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Debtors

This query is : Resolved 

A customer's ledger shows credit balance, but by mistake our staff write-off that credit balance by discount received a/c . What to do to correct this ledger account?


Keep the balance without write-off if business is live.

As informed the entry is wrongly made , you are supposed to reverse the entry.
The original entry :
Customer account debit
Discount received credit

Reversal entry
Discount received Debit
Customer account Credit

Due care to be taken while written back customer account like confirmation of balance to be obtained from customer through letter or mail. If the company has policy of written off or written back over 3 years balance of creditors or debtors and if the debtors or creditor balance shows unclaimed balance over 3 years , that amount may be written back to books.



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