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Hey!
What will be the impact on Inventory, Payables and Purchases account if Goods are received just before the year end but are not invoiced? Normally, we record the payables and purchases when they are invoiced. right?
Regards.Welcome to my AA forum!
Please see page 97 of our notes for an explanation of “cut-off” in relation to purchases. If goods have been received and are in inventory, but the purchase invoice hasn’t yet been received, you need an accrual for “Goods received – not invoiced” (see page 93).
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