Accounting question

Giving it a go

Hi

I recently started working as a accountant for a new company (this new company bought out an old company), the previous accountant has gone part time due to illness and its v hard to get him to meet up to discuss details so im feeling a bit stranded,

one question that i'm not sure of is that a few of the purchase invoices for services are addressed to the old company even tho services are being used by the new company, do i need to start getting all the details on these invoices changed? Al lot of them are paid now so will i have trouble getting them changed,will revenue have an issue with this?

thanks for your help?

Loughc

Is the old company still trading or has it been wound down?

Giving it a go

yes it is sill trading but not many transactions going through it

Loughc

Giving it a go wrote: »

yes it is sill trading but not many transactions going through it

This is where you have a problem so, if the invoice is under the old company's name and details it needs to go through the old companies ledgers, if the new company is using the services the old company can recharge to the new company.

You need to ensure your suppliers/customers update their records to reflect the new companies details if that's where you want the cost to hit.

Giving it a go

That's what I was thinking, thanks for the info.

I better start chasing up suppliers