The management accounts can then be produced and will be much mroe meaningful.
Sorry if this sounds like a rant, it's not intended to be, I suppose it comes from many many years spent at board level and producing management accounts for both internal and external agencieswhich required considerableknowledge of the business as they were subject to much scrutiny as major financial decisions were based on them.
Annepebo I am inclined to agree with you - I don't think it is a rant by the way!
This isnt so critical if it is within the same accounting year as this is just really figures for your own reporting purposes.
What is important is the invoices arent posted back into the prior year if it has been closed off and audited as this will throw out the opening balances when your auditor looks at the current year's accounts.
Invoice date refers to the date when the invoice is created on the bill-book, while the due date is when the payment is due on the invoice.
I produce management accounts on a monthly basis P&L, Balance Sheet.I remember in my audit days that larger businesses have this obsession to close off as early as possible at the end of the month, despite not receiving a significant number of invoices.Most modern systems should cope with real time and accurate processing of data i.e. My advice would be to wait a couple of weeks from the end of the month to ensure you have captured all of the relevant information.An invoice or a bill is a list of goods sent or services provided, along with the amount due for payment.You can create GST compliant invoices FREE of cost using Clear Tax Bill Book Software If you are a GST registered business, you need to provide GST-complaint invoices to your clients for sale of good and/or services.A bill of supply is issued in cases where tax cannot be charged: As per Notification No.