Hi, Can someone tell me what to do if I have invoices that were posted in the previous fiscal year but need to be adjusted or reversed in the new fiscal year?  Year end was August 31, 2008 and now the owner is asking me to adjust some invoices that were posted in August but I am now in the new fiscal year.  I tried to do it but got a message saying I had to adjust/reverse it manually as it was in the previous year.  Please explain and advise.  Thanks.

Hi there:   If the invoices were for recording Sales in the previous year and those sales no longer belong in the previous year then doing credit notes and dating them in the previous year is the correct thing to do.  Don't wait and credit them in your new year as you want the Sales for the previous year to be accurate.   Rita Deering

Hi, The invoice was for a sale in the previous year but the owner made a price change and wants me to adjust the invoice.  The invoice was dated August 26, 2008.  When I do the credit note and date it in the previous year should I then prepare a new invoice with the new price and the same date as the old invoice (August 26, 2008)?  Thanks for your help.

No information has been sent to the account.  No inventory is involved.  I will proceed as you have suggested - prepare a reversing credit note for the prevoius invoice and prepare a new invoice with the correct price and the same date as the previous invoice.  Thank you, much appreciated.