Changing the date of payment received in accounts software

Discussion in 'Accounts & Finance' started by UKSBD, Feb 14, 2020.

  1. UKSBD

    UKSBD Not a real duck Staff Member

    9,544 1,799
    Based on end of year 30 June

    I issued invoice, received payment, recorded payment on 29th June.

    Just going though accounts and matching up with bank statements to find the payment didn't actually clear until 1st July.

    Is it acceptable to just change the date payment received in my accounts software to 1st July (the date the payment went in to bank)?
     
    Posted: Feb 14, 2020 By: UKSBD Member since: Dec 30, 2005
    #1
  2. Scalloway

    Scalloway UKBF Legend Free Member

    15,684 3,313
    I wouldn't see it as problem .
     
    Posted: Feb 14, 2020 By: Scalloway Member since: Jun 6, 2010
    #2
  3. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

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    Very strictly if it was paid in on the 29th it should be shown as received on the 29th but most people now use the dates shown on the bank statement when they upload statements or use a bank import to their online accounting system so I wouldnt worry about changing it. It wont effect profit or tax just the balance sheet as it'll be a debtor rather than increasing the cash at bank figure or reducing the overdraft.
     
    Posted: Feb 17, 2020 at 6:01 PM By: MyAccountantOnline Member since: Sep 24, 2008
    #3
  4. gpietersz

    gpietersz UKBF Enthusiast Full Member

    630 124
    @MyAccountantOnline unless the two dates involved are in different financial years, right?

    Not relevant in this case, but might be worth clarifying for other people reading the thread.
     
    Posted: Feb 17, 2020 at 6:04 PM By: gpietersz Member since: Sep 10, 2019
    #4
  5. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

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    The OP's question and my answer was where the receipt was in two different accounting periods.
     
    Posted: Feb 17, 2020 at 6:17 PM By: MyAccountantOnline Member since: Sep 24, 2008
    #5
  6. gpietersz

    gpietersz UKBF Enthusiast Full Member

    630 124
    Sorry, I misunderstood. Missed two things, in fact. The year end date and that he changed only the received date, not the invoice date. :(
     
    Posted: Feb 17, 2020 at 6:25 PM By: gpietersz Member since: Sep 10, 2019
    #6
  7. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

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    No problem at all it's easily done, thank you.
     
    Posted: Feb 17, 2020 at 6:31 PM By: MyAccountantOnline Member since: Sep 24, 2008
    #7