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pmoon812
Level 1
posted
‎June 03, 2022 05:05 AM
last updated ‎June 02, 2022 12:05 PM

journal entry

our company does business with a big box store.  we have 20+ outstanding invoices with them for product shipped to them.  they went back two years & assessed fees that wiped out the existing overdue invoices.  there are 4 stores involved.  what are the accounts for a JE to get these invoices off the books for now.  i know i should probably DR the AR account but not sure what to CR.  

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1 Comment 1
IntuitSheila
Level 8
‎June 03, 2022 09:26 AM

journal entry

Hello pmoon812,

 

Thanks for posting in the Community!

 

You can use the sales or income account to pair in creating the Journal entry. For now, I encourage you to speak with your accountant/tax practitioner or a QuickBooks Certified ProAdvisor as they may have a preferred process for entering this kind of package and we are unable to provide advice on accounting. An accountant will be able to give you expert advice on how to record them without having a negative impact on your books.

 

You can use the links below to find an accountant and how to use a journal entry in QuickBooks Online:

 

Feel free to post a comment below if you need more help with QuickBooks Online.

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