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How to correct journal entries posted 4 years ago

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Experienced Member

How to correct journal entries posted 4 years ago

This was done by previous staff.  

12/31/2015 Credit:  Accounts Payable $330,000 to V-account

12/31/2016 Debit:  Accounts Payable $330,000 to V-account

This still shows up in the AP aging up to date.

Kindly need your assistance.

1 REPLY
Experienced Member

Re: How to correct journal entries posted 4 years ago

If the books have been closed since, and hopefully they have, you don't want to go back and adjust those entries as that will mess up your books in a way that will be hard to back out of.

 

What's strange is those should cancel each other out and I'll bet that what happened is the wrong date might have been entered in the debit entry, but I can't be sure.

 

You might be able to make a new journal entry to clear the AP balance of that amount, make good notes about the two previous entries and categorize it in "ask my accountant" so you can review it at the end of the year?