CAE-579
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Re: How to handle historical sales
Ok so in the scenario that you gave - open invoice on June 15 then receving payment in next financial year on July 4, I assume that this would mean that I would have to wait until I received the payment and then I would close off the company file for last financial year? Sorry if this seems obvious but as I said I get quite confused with all these accounting principles.1.9KViews0likes2CommentsRe: How to handle historical sales
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!1.9KViews0likes4CommentsHow to handle historical sales
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.Solved2KViews0likes6Comments