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Level 3

Accrual expense doesn't match.

Hi,

Would you be able to help me enter an accrual transaction correctly, please?

 

I was using another book-keeping system last year.

I was told to enter an accountant fee of £250.00 dated the last day of my financial year 2019 (31/05/2019) when I was submitting my corporation tax for that year.

I switched to QBO recently and I made a journal entry for this.

I then received an invoice on 30/03/2020 and I made a payment immediately.

I realised afterwards that the invoice was £270.00 and I already made bank transfer for this.

I don't know how to reverse this transection as the figure doesn't match.

I also am not sure making a journal entry is the correct way to record this transection either.

Can anyone advise me on this, please?

Solved
Best answer June 11, 2020

Accepted Solutions
QuickBooks Team

Accrual expense doesn't match.

Good day, fusé-Osaka,

 

I'm here to help you today. You can open and edit the bill. Then, enter the exact amount or add another line item for the remaining $20.

 

Once done, make another bank transfer for the balance. This way, you'll be able to match the transaction.

 

On the other hand, you can record a refund if the payment was transferred back to your bank account. This makes a zero balance on the supplier profile. Let me show you how:

 

  1. Click Create menu (+), then select Bank Deposit.
  2. In the Bank Deposit window, go to the Add New Deposit section.
  3. Under the Receive From column, choose the supplier you overpaid.
  4. Under the Account column, choose Creditors as the affected account.
  5. Enter the refund amount.
  6. Click Save and close.

Once done, let's create a bill payment to link the refund:

  1. At the top menu, click Create menu (+) and select Pay Bills.
  2. Click the Filter button, and choose the supplier in the Payee field.
  3. Click Apply.
  4. Put a checkmark on the transaction with the refund amount.
  5. The amounts in the Credit Applied the Open Balance fields should be the same.
  6. The amount in the Payment field should be zero (0).
  7. Click Save and close.

Check out these handy articles for more details about the steps provided above:

Upon sharing this process, I still recommend consulting your account for specific instructions on how to handle this entry.

 

Should you need anything else, don't hesitate to leave a comment below. I'm always right here to help.

View solution in original post

2 REPLIES 2
QuickBooks Team

Accrual expense doesn't match.

Good day, fusé-Osaka,

 

I'm here to help you today. You can open and edit the bill. Then, enter the exact amount or add another line item for the remaining $20.

 

Once done, make another bank transfer for the balance. This way, you'll be able to match the transaction.

 

On the other hand, you can record a refund if the payment was transferred back to your bank account. This makes a zero balance on the supplier profile. Let me show you how:

 

  1. Click Create menu (+), then select Bank Deposit.
  2. In the Bank Deposit window, go to the Add New Deposit section.
  3. Under the Receive From column, choose the supplier you overpaid.
  4. Under the Account column, choose Creditors as the affected account.
  5. Enter the refund amount.
  6. Click Save and close.

Once done, let's create a bill payment to link the refund:

  1. At the top menu, click Create menu (+) and select Pay Bills.
  2. Click the Filter button, and choose the supplier in the Payee field.
  3. Click Apply.
  4. Put a checkmark on the transaction with the refund amount.
  5. The amounts in the Credit Applied the Open Balance fields should be the same.
  6. The amount in the Payment field should be zero (0).
  7. Click Save and close.

Check out these handy articles for more details about the steps provided above:

Upon sharing this process, I still recommend consulting your account for specific instructions on how to handle this entry.

 

Should you need anything else, don't hesitate to leave a comment below. I'm always right here to help.

View solution in original post

Level 3

Accrual expense doesn't match.

Thank you very much for the instruction.