correcting a wrong entry

SteveT123 · ‎November 04, 2022

I prepay for inventory coming from overseas. It usually arrives a month later and then I receive it in inventory. Somehow I have double entered transactions so that even though the goods were prepaid, they still show as owing in my accounts payable. The steps I have done are as follows; 1. issue purchase order. 2. enter proforma invoice. 3. pay proforma invoice. 4. receive items into inventory.

Can anyone help me to see where I have gone wrong so that the proforma invoice is still shown as outstanding?

Amanda-B · ‎November 04, 2022

Hey there SteveT123,

Thanks for reaching out to us here. QuickBooks Desktop is a great too able to help keep your books balanced. Making sure you're recording your transactions properly is an essential step for maintaining clean books. I would be happy you point you in the right direction.

To ensure accuracy in your books, I recommend reaching out to an accounting professional for expert advice on creating these types of transactions. They'll be able to guide you in choosing the correct transaction type as well as which accounts to affect so that your accounts can end up with the right balance. If you don't have an accountant, you can find one here

If you have any other questions, feel free to reach out here.

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