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Late Invoice - Date & PL

We received an invoice 3 months late from a vendor - expense is from March.

QB will record the expense per date of invoice. Should I back date it and enter invoice with a March date so it shows correctly in P&L?

Answers

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

a) If you know the invoice was due, you should have occurred the approximate expense
b) is it within your current year?
c) As the owner, do you care if it is recorded in June or September

Since you didn't accrue the expense, and you theoretically closed the prior months, then record it in the present month.

Anonymous
(Founder) |

Ok thanks I'll record it in the current month.

I joined a month ago and the previous accountant didn't actually accrue, or even Close the previous months, and didn't reconcile banks in the system.

We need to make several adjustments to the dates of past expenses to accurately reflect in correct month. I was thinking
- Make the edits and document them
- Go back and close each month from beginning of FY (Oct 2016)
- This way we go into Q4 with everything previous adjusted and closed.

Does that sound correct?

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