gl a/c for overpayment/under payment
what is gl account for overpayment /under payment.
it is expense or income a/c
vijaykumar domakonda replied
there is nothing like overpayment/underpayment ledger account.
If any excess payment made it should be treated as advance payment and underpayment as payable amount.
Considering expense/income...This is purely depends on transaction type.