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Acceptable Accounting Practices

Posted: Wed Jul 21, 2010 7:17 am
by indymtc
Is it ever an acceptable accounting practice to credit an expense account?

Re: Acceptable Accounting Practices

Posted: Wed Jul 21, 2010 7:36 am
by JohnDMeyers
Oh sure. Sometimes we handle a refund from a vendor by crediting the expense account.

Also, correction (reversal entries).

There are probably other reasons, as well.