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Former Member
Aug 22, 2008 at 03:33 PM

AR Credit Memo Journal Entry

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Hello,

We created an AR Invoice by mistake. To correct this, we copied the AR Invoice to an AR Credit Memo and added it. However, the journal entry created by the AR Credit Memo was not the exact opposite of the AR Invoice. The AR Credit Memo journal entry had a different amount in the sales revenue account. Because of this, when you run the account balance for the sales revenue account, you see the amount for the invoice and then for the credit memo but they do not cancel one another. Instead, it leaves a balance on the account event though we do not want it.

Why would the credit memo not reverse the invoice exactly per the g/l? Could this somehow be related to account determinations?

Your help is greatly appreciated.

Thank you,

Amanda