Just want to clarify my understanding, I know that practically it makes no odds, but which is more correct :-
Client overpays an invoice, or you invoiced incorrectly and issued a credit note, but the client paid anyway. Is this a Trade Creditor or an Accrual ?
Client says can you please offset it against future invoice(s). Is this now/still a Trade Creditor or an Accrual ?
VAT payment to HMRC for the final qtr (of company year) is known but not due until after year end. Is this aTrade DebtorCreditor or an adjustment to the "cash in hand and at bank" figure?
"Either" is also an option.
Thanks.
Client overpays an invoice, or you invoiced incorrectly and issued a credit note, but the client paid anyway. Is this a Trade Creditor or an Accrual ?
Client says can you please offset it against future invoice(s). Is this now/still a Trade Creditor or an Accrual ?
VAT payment to HMRC for the final qtr (of company year) is known but not due until after year end. Is this a
"Either" is also an option.
Thanks.
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