Credit on Invoice does not reflect on Pledges Receivable
Hi there,
Late last year I applied credit against an invoice for one of our 'customers', which reduced the total of their bill. So far so good.
However, upon closer inspection, I see that in our Pledges Receivable account, where the credit has been applied, there is a credit to the Pledges Receivable account, directly followed by a debit. They both appear to be from the same sale transaction.
This obviously has a net effect of zero, so our Pledges Receivable account is showing a higher dollar amount than we are actually owed.
I'm not super familiar with credits and refunds. Can someone please help me out? I don't know what has gone wrong or how to get our Pledges Receivable account to show the right amount.
Thanks in advance!
Hi PriscillaNT
You should be able to open the original credit note, and edit it. There are times when it gets locked, which means it becomes un editable. If this is the case, I suggest doing a General ledger Journal .
The entry will be Credit Pledges Receivable, and Debit the account it should have been coded to. You may get a warning that this is a linked account, but you can ignore it in this instance.