Problem: How to pass Following transaction in the system: DR Owner's Current account / CR Current trade payable account (Branch Company)
Solution: This entry can be done by Mutual Settlement, Register Correction and General Ledger Transaction documents because there is no direct way to resolve and beside GL entries some registers need to be fixed but since it is not always easy to understand which registers to fix therefore we create a Mutual settlement document to create one part of entry and understand the linked register.
1. Create a new Mutual Settlement document with transaction type Supplier Debt Assignment. In both Supplier and Supplier Recipient fields, select Branch Company:
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2. In Administration section, open Register Correction and Create a new document:
In Register Content Settings in and Accumulation Register, select Accounts Payable:
The Content should be the same that you've checked in Mutual Settlement Records, but Instead of Expense it will be reversal Receipt Type:
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3. In order to create the GL entry open Transactions (General Ledger) in Accounting section and create a new one:
In Dr column select Owner's Current account (BS Capital Issued) and in Cr column select Prepayments to Suppliers (BS Trade and Other Receivables) or other GL account that was select in Accounts Payable Tab of Mutual Settlement document:
4. In the Statement of Mutual Settlements you'll have the Payable amount on this Company's account:
And the following transactions will be in Trial Balance as a result:
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