Prepayment in Trial Balance | AccountingWEB

Prepayment in Trial Balance

I have inherited a set of accounts with a prepayment value in the trial balance which has not been reverse since before 2004 and I cannot trace it back further. How do I treat it?

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I would credit prepayment and

charlb |

It depends what it relates to

alattax |

Is it material?

Kent accountant |
Kent accountant's picture