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Invoices EOFY - Accounting Basis (Cash)

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Experienced Cover User RoyalAshTree
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RoyalAshTree
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Invoices EOFY - Accounting Basis (Cash)

Thank you in advance for clarifying this question....

 

I am on an Accounting Basis (Cash); I'll have two invoices that I'm unsure how to handle for this EOFY:

     Issue Date         Due Date

     31/5/19             28/6/19 - unsure if it will be paid on time in the 18-19 FY

     14/6/19             12/7/19

 

Both invoices will/have been issued in 18-19 FY, both will be paid in the 19-20 FY. 

 

When MYOB rolls over, will these two invoices roll over into the next FY?

If not, what do I need to do to ensure they are accounted for correctly?

Additionally, when payment is collected, I'm assuming it will apply to the 19-20 FY figures?

 

I look forward to your reply....Ashley 

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Ultimate Cover User bungy15
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Re: Invoices EOFY - Accounting Basis (Cash)

Hi @RoyalAshTree 

 

Your invoices will roll into the new financial year. 

Invoices paid in June will be included in the 18-19 FY. Invoices paid in July will be included in the 19-20 FY.

On a Cash basis income and expenses are reported on the date that you receive payment or make a payment.

On Accrual basis income and expenses are reported on the date the invoice is created.

 

Hope this helps

Tracey

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