Hi,
towards the end of my first financial year I purchased some equipment and logged the payments etc but didn’t check closely enough when the transaction was Tagged. It was only after I closed out the year that I noticed that it was Tagged to “5000 - General Purchases”, and showed up in Cost of Sales in the P&L, and not as “7030 - Office Equipment” in the Expense Acct.
Now in the following financial year the equipment doesn’t show in the Assets on the Balance Sheet, so is there a straight forward way to correct this with relevant Journal entries?
Cheers,
Martin
- Detag and retag to Equipment
or go to P&L report > purchases, tick the transaction and use move to new code option
Also in case of actual purchase entry as invoice you can go to purchases invoice and pick Equipment as category and save it, if period is locked, you can unlock it under All settings
That won’t work because the Year is Closed already.
However, I found the answer by:
- deleting the Year End journal,
- setting the Year end date to a future date,
- corrected the Purchase entry,
- reset the Year End date,
- closed the Year again.
Now all is correct.
You need to be careful not to go back and alter your accounts if they have already been filed. You can make adjustments in the current year to reflect corrections to prior years if required.
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