Quote:
Originally Posted by MisterB
For accrual basis the revenue is recognized when invoicing occurs, hence invoicing should coincide with shipment of product. Invoicing should create an entry for the books to credit revenue and debit accounts receivable. The receipt of cash in 08 would debit cash and credit accounts receivable. The key here is that you are on ACCRUAL BASIS. Hope this helps.
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Well stated.
And if I understand your question ("post these last few invoices paid in fiscal year 2007"), to be more clear, revenue recognition in accrual accounting is independent of cash receipt. You are talking about backdating cash (AR). Can't do it.