Re: Wrong entries processed

[oztheguitarman]

2nd June 08

I need help to correct the following wrong entries in order to balance the INCOME & EXPENSE STATEMENT OF ACCOUNT for 2007 and submit the T3010 report to Revenue Canada by 30th June 08.

Cheque No 402 was issued in December 2007 for $ 170.00. This cheque was then cancelled/Void and the bank never debited us for this cheque &
amount.

However the following AP transactions were done on 1st December 2007 on PC9 version:

ACCOUNT

Ref 402

01-1110 170.62 CR (Operating)
01-1970 4.53 DR (GST Rebate)
01-5918 166.09 DR (Youth Fellowship Expense)

402-REVERSE

01-1110 170.62 DR
01-1970 4.53 CR
01-5918 166.09 CR

402-VOID

01-1110 170.62 DR
01-1970 4.53 CR
01-5918 166.09 CR

This resulted in showing negative amount appearing in the INCOME & EXPENSE STATEMENT OF ACCOUNT in 2007 for $ 166.09 FOR THE YOUTH FELLOWSHIP EXPENSES.

Subsequently the following entry was posted in January 2008 (although the date shows 13/01/2007) instead of posting in the month of December 2007:


402-REVERSE-ADJ

01-1110 170.62 CR
01-1970 4.53 DR
01-5918 166.09 DR

Now the INCOME & EXPENSE report for January 2008 shows positive amount of 166.09 for the YOUTH FELLOWSHIP EXPENSES.

The amount should be " ZERO " for both the months in December 2007 and January 2008.

Please correct me if I am wrong to pass the following entries to rectify
these incorrect transactions:

ACCOUNTING - FUND ACCOUNTING - ENTER TRANSACTIONS

To correct entry made on 01/12/2007 (Open Dec month, 2007)

402-Reverse Void

01-1110 170.62 CR
01-1970 4.53 DR
01-5918 166.09 DR


Then go to ACCOUNTING - FUND ACCOUNTING - POST TRANSACTION

EXIT

To correct entry made on 13/01/2007 but posted in JANURAY 2008

Open month of January 2008


ACCOUNTING - FUND ACCOUNTING - ENTER TRANSACTIONS


402-VOID Reverse - adj

01-1110 170.62 DR
01-1970 4.53 CR
01-5918 166.09 CR


Then go to ACCOUNTING - FUND ACCOUNTING - POST TRANSACTION

EXIT


By passing above entries I trust that the INCOME & EXPENSE Statement will show "ZERO " amount for the Youth Fellowship Expenses (a/c 01-5918)
when I print out the INCOME & EXPENSE STATEMENT from Jan to Dec 07
and for January 2008


Please reply ASAP

Thanks and regards

Osvaldo De Souza

[Matt]

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