member credited with $25 in error
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member credited with $25 in error Member paid $25 for Better Investing Magazine. Treasurer entered money under "Suspense" in December 2007. Treasurer sent check to Better Investing Jan 2008 and entered it as an expense from the Bank Account. Problem is Member is now credited with $25 more than our other members in the "Total Paid" column of the "Member Status Report". I think her units of ownership are also affected. How can I correct this problem. Delete the entry in Suspense cre'diting the member with
$25. Make a transfer as of that date for $25 from Suspense to your regular bank
account. In the remarks, say to record receipt of $25 from Member so and so for
BI mag. Then edit or delete and reenter the the expense entry. Instead, you
should have a transfer from your Cash account to Suspense. In the remarks, enter
'to record payment to BI for soand so's mag. Now everything should balance. Tell
the member that he/she should deduct $25 on the 1040 for investment
expenses.
Rip West Saint Paul, MN |
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