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D
dharris2
October 4, 2021
Question

Reconciling a set of reversed transactions.

  • October 4, 2021
  • 1 reply
  • 0 views

Hi.

Monthly, I transfer a number of client's fees from our trust account to our chequing account in one lump sum and then break the lump sum down by client invoice. One client ended up postponing so I transferred their fees back to the trust account (Advanced Customer Payments).

 

The invoice is still recorded as having been paid but I am not sure how to delete that invoice but keep the books balanced.  Is anyone skilled in such a set of transactions?

 

Thanks in advance,

 

David

1 reply

J
JamesM4
October 5, 2021

Hello David, 

 

Reconciling can be a lengthy process and I'm glad you're using QuickBooks to help streamline the process. Making sure you're recording your transactions properly is an essential step for maintaining clean books. Based on what you've described, I recommend reaching out to an accounting professional for expert advice on how to record the transactions. If you're not in contact with a professional, don't worry, you can search for one using this link here.

 

I'll also leave this question open in the Community so other accountant users can share their advice. Otherwise, feel free to ask other questions, I've got your back. 

 

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