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March 5, 2017 at 5:15 am
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
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 AccountThis 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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