Question
What is the best way to fix and reclassify an old bill paid transaction from a bank account to an expense without messing up the prior balance sheet?
What is the best way to fix and reclassify an old bill paid transaction from a bank account to an expense without messing up the prior balance sheet? In 2018, the prior bookkeeper recorded a bill under PayPal (bank account) instead of an expense account which is still showing up uncleared during the reconciliation. I'm trying to fix this and would like to reclassify this bill transaction, but to not change the 2018 balance sheet as tax returned has been filed.
Please need your help to fix this. Thank you in advance!