Re: Please ignore post below - should be - Deferred Income
fin@xxxxxxxxxxxxxxxx wrote:
I am having trouble with my accounts with regard to deferred
income. My understanding is that if you receive income for goods
or services early (i.e. in my case two weeks before my year end 2007)
and if these goods and services have not yet been supplied (not until
a couple of months after my year end i.e. in my 2008 accounting
period) then these are handled as deferred income and should not be
included in ones profit and loss account for the 2007 year end. If
they were included surely this would mean inaccurate accounting in
that you have a great profit in one year and a loss in another??
Can anyone clarify this situation for me?
It should be neither deferred payments nor deferred income, since to
defer something means to make it later. But what has happened here
is that the payment has been made (to you) earlier, not later.
.
Relevant Pages
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(soc.genealogy.britain) |
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