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Missed expenses in prior financial year

  • Member PM.Dip
  • Practice Licence
  • 2 posts
  • # 122705

Hello,

 

One of my clients just brought to my attention that he has paid some business expenses from his peronal account two years ago. Year end 31.12.2021.

 

Can this still be adjusted? If yes, how to do it.

 

Thank you in advance for your help.

Izabella Biernacka

  • Fellow PM.Dip
  • Practice Licence
  • 42 posts
  • # 122708

IzabellaB1974 said:

Hello,

 

One of my clients just brought to my attention that he has paid some business expenses from his peronal account two years ago. Year end 31.12.2021.

 

Can this still be adjusted? If yes, how to do it.

 

Thank you in advance for your help.

Izabella Biernacka


 Hi Izabella,

 

Although the missed expenses are from a rather long time ago now, you shouln't try to backdate them into the old finalised accounts now.

However, if they are genuine expenses (you need to check this) and the client wants them refunded, I feel that you should record them at the present date, with a full explanation, via the DLA or ownwers drawing account as appropriate.

 

Hope this is of some help.

 

Adam

FICB PM.Dip

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