Question Status

Verified
Vivi asked a question on 20 Mar 2013 5:31 PM

The year end is in Feb. However, the post date is March when I applied several prepayments to one invoice (all before Feb 28). Does it affect the year end report and closing?? 

Reply
Verified Answer
Leslie Vail responded on 21 Mar 2013 12:27 AM

Hi Vivi,

The apply itself does not generate an entry, it does, however, impact the historical aged trial balance. The historical aged trial balance will consider the invoice paid according to the apply date.

Kind regards,

Leslie

Leslie Vail, CPA, MVP, MCT, MCITP, MCP, MCITS
ASCI, Inc.    *    PO Box 600965   *   Dallas, TX 75360    *   972-814-8550   *   leslievail@earthlink.net

Reply
Vivi responded on 27 Mar 2013 4:35 AM

Hi,Leslie,

Thanks. That is helpful.

Reply
Verified Answer
Leslie Vail responded on 21 Mar 2013 12:27 AM

Hi Vivi,

The apply itself does not generate an entry, it does, however, impact the historical aged trial balance. The historical aged trial balance will consider the invoice paid according to the apply date.

Kind regards,

Leslie

Leslie Vail, CPA, MVP, MCT, MCITP, MCP, MCITS
ASCI, Inc.    *    PO Box 600965   *   Dallas, TX 75360    *   972-814-8550   *   leslievail@earthlink.net

Reply