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If i have overpayments from customers relating to 3 years in the past,do i need to "create" inv/debit notes to balance the customer account and bring the revenue into the income statement?
in IAS 18 - Revenue by

1 Answer

0 votes
If it is an over-payments, that has to be refunded. But if this customer is still dealing with you, then you can set off the over-payment against the receivable on a current invoice.
by Level 2 Member (3.6k points)
one point is : just recognize any payable, if u think you have obligation to pay in the future. if not, no need to recognize. u could write them off.

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