How do I remove an old bill from the current year?
submitted by jan

william billiam

Use an adjusting entry.

If the bill is from a previous year but shows up in this year's books, you can fix it with an adjusting entry. You'd create a journal entry that cancels out the old bill, reversing the original entry. Just double check that you're not messing up your actual current expenses or liabilities.

ronaldo

You'll want to adjust your accounting entries by reversing the original transaction. This involves creating a journal entry that credits the expense account and debits accounts payable or cash, depending on how it was paid. Make sure to document the reason for the adjustment and update your ledger accordingly. Those notes are invaluable when you're reviewing the records later.

oobakeep

To get rid of an old bill in this year's records, you need to make an entry that cancels it out. For example, if you recorded it as an expense last year, you can make a new entry that removes that expense from this year's totals. But make sure you keep track of why you're doing it.