Hi all - I recently inherited an accounting position where my predecessor was playing catch-up trying to re-create a company's records with incomplete information. The company uses 2 credit cards to help with cash flow in paying vendors. I recently discovered that a balance transfer between the two current liability accounts in Sage was cleared in the receiving account, but is still listed as an outstanding check on the sending/original account. The transfer has been open/in transit for over a year according to the reports I have. In digging further, I've discovered that this balance transfer was already included in the opening balance amount used when the sending liability account was created. I cannot adjust the outstanding entry without throwing off the receiving account, but the liability is now doubled because it's counting in both the opening balance and the transfer in-transit. Is there an adjustment entry I can make to clear this? I'm at a loss on how to handle this without having to re-create the entire account's history. Many thanks in advance; I am not an accountant by trade but am self-teaching Sage as I go.
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