Item Sale Journal Entries Doubled
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Shaina Cossairt
I did an item sale today on Christina Gardner's account for 4 stainless steel padlocks.
When you go to her unit B-147 > Financial > One Off Charge on 05/28 > Journal Entries. you will see that the transactions are listed 8 times each for sales tax and the item.
When you look at the payment toward that one off fee, it is also listed 8 times for each.
T
Tony Gardner
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T
Tony Gardner
Shaina Cossairt This is correct. For each transaction there must be a credit and a debit in the journal entry. Since you purchased 4 locks, that is 8 entries for the locks and 8 entries for the sales tax. For example, you debit the asset category for the lock but credit the revenue category for the money you collected for the lock.