Debtors
This query is : Resolved
19 November 2019
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?
20 November 2019
Keep the balance without write-off if business is live.
20 November 2019
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.
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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