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Post Info TOPIC: Overstated Accrual


Senior Member

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Posts: 326
Date:
Overstated Accrual


Hi All

Hope the current situation is not proving too difficult.  I have to admit to appreciating the slower pace of life. 

I have a question which I'm sure will prove obvious but is clouding my head. 

Previous Accountants fee accrued for 2018 was overstated.  £950 instead of £834.

I'm just preparing 2019 accounts and I work on a monthly fee so I won't be accruing any fees at year end. 

Try as I might I can't see how to deal with the £116 difference.

Help please blankstare

 



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Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



Master Book-keeper

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Posts: 8593
Date:

lots to learn wrote:

Hi All

 the slower pace of life. 

 

 


 Say what? I wish!  In fact - would love it!!   Am taking 30 minutes out in the garden for lunch rather than working through. NIGHTMARE 3 weeks!

 

Anyway, to your Q.....I would suggest it will not breach materiality concepts so therefore the accounts do not re-stating for last year, so just reverse it as usual. 



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 Joanne  

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position (and by that I dont mean with HMRC)



Senior Member

Status: Offline
Posts: 326
Date:

Hi Joanne
Sorry to hear that you've had a bad 3 weeks.
I guess I probably put that wrong.
My workload is in fact pretty normal, the slower pace of life refers to having my children at home and therefore not rushing between schools, ballet/swimming classes etc etc.
Not that the home schooling is particularly pleasing me!

__________________

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.

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