"A" has two divisions of "B" and "c".In our system we have
two vendor accounts of B&C.We have received one Non PO
invoice of B and posted wrongly in C and its got paid.While
reconciling the account we got this error is happend.We
contacted the C and asked for refund.But C said,he transfer
internally the amount directly to B and he will not refund
the amount.How we will settle this entry in our books.
If we reverse the entry...there is one invoice needs to be
reverse and payment doc needs to be reverse..how we can
settle this in our books...
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Answer / Anuja Pandey
In this situation, you should first reverse the incorrect payment from account C back to cash. Then, create a journal entry to transfer the amount from account C to account B. Make sure to document this adjustment properly.
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