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How do I record invoices from last fiscal year?

I just received some bills this current fiscal year that were from an event last fiscal year. I do not want to restate my prior financials. Can I just set up an account titled prior period expenses and post them this current fiscal year?

Answers

J A
Title: Senior Controller
Company: SO Corner Prop Mgmt
(Senior Controller, SO Corner Prop Mgmt) |

If it is material then restate. Otherwise, just expensed it in the current year and no need to create a new account for it. It will show up in your variance analysis as a prior year unaccrued expense.

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