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General Accounting Discussions: Shrinkage Unknown

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    • CommentAuthorbma7777
    • CommentTimeJun 25th 2008 edited
     
    6/25/08 - I consolidate 8 stores records into one central account. This is done manually by auditing weekly and monthly reports, completing spreadsheets and then journal entries into Quickbooks. Differences from month to month is entered into an expense account called Shrinkage Unknown. This account greatly affects the net income. But I feel that it should not be an expense account and moved as to come up with accurate Profit & Loss Statements for each store.

    My question is: I am I correct and what category should it be under? Asset, Liabilities, Payables?

    Thank you for any suggestions.
    Barbara

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