I set up PayPal as a credit card in Sage 50.
I made a purchase using PayPal.
Having made the purchase via PayPal, I followed up with making a payment to the credit card, i.e. PayPal, for the amount of the purchase.
This is what I've always done without issue, but this morning I was interrupted and thus made an error... I don't seem to be able to reverse the credit card payment, that is, from bank to PayPal - which according to Sage50 is not what I've done -- it's what I thought I did, but that's when I got interrupted.
It seems I ended up crediting the PayPal liability account a second time, when in fact the second entry should have credited the chequing account instead, to show payment to the credit card.
And of course, I have ALWAYS taken screen captures of this, but of course when I get interrupted and make a mistake, I don't have the screen captures
How do I fix this? What general journal entry do I make to correct:
I think this is what in effect happened:
Line 1 Jul. 07, 2017 Dr. 5737 Meals & Entertainment 9.44
Line 2 Jul. 07, 2017 Cr. 2130 PayPal Payable 9.44
Line 3 Jul. 10, 2017 Dr. 5770 PayPal Expense 9.44
Line 4 Jul. 10, 2017 Cr. 2130 PayPal Payable 9.44
When in fact I think this is what should have happened:
Line 5 Jul. 07, 2017 Dr. 5737 Meals & Entertainment 9.44
Line 6 Jul. 07, 2017 Cr. 2130 PayPal Payable 9.44
Line 7 Jul. 10, 2017 Dr. 2130 PayPal Payable 9.44
Line 8 Jul. 10, 2017 Cr. 1060 Bank-chequing account 9.44
Would this work for a correction:
Line 4 Jul. 07, 2017 Dr. 2130 PayPal Payable 9.44
Line 3 Jul. 07, 2017 Cr. 5770 PayPal Expense 9.44
to reverse lines 3 and 4
Line 9 Jul. 10, 2017 Dr. 2130 PayPal Payable 9.44
Line 10 Jul. 10, 2017 Cr. 1060 Bank-chequing account 9.44
I'm sure the general journal entry is right in front of my nose, I'm just too upset to see that clearly at the moment.
Thanks,
Kristine