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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?

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.   

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