New Year Transactions

Do not process any new year entries until the VAT return has been made and the submittal report run. This means that the following entries must be left until that time:

  • Invoices relating to the new year
  • Raising of debtors invoices relating to the new year.
  • Debit entries on bank statements relating to dates after 1 April (direct debits, dishonoured cheques and so on)
  • Credit entries on bank statements relating to dates after 1 April (BACS & Standing Order Receipts).

Cash relating to old year debtors received on or after 1 April may not be recorded until after preliminary closedown has been run. Similarly payment of old year invoices will need to be held back until after preliminary closedown.