Service Income recorded as a withdrawal

Hi DP_588,

Thank you for your response.

Apologies for the delayed response. It seems there might be some confusion about why sales/income allocated to Service Income (4-1450) is recorded as a withdrawal. If you check your chart of accounts, you'll find that the balances are correct. This is because the normal balance of an income account is a credit, not a debit. Therefore, it appears as a withdrawal in the reconcile account. The same principle applies when reconciling credit card accounts, which are liability accounts. To reconcile these accounts, you'll need to enter the opposite value of your ending bank statement balance in the closing bank statement balance field.

Please let me know if you need further help.

Cheers,

Princess