Fixing Accounting Errors

by Greg DePersio

0 min read

When inputting significant amounts of accounting data, it is easy to make a mistake. However, it is easy to fix a mistake as well. A common accounting mistake is an error of omission, which arises when an accounting entry is missed entirely. If you are unsure why your books aren’t balancing at the end of a period, use a miscellaneous clearing account to balance your books until you locate the missed entry.

A very common mistake is a transposition error, which occurs when you input numbers incorrectly in a reverse order. To detect if a transposition error has been made, review your trial balance and see if there is a difference between your debits and credits. If the difference is divisible by 9, you have probably made a transposition error.

References & Resources

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