| AR accounting [message #402747] |
Tue, 12 May 2009 05:33 |
Nehaoracle
Messages: 1
Registered: May 2009
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Junior Member |
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Hi,
Can someone explain me the role of 'revenue' account in Reconciliation process.
When i create an invoice, the accounting entries are
Dr. Receivables
Cr. Revenue
When i create a receipt against this invoice, the accounting entries are
Dr. Cash
Cr. Receivables
During reconciliation, Receivables account is knocked off, cash account will show that cash (money) has increased. What happens to the credited status of revenue account or how will it look in my balance sheet?
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