Chart of Accounts
1120 Operating Checking Account 1201 Accounts Receivable 1499 Undeposited Funds 2001 Accounts Payable 5121 Tenant IncomeI have discovered an error in tenant income and need a procedure to adjust this account.
The tenant refund is $83.50 and since it has debited the 5121 Tenant Income account
(Setup by apartment#) has doubled the total that should appear as income at that time.
Original Tenant Rent Entry ($167.00) These are done all at once.
- Statement Charge 1201 5121
- Tenant Payment 1499 1201
- Deposit (Group) 1120 1499
Refund 0f 1/2 of the monthly rent ($83.50). Bill 5121 2001 Check 2001 1120
Should this be reflected in 5121 Income? Should "Other Income" account be set up?
Open for suggestions for other procedures.