Payment on account
Question asked by Peter Rigg 8 years ago
Please can you help here...
A payment on account was made on the 4th of october 2013 in respect of an invoice which was subsequently issued on the 31st of October. The payment was for Â£2,500.00.
I could see no straighforward was of allocating this payment so posted the following journal:
Debtors 7501001 CR Â£2,500
Revenue 1001001 DR Â£2,500
This has corrected balance sheet figures by decreasing the debtor balance by Â£2,500 and increasing revenue by Â£2,500.
However, on the dashboard it still shows the outstanding invoices to be Â£2,500.00 more than it should be.
Please can you help!?