Hi there,
I haven't run year end yet, but I need to make an adjustment to income received.  We have just had to return a payment received in error, which I do not want to show in our profits for 23/24.  What is the best way to post the transaction.  At the moment I have debited the income nominal code and credited to suspense, until I can allocate the bank payment, but I think it needs to be somewhere on the balance sheet, as currently still represents a profit in P&L.  Thanks in advance for this accounting advice!