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Correcting Entry on Liability Account
Posted: Wed Apr 27, 2022 2:04 pm
by gccc
Our church has a Walmart credit card (2210)and a Visa (2205). When balancing the Walmart liability account today, I found an amount that should have been posted to the Visa liability account. In an effort to correct this, I voided the original manual check entry in Accounts Payable and reentered it to the correct liability account then posted all to Fund Accounting. It all looks fine when I check the posted entries and even the Account Activity report for the budget line it affected looks right, but when I went back in to finish reconciling the Walmart liability account, the reversal of the initial credit is not showing. I'm not sure how to correct it from here.
Re: Correcting Entry on Liability Account
Posted: Wed Apr 27, 2022 10:45 pm
by NeilZ
gccc wrote: ↑Wed Apr 27, 2022 2:04 pm
Our church has a Walmart credit card (2210)and a Visa (2205). When balancing the Walmart liability account today, I found an amount that should have been posted to the Visa liability account. In an effort to correct this, I voided the original manual check entry in Accounts Payable and reentered it to the correct liability account then posted all to Fund Accounting. It all looks fine when I check the posted entries and even the Account Activity report for the budget line it affected looks right, but when I went back in to finish reconciling the Walmart liability account, the reversal of the initial credit is not showing. I'm not sure how to correct it from here.
I suspect you may have entered the replacement using the current date. At the top of the reconcile window UNCHECK the box for
Only show items dated before statement date.
Re: Correcting Entry on Liability Account
Posted: Thu Apr 28, 2022 8:39 am
by gccc
Yep. That did it. Thanks!