money invoiced but not paid

[contractor55]

If i have invoiced companies before my year end e.g 2010/11 and have got paid after the end of year i have normally included this in the tax year 2010/11 as part of my account. i then calculate my divs and corp tax and start the new tax year income with first 2011/12 invoice.

due to time 30day payment terms i tend to wait until the payment has all cleared before calculating my corp tax and divs myself and hand over to my accountant

question. since i know my income and outgoings for the 2010/11 can i give the accountant my accounts before payment but after invoices have been sent to my companies so to speed things up?

thanks

[Clare@InTouch]

Absolutely fine. The accounts are prepared on an accruals basis so if it's been invoiced it's included in the accounts whether it's been paid or not.

The accountant may request they wait to file the accounts until that invoice is paid though, just to be certain that's truly collectible and isn't a bad debt that needs to be reflected in the accounts.

[contractor55]

many thanks