transaction you wish to report the transaction on.


Kind Regards,
Steven
MYOB Client Support
Didn't find your answer here?
Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post