[GNC] Reconciliation screw-up

[will at theprescotts.com]

What confuses me about the original post is it shows $1 leaving C (to D), but the text says $1 was should have been added to C (from A). Yet C was reconciled. It seems like before this was fixed, C should have been off by $2.

Will

On 2021 Jun 17, at 06-17 08:12:51, Michael or Penny Novack <stepbystepfarm at comcast.net> wrote:

On 6/16/2021 11:09 PM, Jeff wrote:
> I may confuse myself even more here, so would appreciate some patience and guidance.
> I was given bank statements for 2 accounts (A and C).  Unbeknownst to me there was a transaction that was supposed to go from account A to C (A $1 -> C $1).  When the entries were made, the transactions were entered as
> 
> A $1 -> B $1
> and
> C $1 -> D $1
> 
> Accounts B and D never get reconciled.  Accounts A and C do, and are now.  What would be the simplest way to correct this error? 

SIMPLEST or most correct/formal?

The SIMPLEST way would be to edit the first and delete the second.

But in proper bookkeeping you do not delete past transactions nor edit them (fixing this way WHILE you are in the process of entering transactions is another matter.. I'll do it if still in the session). Instead you enter correction transaction(s).

In THIS case would be a transaction B->C correcting the first (description referring back to the first and indication a correction transaction) and a transaction D->C reversing the second transaction (again with a suitable description). That leaves an audit trail of the correction(s)

Michael D Novack


-- 
There is no possibility of social justice on a dead planet except the equality of the grave.

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