I just received some bills this current fiscal year that were from an event last fiscal year. I do not want to restate my prior financials. Can I just set up an account titled prior period expenses and post them this current fiscal year?
How do I record invoices from last fiscal year?
Answers
If it is material then restate. Otherwise, just expensed it in the current year and no need to create a new account for it. It will show up in your variance analysis as a prior year unaccrued expense.
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Accounting