Hello, we have received an income payment back in June that is being accounted for in October. Please could I have advice on how to record the payment in June so that I can then account for it now? I am not sure what account to post the payment in advance to so I can use it now via a journal to put in the correct cost account. Thank you
Thanks for getting back to me lkoups, Accounts Receivable would be the correct account to use for payments on a customer account, so this sounds correct. :)
Hi lkoups, can we first check if the payment has VAT applied, and if you're using the Standard or Cash VAT accounting scheme? You can see this by going to Taxes > Edit VAT > Edit settings. :)
No VAT charged. I have had a go and added all the payments to accounts receivable and then done a journal out for October into the correct cost centres- hopefully this is correct.
Thanks for getting back to me lkoups, Accounts Receivable would be the correct account to use for payments on a customer account, so this sounds correct. :)
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