×
INTELLIGENT WORK FORUMS
FOR COMPUTER PROFESSIONALS

Contact US

Log In

Come Join Us!

Are you a
Computer / IT professional?
Join Tek-Tips Forums!
  • Talk With Other Members
  • Be Notified Of Responses
    To Your Posts
  • Keyword Search
  • One-Click Access To Your
    Favorite Forums
  • Automated Signatures
    On Your Posts
  • Best Of All, It's Free!

*Tek-Tips's functionality depends on members receiving e-mail. By joining you are opting in to receive e-mail.

Posting Guidelines

Promoting, selling, recruiting, coursework and thesis posting is forbidden.

Students Click Here

How to record a payment due in past years?

How to record a payment due in past years?

How to record a payment due in past years?

(OP)
Ok, let's create the scenario.  This is January, 2006 and the start of a new year.  Until late 2005, everything for our company was hand wrote in a spiral bound checkbook (yes that meant that everything had to be transferred over, what a pain).  Anyways, Our company was recently made aware of a missed 941 payment from the first quarter of 2004.  The payement was made in January, 2006.  How is the best way to record this in my Peachtree to make sure that the check amount is shown but is not recorded for 2006?

RE: How to record a payment due in past years?

If I understand you correctly, you made the payment in 1st qtr 2004, just didn't record it in Peachtree?

You can do a prior period adjustment, using Maintain|Chart of Accounts, Beginning Balances.

RE: How to record a payment due in past years?

This adjustment as with all entries is two-sided. You should consider where the other side of the entry is and adjust both sides. If you missed the check you were probably out of balance and made an offsetting adjustment in another account to stay in blance.

Keep in mind that Peachtree keeps two years, so if you are in 2006, you can make an entry in January 1,2005 to adjust the opening balance from 2004.   

Red Flag This Post

Please let us know here why this post is inappropriate. Reasons such as off-topic, duplicates, flames, illegal, vulgar, or students posting their homework.

Red Flag Submitted

Thank you for helping keep Tek-Tips Forums free from inappropriate posts.
The Tek-Tips staff will check this out and take appropriate action.

Reply To This Thread

Posting in the Tek-Tips forums is a member-only feature.

Click Here to join Tek-Tips and talk with other members! Already a Member? Login

Close Box

Join Tek-Tips® Today!

Join your peers on the Internet's largest technical computer professional community.
It's easy to join and it's free.

Here's Why Members Love Tek-Tips Forums:

Register now while it's still free!

Already a member? Close this window and log in.

Join Us             Close