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)
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)
Comment