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reconciling the receivables ledger control account

Forums › FIA Forums › FA1 Recording Financial Transactions Forums › reconciling the receivables ledger control account

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by secondstar.
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  • Author
    Posts
  • March 5, 2017 at 5:15 am #375634
    aqifaizat
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    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…

    March 5, 2017 at 8:22 am #375650
    secondstar
    Member
    • Topics: 16
    • Replies: 220
    • ☆☆☆

    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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    Posts
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