Negative receivable

This topic has 1 reply, 2 voices, and was last updated 8 years ago by John Moffat.

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February 4, 2018 at 7:34 am #434999
rihaam
Member
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How do we treat a negative balance in receivables.
Should we reclassify as payables or keep it as it is letting to net off.
Any standards relating to this?
February 5, 2018 at 12:07 pm #435241
John Moffat
Keymaster
- Topics: 57
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A negative receivable is added to the payables in the SOFP. However is still shows as a credit balance on the receivables account.
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