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Simon85
April 23, 2022
Question

Income received for last year’s work

  • April 23, 2022
  • 1 reply
  • 0 views

I’ve just received payment for some work I did last financial year; I’m sure there’s a simple solution but I can’t work out how to attribute the payment to the last tax year… This seems like it’s probably quite a common occurrence at this time of year, can anybody help?

    1 reply

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    SarahannC
    April 23, 2022

    Let me help you with that, @Simon85.

     

    You can directly categorise the payment within your QuickBooks Self-Employed account (QBSE). Here's how:

     

    1. Go to the Transactions menu. 
    2. Find a transaction on the list. 
    3. Select appropriate option/category for this transaction.

     

    Also, I'd highly recommend consulting your tax advisor or accountant to handle them properly. They can help you keep your books accurate.

     

    You'll want to check out these articles to learn more about managing transactions: 

     

     

    Feel free to visit and post again if you have any other questions. I'm always here to help, Simon85. Stay safe.

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    Simon85Author
    April 23, 2022

    Thanks for your reply but I’m afraid it doesn’t help me - I know how to categorise the transaction as business. The issue is that the payment was made to me in this tax year, but the work was done last tax year. I know that the income should be recorded in the last tax year, but I don’t know how to make this adjustment on QuickBooks.

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      Charies_M
      April 23, 2022

      Welcome back, Simon85.

       

      The nature of your concern requires guidance from an accounting professional. You'll want to reach out to your accountant for advice on how to make proper adjustments and handle your situation. 

       

      If you need other references for tips on your future task with QBSE, you can check out these helpful links: 
       

      The Community is always open if you have other questions. I'll be around to help. Wishing you a great day ahead!

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