Fellow students,
I have a query about reversing journals at month end.
If an error was made in the entries that was posted in August
If at the beginning of Sept this reversed (posted as reversing journal), does this cancel out the entries?
I am trying to establish whether a further adjustment is necessary or just make the correct adjustment going forward the next period.
I find this a little confusing so would appreciate advice.
ACCA Forums
AFMReversing Journal entry confusion
This is a question that should be asked in another forum. Probably a forum such as financial accounting or financial reporting. In reality, in modern accounting, I think appropriate entry would be made on accounting software as soon as error was noticed. Hope this helps.
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