Hi,
Require your help for the clearing of Rebate Accrual account. We have the following set of entries:
Initially when you accrue rebates, the following entry is passed
Accrued Expense a/c Dr.
Accrued B/S a/c Cr.
Then when you actually pay to customer then the journal entry that is passed is:
Customer Cr.
Accrued Expense a/c Dr.
Accrued B/S a/c Dr.
Accrued Expense a/c Cr.
How the accrual B/S GL account isis cleared - at the time of settlement (how) or automatic clearing (how - what parameters). Please revert
Thanks
Amit