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You generally re-class an entry in your financial books if it has been wrongly placed against a certain account. An example of this an expense that was related to a project grant that was classed by your Finance Department on unrestricted dollars. You'd re-class it so you can have the real numbers of expenditures from certain grant lines or financial sources and prevent the misappropriation of disbursements. Hope this answers your question. -A from New York, NY
What else can I help you with?
Why do you need to do journal entry?
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.
Why do you need to re class a journal entry?
if journal entry is misclassified to some other account then it is required to re-classify the journal entry for correct impact or record purposes.
What is the basic formula to do a journal entry?
all you need is one pencil and one copisition book the formula is P*Ca journal entry this is your friendly formula for a journal entry. yours truly Jacob smith. ==
Why do you need to reverse a journal entry?
According to my understanding and my study in accounting, the reversal of journal entry merely is for the opening balances for a new year of accounting period
What is a compound journal entry?
Compound journal entry is that entry which records more than one business transaction in one single journal entry.
How do you do journal entry for Forecasting Sales?
There is no journal entry for forecasting sales rather journal entry is made for actual sales when they occur.
What need to happen when recording a journal entry for a sale account?
To record a journal entry for sales, the possession of goods or services is transferred from business to client or end user.
Accounting How do you correct wrong account used for journal entry?
First of all determine that which account need correction, after that find out the correct journal entry and after that rectify the wrong transaction accordingly.
What is the structure of a journal entry?
Recording of a transaction in an accounting journal, such as the General Journal. The journal entry has equal debit and credit amounts, and it usually includes a one-sentence explanation of the purpose of the transaction is called journal entry.
Why you post journal entry?
Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.
What is the journal entry for bill received?
There is no journal entry for bill received rather journal entry is made when bill is actually paid or when utility is actually utilized.
What is the journal entry to charge-off a loan?
journal entry to write off a loan
