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M
ME-
March 25, 2021
Question

Small balance of both debtors and creditors acccounts to be cleared out

  • March 25, 2021
  • 1 reply
  • 0 views

I have some small balances of both debtors and creditors accounts to be cleared out.  They are small amount left on invoices but not write offs.  What is best way to deal with these?  Also I have small amounts on my Revenue account as revenue rounds the figure each month.  How can I clear these small outstanding amounts to clean up my books

 

Thanking you

 

 

1 reply

J
JonpriL
March 25, 2021

Hello @ME-,

 

You can create a journal entry to clear out the small balances of your debtor's and creditor's accounts. Let me show you how.

  1. Go to the +New button.
  2. Under OTHER, select Journal Entry.
  3. Select the accounts accordingly.
  4. Enter the amount.
  5. Click Save and close.

However, I'd still recommend contacting your accountant for guidance in creating your journal entry. If you haven't yet, here's a link you can use to find a bookkeeper near you: Accredited QuickBooks accountants and bookkeepers.

 

Additionally, I've also included this reference for a compilation of articles you can use while working with us: Know where you stand financially.

 

If there's anything else that I can help you with, please let me know in the comments below. I'll be here to lend a hand.

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