USA Define "true-up" journal entries

Drmdcpa

VIP Member
Joined
Aug 2, 2017
Messages
499
Reaction score
42
Country
United States
I hate that term. They are used to set accounts, particularly balance sheet accounts, to known figures.

For example, if the balance of a note shows on the books for $100 but it is known to actually be $110, a credit would go to the loan account. The debit can be a variety of things depending on why the loan balance needs to be corrected.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Members online

Forum statistics

Threads
11,672
Messages
27,648
Members
21,493
Latest member
OnlineDigitalMarketingCou

Latest Threads

Top