How to process, in a subsequent period, a vendor bill for a closed period without affecting the issued financials for the closed period(s)?

HCF · ‎March 29, 2019

We are using Quickbooks Online Essentials.

It is part way through the fiscal year. The February financials have been finalised, issued and "closed." Subsequently, we receive a vendor bill dated February.

How do we process such a bill without changing the February financials?

What if we have submitted our GST filing for the quarter ended February? Can we use the same process to avoid affecting the submitted GST filing?

Anonymous · ‎March 31, 2019

Hello, HCF.

Entering a transaction with an open period is unavailable in QuickBooks Online. Another workaround you can try is record the bill with the right dates then create a journal entry to offset.

The offsetting Journal Entry should use the same accounts the bill uses and should have the same date with the bill. Once done, create another journal entry with the current date using the same accounts to offset the first journal entry created.

As mentioned by my colleague above, it’d be best to consult your accountant before doing these steps for proper recording.

Please visit us again if you have other questions about QuickBooks.

View solution in original post

RenjolynC · ‎March 29, 2019

Hi HCF,

Considering that the financials for February is closed and the GST return is submitted, any transactions entered in that period will be affected. However, you can add the bill on the date when it was actually received to avoid changes on the previous report.

I'd also recommend consulting your accountant regarding this issue to make sure that your reports are accurate.

Should you have other questions or concerns, please let us know. Thanks.

HCF · ‎March 31, 2019

Thanks for the prompt recommendation.

As I understand it, the recommendation is to change the Bill Date from the actual, printed bill date to date bill was received.

Is there an option similar to JD Edwards (which defines 12 periods for a fiscal year) where the bill is posted to an open period (e.g. March) in the General Ledger regardless of the Bill Date? For payment purposes, the Due Date is based on the Bill Date (e.g. Bill Date is Feb 6, with net 7 day terms, Bill Due Date is Feb 13 - bill will overdue and may be paid in March). That bill is not posted in February as that period is closed and posted March, an open period.

Anonymous · ‎March 31, 2019

Hello, HCF.

Entering a transaction with an open period is unavailable in QuickBooks Online. Another workaround you can try is record the bill with the right dates then create a journal entry to offset.

The offsetting Journal Entry should use the same accounts the bill uses and should have the same date with the bill. Once done, create another journal entry with the current date using the same accounts to offset the first journal entry created.

As mentioned by my colleague above, it’d be best to consult your accountant before doing these steps for proper recording.

Please visit us again if you have other questions about QuickBooks.

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How to process, in a subsequent period, a vendor bill for a closed period without affecting the issued financials for the closed period(s)?