I work for a restaurant and a bill was taken out of the account as an ACH. I'm trying to do the monthly P&L and the amount they are showing for this same bill is different from the ACH. How do I show this on the general ledger? The ACH was $3,547.20 and the amount reported by the restaurant is $3,246.43.

morgaine300

Is this a bill the restaurant owed to someone else? i.e. the restaurant is the payer, right? Well first, who screwed up? If the amount taken out is correct, then you just need to debit the difference to whatever you charged it to to begin with and credit it out of cash. But since the ACH is different than the bill, I'm inclined to believe they took out too much. In which case, obviously you'll have to get it straightened out. If you think you would get it refunded, I'd be tempted to put it into a receivable in the meantime. If you think it might get applied to a future bill, then you can quite easily debit it into a prepaid account. Either way, it would be an asset since it's due coming to you in some form. Since these are interim statements, it's not going to be a huge deal what account you use as long as it's an asset. (Not to mention it's a minor amount.)