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Hello. I am given a practice question about Control account reconciliation and one of the additional information was :
“In the sales day book, the total had been miscast as the year heading ‘2017’ at the top
of the column was incorrectly added into the total as £2,017.”And then I looked at the answers, the correction on receivables control account was like “sales day book overcast – 2,017£” on credit side.
So I did not understand “miscasting” and “overcasting” is the same thing? (English is not my first language) . I thought miscasting is probably getting the number less than you should after adding up the numbers – opposite of overcasting.
Casting is another word for adding (and it is only accountants who use that word – it is not normal English usage 🙂 )
Miscasting is simply adding up wrong (whether the total ends up too high or too low).
Overcasting is when the total is higher than it should be. Undercasting is when the total is lower than it should be.
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