Follow

If I have outstanding transactions from past months/years, what should I do with them?

If you have spoken to Customer Support and had a replacement file delivered, you may have outstanding transactions from past months/years in your existing file that needs to be reviewed and managed.

You need to speak to your accountant so they can advise on the best way to handle these records.

 

Things to consider if you are reporting GST on a Cash basis:

  • Your Accountant may suggest writing off outstanding Debits & Credits in the old file that may never be paid or received, hence not carried forward to the new file.
  • If there are outstanding invoices in the old file which are not entered into the new file, customers may lose track of monies still owed.
  • Ensure your accountant is aware of any outstanding Dr or Cr transactions that may have been claimed in the previous financial year's tax

Things to consider if you are reporting GST on an Accruals basis:

  • Your Accountant may suggest writing off outstanding Dr & Cr’s in the old file that may never be paid or received, hence not carried forward to the new file.

  • If there are outstanding invoices in the old file which are not entered into the new file, customers may lose track of monies still owed.

  • By not entering the outstanding transactions correctly into the new file, over claiming GST may occur.

  • Ensure your accountant is aware of any outstanding Dr or Cr transactions that may have been claimed in the previous financial year's tax

 

For more information, please see:

Entering Outstanding Transactions Into A New File – Agrimaster

Add GST Free or Mixed GST Transactions – Agrimaster

Create An Agrimaster DR & CR Outstanding Report – Agrimaster

Advanced Creditor Control Reports – Agrimaster

Was this article helpful?
0 out of 0 found this helpful
Have more questions? Submit a request

Comments