Move wrong cost centre posted to last year?

10k posted to wrong cost centre last FY. Can I move it to the correct cost centre this FY?

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10k of costs were posted to the incorrect cost centre last financial year. Can I move the 10k costs this financial year to the correct cost centre, Cr and Dr to the respective cost centres?

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By paulhammett
23rd May 2024 05:55

You can, but as this is internal accounting you should be open about it and discuss with and get approval from your manager first.

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By Dougscott
23rd May 2024 08:46

Was it capital or revenue? Is it material to the filed accounts, tax computations, etc? What cost centres are you talking about?

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By paul.benny
23rd May 2024 17:14

You can make the adjustment. But I wouldn't. As a matter of good practice, prior years should be locked and only opened for material adjustments. £10K in the wrong cost centre doesn't strike me as material.

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