Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Sales Occurrence
- This topic has 3 replies, 2 voices, and was last updated 2 years ago by Kim Smith.
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- August 1, 2021 at 5:17 am #629981
Ma’am in order to decide if post yr end credit notes issued/sales return pertain to current yr then we review the corresponding sales invoice or GDN?
I ask this cause for occurrence test we will have to remove it from sales of current yr.
August 1, 2021 at 9:06 am #630002A customer’s return of goods should be recorded on a Goods Return Note – quite separate from Goods Received Notes. If ever you have bought anything online with a right to return – you will see that goods returns are generally addressed to a “Goods Return department” (or similar) – where they will be checked before authorising issue of credit note and return to inventory.
August 1, 2021 at 9:10 am #630004maam am sorry but i think it still answers my query partially.
the credit notes/goods returns note(which am assuming from your above answer same) that have been issued are compared against GDNs or invoices to check if the goods related to pre-yr end sales??
August 1, 2021 at 12:36 pm #630026Sorry I misunderstood your query – you would match it to the sales invoice and if that is dated before the year end the value of the credit note would be included in a credit note accrual:
Dr Revenue
Cr Accrual - AuthorPosts
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