Year End carry over

Client was invoiced May 16, 2019 and paid invoice in full via Interact May 31, 2019 (Year End) . It was not posted by bank until June 4, 2019 (New fiscal year). What do i do for an entry so i can reconcile May and June properly? 

Thank you 

  • If you would normally post this entry on May 31st then go ahead. It clears your receivable for your year end. It does not show in the bank until June but that is not a concern. the entry sits on your books at year end as a deposit that has not been reconciled. When doing the June Bank reconciliation the deposit will be on the bank statement and the entries will clear each other. There is no reason that every entry in your books must be cleared on the bank reconciliation each month. If you write a cheque after the 25th of the month there is little chance it will be cleared on the same month's bank reconciliation. Deposits happen the same way.

  • Thank you Alwyn, I realize it was a bit of a silly question. I am new to POS and unsure of the entries.