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Accruals!
08-19-2006, 10:21 AM,
#1
Accruals!
Trying to tidy up a clients set of books at the moment.

The books of account are still being written up.
However, here's a good one.

My client has a series of payments leaving his bank account which were never posted to his creditors ledger/bank (cash), and for which no invoices were received or posted to his profit and loss account.
I can post the payments (credit Bank /ac, debit creditors control) but I need to account for this in my profit and loss account.

I am correct to accrue the invoices and to accrue the V.A.T. - in order to get the profit and loss account right? (he won't receive the invoices before yearend).
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