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How to book a JE to an IC account without triggering IC entries on release

  • 12 March 2024
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Hello,

 

I am trying to reverse the I/C entries on this entry:

 

When I try to book the reversing entry, the I/C automatically reverses it, as shown below:

 

I understand this is working as it should, but we have a one-off event we need to account for in this manner.  Does anyone have any ideas on how I can get this reversed without triggering the balancing entries?

 

Thanks,

Sarah

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Best answer by Laura02 12 March 2024, 15:24

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Hello Sarah,

If I understand your question, you would like to make a credit to branch PROCORP account 2034 in the amount of 111,410.26 with a debit to branch A AUXCORP account 1425 in the same amount.

Correct? Let me know if I’ve misunderstood.

The above suggested entry would cause an out of balance situation where Assets do not match Liabilities (Balance Sheet does NOT balance) in either company. I can’t recommend the above (out of balance by branch) entry as a solution. 

Please check with your CPA:  is there another account that can be used, in each branch to make the entries balanced by Branch? For example:

PROCORP     2034            credit                                        111,410.26

PROCORP     9999            debit Misc Expense Account     111,410.26

 

A AUXCORP   1425          Debit           111,410.26

A AUXCORP    9999         Credit          111,410.26

 

Laura

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