View Full Version : Reversing Debits & Credit

09-13-2001, 01:29 PM
When I printed the Bank statement for my accountant, we discovered that the Debits were in the Credit column and the Credits in the Debit. They were applied as the reverse. What is causing this problem. Because of this, We have no idea if the figures on the other reports are correct. At this point they appear to be, but I would like to have this corrected before the year end.

Thank you

Lorin Browning
09-13-2001, 01:46 PM
Is it possible that you are equating your debits and credits with the banks debits and credits? Remember that what is a debit from the bank's chart of accounts is a credit to your chart of accounts. Ands vice versa

When you deposit $10, that is a debit entry from your perspective: You've increased an asset account (Cash in Bank) by $10. From the bank's perspective, the bank has increased a liability accountby $10. So the bank credits its accounts payable subaccount by$10.

If this is not the problem, I apologize for submitting such a basis answer, but I remember what it was like to teach accounting to bank tellers.

Lorin Browning

09-13-2001, 11:48 PM
I understand what you are saying, but no this is on the printed report. It is really strange that it appears only when printing the register and not on the system. When I ask for the a/p or a/r reports they are printing ok. I didn't even notice the problem, it was my accountant who notice that at the top it was printed Debits and Credits, but the items were showing in the wrong columns. But thank you for the info.