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Wrong invoice found after balance sheet finalize

UMESH (ACCOUNT EXECUTIVE) (57 Points)

20 October 2019

we entered wrong invoice in f.y.2018-19, and we found out this invoice after balance sheet finalize, what we do

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9 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14801 Points)
Replied 20 October 2019

will you please elaborate wrong Invoice ,sales invoice or purchase invoice , what exactly wrong entered in the books of accounts ?.

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Kapadia Pravin (17259 Points)
Replied 20 October 2019

What type of wrong invoice you are talking about ? I assume it to be sales invoice.
what is the error ?

Are you under Audit ? Hope return is not yet filed. Provide few more details

Aditya Kale (22 Points)
Replied 20 October 2019

If anyone answers it please email me on kale.aditya.b @ gmail.com

CA Dhruva Kalamanji (Chartered Accountant ) (1996 Points)
Replied 20 October 2019

If balance sheet or income tax return filed then revise it.

Kapadia Pravin (17259 Points)
Replied 21 October 2019

But once it is finalized and audited , it is easy to file revised return but not at all easy to revise audit report.

if it's not audited then it's easier to modify provided it's materially affects Balance Sheet
You have also to see the effect on GST returns.

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UMESH (ACCOUNT EXECUTIVE) (57 Points)
Replied 21 October 2019

Can we make correct entry in current year

PUNIT ARORA (Accounts & Management) (46 Points)
Replied 21 October 2019

If you entered purchase the reverse it on 1-4-19, reverse the same entry you passed last year (Pass JV), if its a sale bill bill then transfer that bill to suspense A/c & in new year just reverse the entry i.e sales return from suspense A/c on 1-4-19