Clearing a credit balance

August 1, 2019


Q. Our supplier had dual payment methods, credit card and ACH. Each payment method has its own liability account (AP trade and accrued credit card). The supplier owed us a refund and credited the credit card. So I had a credit in accrued credit card, and a credit balance in AP. How do I clear the credit balance on the AP invoices and the credit balance on the credit card? When I look at this, it requires two debits and this does not zero out. A. (from the IOFM Advisory Panel) When this happens…

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