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TGIFNIGHT
Mar 5, 2007, 07:54 AM
Funds were entered into the wrong revenue account how do I correct this. The funds were receipted into a foreign revenue account and should have been received into a USD revenue account. How do I reverse and correct this?

LiLi

CaptainForest
Mar 6, 2007, 10:18 PM
So basically, the Journal entry you made was:
Dr. Cash
Cr. Foreign revenue account

The journal entry you SHOULD have made was:
Dr. Cash
Cr. USD revenue account

Therefore, the adjusting entry you need to make to fix this is:
Dr. foreign revenue account
Cr. USD revenue account