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    mholbert's Avatar
    mholbert Posts: 1, Reputation: 1
    New Member

    Aug 26, 2010, 05:47 AM
    Contra revenue account Who would you question if it was not a mistake
    Your merchandise inventory have been corrected, your sales proceeds (sales, COGS & returns) have been recorded. This is to record payments for your outstanding AR. Who would you question if it was not a mistake?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member

    Aug 26, 2010, 11:46 AM

    If inventory was corrected, then you need to question the person that conducted the first inventory.
    Also you need to question the person that posted the first inventory into your records.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member

    Aug 26, 2010, 08:27 PM

    I don't even get it. Your title mentioned contra revenue, which could be your returns. If there's not a mistake, why are you questioning anyone?

    "This is to record payments for your outstanding AR." This what? Is this somehow related to the mistake that isn't a mistake? Are you recording this entry? How is a payment of outstanding AR related to inventory mistakes?

    You can question the people who had anything to do with inventory, but I find the post thoroughly confusing because I don't see what the rest of it has to do with correcting inventory, nor do I see how recording payments of AR has to do with anything else. It's like a big mishmash of information.

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