Purchase Order System

Purchase Order System

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My questions is with regards to when to stop processing supplier invoices through the purchase ordering system in our accounts software.

We reconcile and close stock each month, but then we receive goods after closure with invoices dated pre-closure. E.g. We reconciled and closed the stock module on the 31/08/2014, on the 01/09/2014 we received goods which were booked into the stock system. With these goods there was an invoice attached dated the 28/08/2014.

Should I disregard the date on the invoice and wait until the purchase ledger is shut for August, or should I process the invoice so it is entered into the system in line with the invoice date?

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By John Cotter
03rd Sep 2014 12:24

You should book the invoice in on the date it appears and if the stock does not appear on the balance sheet as at 31 August, make an reversing adjustment to stock to reflect the increase in assets.

You will, under the accruals VAT, claim VAT if applicable too in the right period.

 

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