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When to record payment made.

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › When to record payment made.

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by John Moffat.
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  • December 3, 2020 at 7:46 am #597447
    dvamfire
    Member
    • Topics: 36
    • Replies: 29
    • ☆☆

    hi sir, i have a question. For example in 2019, we ordered goods and received. but purchase invoice receive after y/e. so we recognised accruals in 2019 right. My question is when I made payment in 2020, the payment made should record in 2020 right?

    December 3, 2020 at 10:44 am #597483
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    Correct. Payments are always recorded when they are actually made.

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