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MM130
March 10, 2023
Question

Old Journal entry that is a bill somehow

  • March 10, 2023
  • 1 reply
  • 0 views

I am trying to clean up and old "bill" from 2016. When I checkmark the "bill" and click go to bill it brings up a deposit. In the deposit window, someone before me entered accounts payable and a refund from an overpayment. The payment method is a check. I can't change it because it is so old. Please help. 

1 reply

Rainflurry
Rainflurry
March 10, 2023

@MM130 

 

The deposit from the overpayment should have been recorded to the appropriate expense (or asset) account that was applicable to the bill in which the overpayment was made, not A/P.  Since it's been sitting in A/P since 2016, the proper way to clear it is to create a credit memo in 2023.  On the credit memo, assign whatever expense or asset account you feel is most applicable to the refund (if you can find the original bill that was overpaid, use that).  Then apply the credit memo to the "bill" and you should be good to go. 

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