by Gilly
Hi,
How to treat undelivered invoices of suppliers in the accounts payable?
Assume that we close the accounts at 31/12/2010 for the year. Supplier "A" balance as per my AP is 10,000, but as per SOA of supplier, it is 15,000 as at 31/12/10.
The reason for the 5,000 difference is undelivered invoices totalling 5,000. Do I need to collect undelivered invoices & account for them as at 31/12/10 even though I will receive invoices in January 2011 OR can I just make a provision for it ?
At the same time what is the amount we confirm in debtors statement of suppliers to their auditors as at 31/12/2010 (is it 10000 or 15000)?
Please answer as it is a practical problem to me.
Thank you
Gilly
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