Can we reclass an accrual entry?
We accrued in May for two months services, April and May and then the reverse entry took place in the first week of June. However we realized that we have accrued to the wrong account. Besides this, we received the two invoices, for April and May and they were booked, the invoice for April went to the right account, but the May invoice went to the wrong account, same account that the Accruals and the reversals are.
Question: Now in June, should I reclass the Accruals for April and May that were booked to the wrong account, and reclass them to the right account? Or should I just reclass only the May invoice to the right account? I am new at this, so every help will be much appreciated. Thanks!
We accrued in May for two months services, April and May and then the reverse entry took place in the first week of June. However we realized that we have accrued to the wrong account. Besides this, we received the two invoices, for April and May and they were booked, the invoice for April went to the right account, but the May invoice went to the wrong account, same account that the Accruals and the reversals are.
Question: Now in June, should I reclass the Accruals for April and May that were booked to the wrong account, and reclass them to the right account? Or should I just reclass only the May invoice to the right account? I am new at this, so every help will be much appreciated. Thanks!