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Reversing Journal entry confusion

Forums › ACCA Forums › ACCA AFM Advanced Financial Management Forums › Reversing Journal entry confusion

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by mrjonbain.
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  • September 26, 2021 at 2:07 pm #636521
    Candy
    Member
    • Topics: 135
    • Replies: 79
    • ☆☆☆

    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.

    September 27, 2021 at 8:38 am #636562
    mrjonbain
    Moderator
    • Topics: 1
    • Replies: 1576
    • ☆☆☆☆☆

    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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