Reconciling a payment and refund error
We accidentally used the corporate credit card to purchase a personal item. When we realized that, we deposited personal funds to replace the above. Under what heading to we put the wrong purchase,...
Forum Discussion
Hi Lynette,
This situation happened to us as well and what I did was:
- created a new category (chart of account) called "Loan to director"
- assigned the purchase to that category
- assigned the reimbursement to that category to cancel out
Hope this helps.
Pierre
