Topic: Leap Year (Period Y-1) Not included in Profit and Loss
On finalising my February 2017 financials at year end 28/02/2017, I found that the Period Y-1 does not add up for the 2016 leap year. All transactions that was posted by means of Journals on the 29/02/2016 was not included in the Profit and Loss comparison for the Period y-1.
This means I am supplying my auditors with the wrong information. If I draw the report on any other period than 28 February 2017, for example 01/04/2016 to 31/03/2017, then the transactions is included in the Profit and Loss and the transaction that was done on the 29/02/2016 is included.
Please advice how we can fix this issue when the leap year falls in Period Y-1.