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?
Go to Solution.
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:
Once done, let's create a bill payment to link the refund:
Check out these handy articles for more details about the steps provided above:
Supplier Refunds - How To (video).
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
Thank you very much for the instruction.