sales invoice date

sales invoice date

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IT Consultant working through a limited company.

Worked for a Client in March 2013. Gave them invoice for work, dated the invoice 31.03.13

the invoice was rejected because UK vat was charged and the Company is in Belgium. Resubmitted the invoice again in May and dated it 07.05.13 It was accepted with no vat charged. - Take it this is correct??

Year end is April 2013.

Which year should the invoice be put in?

Many thanks

Replies (8)

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By MJ Green Accountancy
19th Jun 2013 23:25

It should be reserved in the accounts for the period ended 30th April 2013.

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By Democratus
20th Jun 2013 09:57

VAT

where did you do the work, UK or Belgium?

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By Ashlea
20th Jun 2013 10:15

you should put it in as an accrual as it is not technically a creditor as the invoice date is after the year end, but you should accrue for it as the expense has been incurred before the year end :)

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Replying to nick farrow:
Euan's picture
By Euan MacLennan
20th Jun 2013 10:38

No - it would be accrued income

Ashlea wrote:

you should put it in as an accrual as it is not technically a creditor as the invoice date is after the year end, but you should accrue for it as the expense has been incurred before the year end :)

Accrued income is a debtor (DR Debtors  CR Sales).

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Replying to Portia Nina Levin:
By Ashlea
20th Jun 2013 12:08

sorry yes misread the brief and thought it was the other way around.

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Woolpit Gus
By nutwood
20th Jun 2013 12:37

Doesn't it depend when the credit note is dated?

If the original invoice were not credited until after the year end then the net sales will still be correctly stated and the only adjustment would need to be for the VAT.  (Cr trade debtors, Dr VAT creditor)

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By andy.partridge
20th Jun 2013 15:01

Credit?

Where does the OP mention a credit?

Sounds to me like the original invoice was scrapped and not recorded.

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By JJohn
20th Jun 2013 19:50

Yes the original invoice was scrapped and not recorded.

The work was in Belgium.

I think I will but it in the accounts as Accrued Income.

Thanks everyone, thanks Euan.

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