We are a service company - and provide service on a monthly basis. Our fiscal year-end is January 31st. We email the invoices out in February for our service provided in January, 2021. Our accountant advises that any payment received after fiscal-year must be posted to new fiscal year. Any payments made Feb 1, 2021 and beyond will automatically be in the 2021/2022 year end - not to 2020/2021 when service was provided. I am a beginning Sage user:
CRA tells us: "When the fiscal year ends on the last day of the month, the return is due on or before the last day of the sixth month after the end of the tax year."
If I understand CRA, it is to give us time to collect on current fiscal year receivables being paid. Maybe this is where I misunderstand? Or if I do understand correctly, will Sage 50 let us post payments for receivables after fiscal year-end?
Thank you for any assistance you can provide in helping me learn Sage 50 Canadian Edition software.