Changing the date when payment received in accounts software

[UKSBD]

My end of year was 30 June

My 30th June Bank statement is £50 out from my accounts software

I have noticed that an invoice for £50 which was marked as paid on 30th June didn't actually clear at bank until 2nd July

I obviously can't change my banks statement, but is it acceptable to change the date in my accounts software and mark this invoice as having being paid on 2nd July rather than 30th June so that everything balances correctly?

 

[Daybooks]

There is no need to change anything. It is the reason for doing a bank reconciliation and if the reconcilable items are down to timing differences only then all is good.

 

[UKSBD]

There is no need to change anything. It is the reason for doing a bank reconciliation and if the reconcilable items are down to timing differences only then all is good.

Thanks.

I never touch any of the "end of year" or "bank reconciliation" buttons in my accounts software, I leave all that to my accountant.

I like to see my software tally up with my bank statements though and that £50 discrepancy was annoying me.

 

[numbersrule]

Thanks.

I never touch any of the "end of year" or "bank reconciliation" buttons in my accounts software, I leave all that to my accountant.

I like to see my software tally up with my bank statements though and that £50 discrepancy was annoying me.

Hi UKSBD
It seems to me based on your OP that the Invoice has been marked as paid with an incorrect date so you are perfectly entitled to correct the paid date to be consistent with the bank statement so that it doesn't annoy you. There is no reason to feel that the software is in control. The software is a tool that you can use.

 

[MyAccountantOnline]

My end of year was 30 June

My 30th June Bank statement is £50 out from my accounts software

I have noticed that an invoice for £50 which was marked as paid on 30th June didn't actually clear at bank until 2nd July

I obviously can't change my banks statement, but is it acceptable to change the date in my accounts software and mark this invoice as having being paid on 2nd July rather than 30th June so that everything balances correctly?

The correct way to treat it (if the funds were paid into the bank account on 30 June) is to leave it as you've done and the bank balance will be what's called reconciled to the bank account so you prepare a bank reconciliation statement which looks like this -

Bank balance per bank statement at 30 June x
Add bank deposit 30/6 (cleared 2/7) x
------
Balance as per bank account in the accounts x
------

In practice this is done less and less as software is often used to import bank transactions so in your scenario you'd often have the bank balance as per the bank statement and a debtor (unpaid invoice) at 30 June.

Although the top option is correct both show the correct sales and hence tax.