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    kd2007's Avatar
    kd2007 Posts: 1, Reputation: 1
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    #1

    Jul 7, 2009, 05:05 AM
    Balancesheet adjustment
    How to pass an entry to reverse an invoice(A/R) of last year
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    Jul 7, 2009, 12:35 PM

    There isn't enough information there to know what it is you're trying to do. Not only what the originally entry was about (like was that for sales, or anything else involved?), and you also don't do entries directly to a balance sheet, so I don't understand what the situation actually is.
    rehmanvohra's Avatar
    rehmanvohra Posts: 739, Reputation: 27
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    #3

    Jul 8, 2009, 05:03 AM
    Quote Originally Posted by kd2007 View Post
    how to pass an entry to reverse an invoice(A/R) of last year
    This question relates to fundamental errors covered under International Accounting Standard 8 - paragraphs 41 - 49

    The question needs to provide more information regarding the transaction:

    Why is it necessary to reverse the receivable?

    1. Is it because the entry made in the previous year was wrongly recorded twice?
    2. Is it because the customer has returned the goods in the current year for sale made in the last year?

    Whatever the reason, the correction will affect the retained earnings of the previous year and will have to be restated.
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