Hi Pam11,
Thank you so much for your detailed post and my welcome to the Community Forum!
I appreciate your patience, and I apologize for the delayed response. In addressing this issue, it's advisable to consult with your Accountant for a tailored solution. If you'd like to explore some initial steps, consider the following:
Reversal of the Journal Entry:
- Identify and reverse the journal entry in Intercompany A that offset Intercompany B Loan Account and Income Account.
Adjustment of Invoice in Intercompany A:
- In Intercompany A, make adjustments to the invoice generated in the previous month to align with the correct Income Account. This may involve voiding or amending the invoice to rectify the duplication.
Correct Application of Payment:
- Reapply the payment made to Intercompany B for the invoice in Intercompany A, ensuring accurate allocation to the relevant accounts, such as clearing the Intercompany A Loan Account.
For a more tailored resolution, your Accountant will be able to provide specific guidance based on your unique circumstances.
Regards,
Earl
