Dear Experts,
I'm a Accountant of company. I have recieved around 70 invoices of of FY 2019-2020 for which I had booked provison for 20 invoices in March 2020 and for remaining there is no provison also in books.
Can someone suggest how to record 20 and 50 invoices.
what procedure I should ask to record the expense ?
Sincerely,
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Prior Period Expense
Replies (2)
Book all the expenses under the broad head of Prior period expenses in case of 50 extra invoice.
For those invoice where provision was made book the differential value under prior period expenses.
Correct noted, Does auditor qualify this ?
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