Purchase Invoice - confused about date

TommyMacca · 05-09-2016 10:43AM #1

I purchase something on the 28th Dec 2015.

The lady gave me a till receipt, entitled "Purchase Invoice"

Upon the receipt it stated that the Purchase Date was 28th Dec 2015.

I paid for the item with my business debit card.

When I reconciled this receipt against my business bank account the funds weren't taken until Jan 1st 2016.

My question: Does this purchase fall into my 2015 or my 2016 accounts?

Cheers

barneystinson · 05-09-2016 12:20PM

TommyMacca wrote: »

I purchase something on the 28th Dec 2015.

The lady gave me a till receipt, entitled "Purchase Invoice"

Upon the receipt it stated that the Purchase Date was 28th Dec 2015.

I paid for the item with my business debit card.

When I reconciled this receipt against my business bank account the funds weren't taken until Jan 1st 2016.

My question: Does this purchase fall into my 2015 or my 2016 accounts?

Cheers

2015. Sure you bought it in 2015, when you paid for it is irrelevant.

exaisle · 08-09-2016 12:41PM

This is more an accounting question than a taxation one....barneystinson is correct....the date of purchase is the date of the invoice.
As far as reconciling your bank account, you should include the payment with 2015 payments, dating it 28th December, then include it as an outstanding payment in your bank reconciliation so the reconciliation will be the Bank Balance at 31st December 2015.....less the outstanding payment. Effectively, you can treat it as if you wrote a cheque on December 28th which didn't clear until January...

HTH

TommyMacca · 08-09-2016 12:57PM

@barneystinson. Thanks for your reply.

@exaisle. Thank you for the clarification, I appreciate your help.

Purchase Invoice - confused about date

Comments