Manually modyfying income statements is frowned upon in IRS circles iirc...
A return might be coded as a negative sale. Or as a sort of purchase. Depends on the way your accounts and schemes are set up. Does the A/R for this customer look ok to you? *J/E Sale: * A/R debit, inventory credit, COGS debit, income credit. So in case of a *return *WOULD seem logical for the J/E to be the other way round.: *J/E Return * A/R credit, inventory debit, Cogs credit, income debit. Since you mention the income debit is not to be found, I suppose the 'system' may see it as a sort of purchase. Or at least the 'system' is not behaving as one would expect and like. I suggest you search in A/P to find the missing journal entry, probably also linked to COGS. It must be somewhere, or you wpuld have received a 'does not balance' warning somwhere along the line. Look at the bright side: if the COGS is too high and the sales is too high as well, the net result is correct. Hth, Paul 2011/5/17 Jeff Kaminsky <[email protected]> > When I have a customer return something, its not recording in the income > statement. > > For instance, we recently gave a 2400 credit on returned merchandise (and > sales tax too). > > The sales tax account recorded properly, the cost of goods sold and > inventory we also hit, but our sales for that month were not reduced by the > appropriate amount. Has anyone run into this before, and what did you do? I > was thinking of modifying the income statement, but it seems to be hard > coded in the software. > > > -- > > Jeff Kaminsky > Sr. Accountant > IX Systems > 408-943-4100 ext 122 > > _______________________________________________ > SQL-Ledger mailing list > [email protected] > http://lists.ledger123.com/mailman/listinfo/sql-ledger >
_______________________________________________ SQL-Ledger mailing list [email protected] http://lists.ledger123.com/mailman/listinfo/sql-ledger
