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TPs and accruals SPs

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › TPs and accruals SPs

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • July 27, 2021 at 2:46 am #629522
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    “Review after date invoices and credit notes to ensure no further items need to be accrued.”

    Maam i understand that after date invoices might help in identification of GRNI and hence any accrual that needs to be added.

    But how will any credit notes lead to an “accrued amount”? it should ideally “reduce accrual”.

    July 27, 2021 at 7:32 am #629530
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6786
    • ☆☆☆☆☆

    Assume unless I say otherwise that I am always supposing a y/e of 31 December.

    An invoice dated 3 January – $1,000 – shows a receipt of goods in December.
    A credit note date 7 January – $1,000 – shows that the same goods were returned to the supplier because the goods were faulty.

    Conclusion – no accrual needed for the invoice – but the auditor will need to check that the goods are not included in y/e inventory valuation.

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