clearing small amounts
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[Deleted User]
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Hi All. What is the best way to clear small amounts like balances of 10c. Negative & Positive
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Hi Sharon, I just do a general journal. Accounts Payable /Receivable against stock purchases.
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Hi Sharon
Depends on where the balance is, if they are left on invoices that were short paid, you can alter the invoice bit the cleanest way is to create an item for 'rounding adj', create an expense account for the same, you can then add a line to the invoice +/- and round off the cents, same for bills when Reckon doesn't calculate gst same as suppliers invoice, do a rounding adjustment entry.
Kim: 0429 305300 E: Kim@kwikbooks.com.au1 -
Kim - good clue.
That's the way to go - agreed! And if necessary, a two-liner combination that ensure the GST amount doesn't adjust previously reported total GST amounts. (IE: a combination of FRE and GST line items if absolutely necessary, to yield a nil effect on GST).
Cheers!
Gary Pope
An Accredited Partner- Consultant (VIC. Aust)"Working with Accountants/Bookkeepers PPs/APs, as an
independent IT Professional and retired FCPA Accountant"1 -
I do a journal and write off to an account for Small Balance write offs.0
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