USA Define "true-up" journal entries
- Thread starter Vickie
- Start date
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.
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.