account payable and accounts receivable in journal

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Val_9014602
Val_9014602 Member Posts: 4 ✭
edited July 2020 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.

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  • John Graetz
    John Graetz Member Posts: 1,651 ✭✭✭
    edited July 2020
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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.
  • Linda ABC
    Linda ABC Accredited Partner Posts: 1,131 Accredited Partner Accredited Partner
    edited June 2019
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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?
  • Val_9014602
    Val_9014602 Member Posts: 4 ✭
    edited June 2019
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    Thanks John, Linda, I'll do that.

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