Year end adjusting entries to A/P & A/R

I have Sage Pro 50 (2012) Canadian Edition.  I have read through the posts here and been able to enter my AJE from my accountant.  While the balance of each customer/vendor is now correct (zero), when I run statements, the customers who have been zero'd out are still generating reports.  Do I actually go through and process a payment with the two corresponding transactions (that is the original entry  and the AJE)?  If so, do I apply payments to cash?  The same issue occurs with my vendor accounts where I made the corresponding AJE.  I have attempted the payment and when I displayed the transaction report it says there is not data.  I thought before I proceed I would ask here first.

Thanks for your help.

Parents
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    If you think about the logic of what you see on the statement, the customer owes you nothing, so if you process a receipt that applies the original amount (eg. $100) against the write off (-$100), then wouldn't the difference be zero?  Therefore no money will hit the bank or the cash account, etc.

    When you do the entry, look at the journal entry on the Report menu before you post the receipt as you indicated.  There is no data because no journal entry is created.  All you are doing is recording the invoices as paid.

Reply
  • 0

    If you think about the logic of what you see on the statement, the customer owes you nothing, so if you process a receipt that applies the original amount (eg. $100) against the write off (-$100), then wouldn't the difference be zero?  Therefore no money will hit the bank or the cash account, etc.

    When you do the entry, look at the journal entry on the Report menu before you post the receipt as you indicated.  There is no data because no journal entry is created.  All you are doing is recording the invoices as paid.

Children
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