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    lavanya_28's Avatar
    lavanya_28 Posts: 1, Reputation: 1
    New Member
     
    #1

    Apr 30, 2009, 03:54 PM
    How do I reverse an expenditure that has been expensed?
    I need to reverse an entry which was made to expense an expenditure and make another entry to capitalize the same expenditure.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
     
    #2

    May 1, 2009, 12:46 AM

    Just credit it back out of the expense where you put it and debit it into the asset account you want.
    satyanarayanara's Avatar
    satyanarayanara Posts: 11, Reputation: 0
    New Member
     
    #3

    May 1, 2009, 01:14 AM
    At the time you spent
    Expenditure a/c dr
    To Cash/bank a/c
    (being spent)
    While reversing the entry
    Party a/c dr
    To Expenditure a/c
    (Being expenses debited to party)

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