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gl a/c for overpayment/under payment


what is gl account for overpayment /under payment.

it is expense or income a/c

thank u


Former Member 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.


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