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ebonysomo-chicca
September 2, 2022
Question

Is it possible to post purchase invoices in the current posting period not the bill date period to avoid costs being posted into closed / prior periods?

  • September 2, 2022
  • 1 reply
  • 0 views
e.g. I posted a purchase invoice on 30 August with an invoice date of 31 May. The posting date was automatically set to 31 May so the cost hit the May accounts which is an issue as May has been closed. Another issue is that the cost isn't being picked up in the current VAT quarter June - August as it is has been posted in May. I don't want to manipulate the bill date to work around this. Can anyone help? Is there a setting to separate the posting date from the bill date? Thank you.

1 reply

JessT
JessT
September 2, 2022

I'm here to help, ebonysomo-chicca.

 

We don't have a setting to separate the posting date from the bill date. However, if your business follows the Cash accounting method, the cost is only realised (posted) on the bill payment date by default. See more information about accounting methods.

 

I suggest getting recommendations from accounting professionals about your situation to make sure you're compliant with the HMRC. If they have instructions that you find challenging to replicate in QBO, just let us know so we can help.

 

On the other hand, you have an option to edit your closed books, but this action may result in tax discrepancies, a lot of adjustments, and penalties. Therefore, better consult an accountant first.

 

We're just around if you have any other questions in mind. Have a good one!

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