Can anyone walk me through the proper journal entries for this?
Just prior to year end I wrote a cheque to a vendor in the wrong amount but posted the correct amount on the invoice.
Yes, I still handwrite cheques, lol.
As it is a small amount, the account said to correct it in the new year and put the balance owing to the clearing account to be paid later.
I have no idea where to start with the journal entries as I can't just delete the payment because of year end.
Can anyone help?
