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How do you record transferred costs, e.g. an IT subscription that was paid for a year in October 2023 and therefore runs up to and including September 2024?
How do you record transferred costs, e.g. an IT subscription that was paid for a year in October 2023 and therefore runs up to and including September 2024?
I think you can simply book it in one financial year. After all, you will also be paying for the next year in the next financial year. Or you can also book 1/12 per month, 1/4 per quarter, or 1/3 in 2023 and 2/3 in 2024. In any case, you can use the same invoice for this. You can also note in your notes that you can immediately demonstrate this to an auditor. Good luck! Vinnie
You really should try it out for yourself. Even if you don’t have a company number yet, you can already go ahead.