Sage 50 Canada

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Credit Card Payable balance is incorrect

Posted By mirasong over 8 years ago

HI,

My boss has been using his personal c/c to do purchases. He recently switched c/c companies. He paid off the old c/c, but in the books it still shows a CR in 2138 Credit card payables.

I am thinking that I may have to do a GJ entry to correct this. I am not sure which expense account to put it to. Should I use Misc?

Or, should I do something different to fix this issue?

Thanks!

0 Roger L over 8 years ago

if the c/c is actually paid off, but has a balance in sage, you need to find the transactions in error and reverse them, crediting the corresponding expense account

if you originally
db phone
cr visa

you shouldn't
db visa
cr misc expense <- this should be phone
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0 mirasong over 8 years ago in reply to Roger L

I figured it out! There was a different person in charge of the books last fiscal year. She entered a c/c bill, and I also entered it at the beginning of the new fiscal year. I didn't think of it before because the amount wasn't quite right. But there were interest charges as well.

Thanks for your help!
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Sage 50 Canada

Credit Card Payable balance is incorrect

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