Financial Year Roll Over
Hi, I closed the Financial year back in Aug this year. Today I realised there are some sales pending payment and adjustment from Feb 2019 and June 2019. We are waiting for full payment on one of ...
Forum Discussion
Thanks Steven. I reversed and closed the sale with no payment. That was easy.
With the one with partial payment, I thought, after I generate the credit, the sale will automatically close and move to credit and returns. Then I would open a new sale and apply the remaining balance to that sale. But when I reversed the sale it was still unmodifyable even if I put current date.
My question is, If I do a roll over to last financial year will it let me modify the sale and allow me to use the partial credit to a new sale for the customer?
Hi yoshu
When you roll back a financial year you can only add new transactions to the closed financial year, you are not able to delete or edit an already recorded transaction. You can reverse that transaction if necessary (the reversal being a new transaction).
I have rolled back a year and successfully closed the sale from previous year and opened a new sale for the same customer on today's date and applied credit to it. So far so good.
I went and checked the BAS/GST report for that time period Jan 19 to Mar 19 (the sale was dated feb 19) there is no change in any amounts in the BAS/GST.
What other effect could this sale have on my accounts. I have tried reaching out to my accountant but they are away for XMAS/New year period.
Now i am planning to close the year and move to this financial year but thought I will ask before I do that.
Hi yoshu
The only other change that would have on your account would be the actual accounts themselves i.e. the debits and credits. This could be seen via the Account Transactions Accrual report.
I would recommend checking with an accountant to ensure that the debits and credits match what you are trying to achieve with recording those transactions.
