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income & expenses prior first financial statements

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    income & expenses prior first financial statements

    I want to enter transactions for a service provider(A SOLE PROPRIETORSHIP) business for the month of October,in order that we can generate our first set of reports(financial statements) for the month of October 2015.

    How do I treat expenses and income earned/incurred a couple of months ago i.e. July,August,September-These transactions were never entered into the accounting system.

    Do they have to be ignored because of the accrual/matching principle?

    The expenses are on sundry materials and cleaning agents etc. i.e. nothing CAPEX(Capital Expenditure)

    #2
    Have you asked NLUK?

    Comment


      #3
      Originally posted by sociopath View Post
      Have you asked NLUK?
      Lol. Nearly there....
      'CUK forum personality of 2011 - Winner - Yes really!!!!

      Comment


        #4
        How do I treat expenses and income earned/incurred a couple of months ago i.e. July,August,September-These transactions were never entered into the accounting system.

        Do they have to be ignored because of the accrual/matching principle?
        Absolutely correct I'd say.
        'CUK forum personality of 2011 - Winner - Yes really!!!!

        Comment


          #5
          As with everything its always good to get advice from a second source, just to err on the safe side, maybe from your accountant

          Comment


            #6
            I suggest asking an accountant or an accounting forum. This isn't even related to contracting as far as I can see. Locked.
            Down with racism. Long live miscegenation!

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