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Regnskab
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Inevitably, you will make occational misentries to the effect that you will have to correct your accounts. Corrections are also called post entries or adjustments.
Post entries or adjustments
Certain entries that are not normally entered in the day-to-day bookkeeping but posted in periodic intervals (e.g. on closing of the annual accounts), are too called post entries.
Similar to all other entries, post entries must be backed by a numbered voucher. Moreover, such entries should be posted with a paper voucher explaining the adjustment. However, in most cases, the text you enter in the accounts, serves as explanation and a paper voucher will not be necessary. An example:
Problem:
You have two customers, both named Jens Jensen. More specifically: Jens A. Jensen and Jens B. Jensen. Accidentally, you have entered (credited) a payment received by Jens A. Jensen to Jens B. Jensen´s account. Now you need to correct the mistake.
Solution
You correct the mistake by debiting (cross entry equalling the mistake) the payment to Jens B. Jensen´s account and crediting the payment to Jens A. Jensen´s account.
Originally, the payment was debited to your bank account. You do not have to adjust your bank account as this isolated part of the original entry (charge) was correct.
This type of adjustment does not need a paper voucher. It is sufficient to refer to the original entry in the text of the post entry.
Whether the voucher number belongs to the same series of numbers as the original entry or you prefer to make adjustments and other post entries under a separate series of numbers is entirely up to you. As long as the system is manageable.
An adjustment is entered the same date as the entry it supersedes. Occationally, you see post entries entered at a later date, but this is a bad habit causing errors or confusion at best.
Consistent errors
A golden rule is: if you have a tendency of making mistakes, at least be consistent! In other words: If you have doubts about the handling of a certain type of entry, then do it the same way each time.
If a certain type of entry has consistently been entered to a wrong account is it subsequently fairly easy for an accountant to right the wrong. However, if the same type of entry has been entered in different ways (one may be the correct way), then it could be very time consuming to correct. An example:
Problem:
wrongly, you have deducted VAT from stamp costs. If this has been done consistently, the error is corrected once and for all by a single post entry covering the entire year´s postage costs. However, if the mistake only occurs every second time stamps have been purchased you will subsequently have to go through all entries on this account to make sure to correct all mistakes.
Please, consistent errors
The big time-waster is not to correct the mistake as much as it is to detect the mistakes in the first place.
And if the bookkeeping has not been done consistently throughout the year an accountant would have to go much more in detail to detect such mistakes. Thus, the above golden words.
Rose
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