Annual Company Accounts and Credit Card Dates

Live

Hi,

I'm filing my first company accounts and have a few credit card transactions that span my end date (30 April). If the transactions took place in April but the credit card was paid on May 1st do they go in my first year accounts? Or into year two? If they do go into year two do I need to account for them as money owed in year one?

Thanks

Pennywise

They go in the year of purchase, not the year of payment. They're not money owed, you adjust them as an item in transit as part of the bank reconciliation. You also have to include unpaid bills (in and out) etc too.

Live

Thanks Pennywise, that's really helpful!