account payable and accounts receivable in journal

Val_9014602
Val_9014602 Member Posts: 3 Novice Member Novice Member
edited October 2024 in Accounts Hosted
End of Year Journal Entry - Won't accept both A/P & A/R entries.
NB: Large value for each that don't relate directly back to either debtor or supplier.
Also this company has been sold so this is a final alignment.

Comments

  • John Graetz
    John Graetz Member Posts: 1,447 Reckon Hall of Famer Reckon Hall of Famer
    edited July 2020
    Hi Val.  To get around this, you will need to use some other intermediary account (e.g. suspense account) for the opposite side of each transaction.  I use a dummy bank account for such purposes and others.
    John L G.
  • Linda ABC
    Linda ABC Accredited Partner Posts: 1,100 Accredited Partner Accredited Partner
    edited June 2019
    another alternative is just create an Other Current Asset and Call it Debtors Adjustment and an Other Current Liability for Creditors Adjustment and journal like that?
  • Val_9014602
    Val_9014602 Member Posts: 3 Novice Member Novice Member
    edited June 2019
    Thanks John, Linda, I'll do that.
This discussion has been closed.

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