account payable and accounts receivable in journal
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Val_9014602
Member Posts: 4 ✭
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.
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.
0
Comments
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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.
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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?0
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Thanks John, Linda, I'll do that.0
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