x Want to participate? Join the group to interact
  • State Verified Answer
  • Replies 2 replies
  • Subscribers 239 subscribers
  • Views 2926 views
  • Users 0 members are here
Browse Forums
Sage 100 Contractor Announcements
119
topics
57
replies
Sage 100 Contractor General Discussion
1k
topics
4k
replies
Sage 300 CRE Announcements
168
topics
526
replies
Sage 300 CRE General Discussion
3k
topics
8k
replies
Sage Construction Management Announcements
4
topics
0
replies
Sage Construction Management General Discussion
15
topics
20
replies
Sage Estimating Announcements
39
topics
3
replies
Sage Estimating General Discussion
188
topics
442
replies
LJS

Under Over billing Entries

SOLVED
Posted By

Each month I make an entry to my underbillling account and to my overbilling account and the net goes to my "Overbilling/Underbilling" Revenue account.

The next month the entry for the prior month is reversed and the new entry is posted.  Shouldn't the ending balances of these 3 accounts match the amounts I posted into the G/L? They all do except for the "Over/Under" Revenue account.  It doesn't show the net balance I put in. Am I missing something here?

Parents
  • 0
    verified answer

    No not all three accounts.  I do the same thing at my company.  Your asset account (underbillings) and your liability account (overbillings) should match.  The third account should be an income account and it will be an accumulated net balance of all the adjustments throughout the year.  At end year, because it is an income account it will be cleared into the retained earnings account.

  • 0 in reply to Lucretia

    Thanks for answering...you know how it is... you think you know what is correct but then after you think too hard about it, you aren't sure.

Reply Children
No Data

*Community Hub is the new name for Sage City