Clerical Error In Accounting
Description
How to fill out Mississippi Motion To Correct A Clerical Error Pursuant To Rule 60a?
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FAQ
The best way to correct errors in accounting is to add a correcting entry. A correcting entry is a journal entry used to correct a previous mistake. The type of correcting entry depends on: GAAP (generally accepted accounting practices) guidelines.
Accountants must make correcting entries when they find errors. There are two ways to make correcting entries: reverse the incorrect entry and then use a second journal entry to record the transaction correctly, or make a single journal entry that, when combined with the original but incorrect entry, fixes the error.
In order to rectify an error, we need to cancel the effect of wrong debit or credit by reversing it and restore the effect of correct debit or credit.
In that case, the error may be corrected in one of two ways: Recording an out-of-period adjustment, with appropriate disclosure, in the current period, if such correction does not create a material misstatement in the current year. Revising the prior period financial statements the next time they are presented.
Clerical errors include errors of omission, errors of commission and compensating. 1) Error of omission is when a transaction is being missed out from being recorded by the person maintaining accounts. 2) errors of commission is recording wrong account, wrong amount, wrong totalling etc,.