Reimbursements to Owner

Q:  Sometimes stock or one off goods are purchased on the credit card of my partner, then the money for the sale is inputted into the business account, then the amount credited on my partners account is then repaid from out account how do we account for this? A: There...

Reversing a Bill From a Locked Period

   To clear an old bill from accounts payable that shouldn’t still be there, and is dated in a Closed period, do the following:   STEP 1:    Do a journal entry to reverse them. Date the journal the 1st day of the quarter that is NOT CLOSED. The journal entry would be:...