Minor Transactions
Accountants may sometimes deem minor transactions to be immaterial. This
may happen when a financial controller is attempting to close the books
for a particular accounting period. Accountants can choose to omit minor
transactions from the final calculations if they would have an
immaterial impact on the overall financial statements.
https://uk.indeed.com/career-advice/career-development/materiality-in-accounting
So, do whatever works efficiently for you. The time you spend
contemplating the "correct" date for a 60p transaction is far better
spent on what you do best - running your business.
(Not so long ago this would have been accounted for out of a bucket
called "petty cash" and reconciled once every month or so.)
Regards
Geoff
=====
On 8/01/2023 4:24 am, Dr. David Kirkby wrote:
On Sat, 7 Jan 2023 at 14:37, Maf. King <m...@chilwell.net> wrote:
Is the Effective Legal Tax date 6th or 19th? Enter it to that date. The
reconcilliation will not be affected either way.
Maf.
Certainly not the 19th, but probably not the 6th either. It was for postage
and a pickup fee. I must have cancelled the pickup and rebooked it for a
later date. So arguably it is an unknown date between the two. 😂😢
The amount is only £0.60 (< $1 USD), and nowhere near the end of the
accounting period, so I don’t think anyone is going to be too bothered
about the accuracy of the information.
I think setting it the 6th is probably best, as that’s consistent with more
than 90% of the transactions. I was concerned that it might cause problems
with reconciliation, in which case I would certainly not want to risk
problems with that.
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