Hello, can anybody help me out here? How can I zero out the customer opening balance.
I posted an invoice for A customer, the net amount is £102.5, VAT is £20.50, total is £123.00.
With this customer, my company gives them 20% commission, so when they paid the invoice, they used to paid the amount deducted the commission. In this case, we received £98.40 from them. Then , I used the Customer function in Bank to record £98.40.
So, obviously, there is a record on Debtors control account with the amount of £24.60, as the commission we gave out. So I posted a journal to balance it out. The journal is :
Dr: Sales commission £24.60
Cr: Debtors control account £24.60
In this way, every account seems correctly recorded, but I just found there is still an opening balance of £24.60 showing on this customer's individual account. Strangely, the Suspense Account is zero. So, my question is: Why is there an opening balance since every other relevant account seems being balanced? How can I zero out this opening balance ?
-- Edited by Crina251075 on Tuesday 1st of January 2013 03:27:33 PM
