Journals Corrections

MARLO30
MARLO30 Registered Posts: 5 New contributor 🐸
Need some help as it’s been a while since I did journals , I need to correct postings am I correct in thinking a credit entry will reduce the debit value in an expense account

Comments

  • davealucas
    davealucas Registered Posts: 139 Dedicated contributor 🦉
    Yes it will but you will also need somewhere to place that debit value.
  • MARLO30
    MARLO30 Registered Posts: 5 New contributor 🐸
    Thanks it’s a transfer between 2 accounts so for example account A has 50 pounds as a debit balance and account B has a zero balance , to transfer it I would credit account A and debit account B , that’s what I think but I’m been told the opposite but I was always told to reduce a debit balance you credit as doing it as a debit just increases it
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