"Double Dating" transactions?

[David Harrison]

Bill, Aaron (and others),

I have some further thoughts on this that might help.
As Aaron pointed out, the email client I am using isn't cooperating with the word wrap.
I am using the "webmail" that my ISP provides 'cause I'm at work right now.

When I get home tonight, I will type out a response to each of you in a real email program.

David

----- Original Message -----
From: Bill Wisse <wiswp at niue.nu>
Date: Thursday, September 2, 2004 12:54 pm
Subject: Re: "Double Dating" transactions?

> On Thursday 02 September 2004 05:36, David Harrison wrote:
> 
> > To be honest, I wasn't trying to get into an arguement about 
> this, my goal
> > was to help. This is a very difficult subject, with many 
> different possible
> > scenarios. 
> 
> Thank you for helping David and no ,we are not getting in an 
> argument. :-)
> 
> 
> As I said before, it is an interesting question. :-)
> 
> Let's look at it again and break it down.
> At the end of the month I send an invoice and receive a cheque.
> Because I'm selfemployed the deducted tax is called "withholding 
> tax". Every 
> private contractor here, who does some work for the government, is 
> subjected 
> to that. (BTW we only pay tax here, no soc secr or what ever.)
> 
> Booking:
> Bank                                       $900.00  (D)
> Expenses: Withholding tax     $100.00  (D)
> Accounts Receivable                                      $1000.00  (C)
> 
> I believe we can not disagree on that.
> 
> Now assume I do this for 5 months and then for any reason I stop 
> my business.
> (sick , dead :-), going overseas, what ever.
> 
> I put in a tax return and two weeks later ( believe me that is 
> possible here) 
> I receive a refund on paid withholding tax.
> 
> Booking:
> Bank                               $100.00 (D)
> Expenses :Witholding tax               100.00 (C)
> 
> I think this is correct as well.
> My " tax withholding account" shows then the right amount I owed 
> and paid.
> This is all in the same financial year and we would not have a 
> problem to 
> accept this.
> 
> The question is " how do you account for this if the money comes 
> in", in a 
> different financial year.
> There MUST be an accounting way for doing is.
> IAW how do you handle bookings etc which really have an effect on 
> different 
> financial years?
> It is such a long time ago I did accounting courses and I have no 
> books here 
> anymore to find out.
> But I remember there was an account you could use for that.
> 
> 
> -- 
> Remember:"Love is Hate. War is Peace. Windows is Stable."
> -- Anonymous
> 
> Greetings from
> /bill at 169 west , 19 south.  
> Disclaimer: Any errors in spelling, tact, or fact are
> transmission errors."
> 
> 
> 
> -- 
> Remember:"Love is Hate. War is Peace. Windows is Stable."
> -- Anonymous
> 
> Greetings from
> /bill at 169 west , 19 south.  
> Disclaimer: Any errors in spelling, tact, or fact are
> transmission errors."
> 
> 
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