Cost And Management Accountant
129 Points
Joined December 2009
Dear,
There are multiple ways to settle the aforesaid transaction, in the presence of ambiguities in your query.
1- Try to figure out whether the same is not due to some transposition error.
2- If the same is actually payable then pay the same to extinguish the outstanding.
3- Inspite of due diligence, if the same can not be ascertained then reduce the relevant account by a reversal entry.
4- Offset the liability by reducing the other head on the grounds that the same was wrongly recorded in that head.
5- Reduce the Incentive account by the similar amount hence expenditure will be reconciled with the payment.
Still there are other ways to settle the similitude transactions.
Best Regards,
Desperado