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I have a question concerning making the Dec 31, 2014 Closing Entry for my Company. My accountant has a Accounts Receivable Credit entry of $1250 listed. Normally I do all the Closing Entry items are on a Gen Journal transaction screen but the Accts Rec GL account is not accessible there. How do I go about making my Closing Entries and having them balance when I can not enter this line. (On the bottom of the Closing Entry page the accountant has shown detail for the Accounts Receivable Closing Entry, Bad Debt and Loan Receivable GLs are DR for a total of $1250 and 3 Customers Accounts are CR for $1250)
I hope this makes sense!
Hi Brian! It made complete sense. You will need to make that entry as a Receivable Charge through the regular transaction entry window. That is the only way to post to A/R (1200-00).
1. In the regular transaction entry window, enter a Receivable charge for each of the three customers as appropriate. When you're entering the transactions, the total of the receivable charge should be a negative amount (this will post the desired credit).
2. To balance the transaction you will need likely A- line for Loan Receivable and EX line for Bad Debt.
I hope that makes sense for you, but if not, give us a quick call and we can walk you through it.