How do i correct this error
1. An invoice for $372.19 to M Skinner was posted to the account of H Skinner in error.
Should i correct this in control account or list of receivables... can you explain it to me...
Sorry for my bad english...
FIA Forums
reconciling the receivables ledger control account
This has to dealt with in Receivables Ledger only. This error has not made any impact on control account.
M Skinner's account will be understated since an this invoice is still not debited to it. Consequently, H Skinner's Account will be overstated since an extra invoice is debited which shouldn't have been there.
For Rectification:
Dr M Skinner Receivable Account
Cr H Skinner Receivable Account
This will remove the extra invoice from H Skinner's account & add it to M Skinner's account.
Hope it helped you.
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