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    Veena1's Avatar
    Veena1 Posts: 50, Reputation: 1
    Junior Member
    		  
    #1

    Dec 17, 2009, 01:53 PM
    Journal Entry
    Hi

    We have couple outstanding checks of 2008 and I want to get rid of them by passing a journal. Can please some one help me what would be he best entry?

    Thanks
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
    		  
    #2

    Dec 17, 2009, 09:44 PM

    Very simple by way of REVERSAL
    ENTRIES.
    This means you look at the original
    Entries and you just reverse the entries.
    The DEBIT becomes a CREDIT and
    The CREDIT becomes a DEBIT.
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