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Prior Year Reimbursement for expense
We have completed our financial statements for prior years. We collected a check for prior year reimbursement. My co-workers are saying put it to the expense account is was taken from. I say no because the year has closed. Consider it non-operating income.
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Let me see if I have this straight.
In 2006 you incurred an expense, let's call is X Expense. However, now in 2007 you get a cheque to reimburse you for it. Then go back to the 2006 statements and Dr. Cash Cr. Expense That is, lower your expenses from 2006. Why? GAAP – Matching Principal |
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