Change a nominal posting

Change a nominal posting

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Hi 

We received an invoice for new mobile handsets in January which the accounts assistant posted to the p&l (telephone nominal)

i made a school girl error and didn't spot the management accounts looked unusual in monthend. I should have spotted that it should have gone to fixed assets. 
 

how best to correct this? Genuinely never made this mistake before so would you advise changing it in the month it relates to or reposting a correction to the current month! I'm new to my work place so although management review the accounts monthly, it's more of a quarterly thing so wanted to pick everyone's brains! Thanks. 

Replies (4)

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By Paul Crowley
06th Apr 2024 22:38

If you are going to change it, I would use a journal dated March to keep prior reports unchanged.
There is no right or wrong answer.

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Replying to Paul Crowley:
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By Nic1234
06th Apr 2024 22:51

Thanks Paul. Yes, I thought as much as that there isn’t a right or wrong so it was interesting to see what others recommended.
Re, the journal, do you mean CR the original nominal and DR fixed assets? That would make sense and posting into March so it still looks “right” at the end of the quarter.

Thank you again.

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Replying to Nic1234:
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By Paul Crowley
06th Apr 2024 22:56

Yes, exactly what I would do.

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By tom123
08th Apr 2024 12:59

I generally advise my team to correct all errors in the current month, unless they are so fundamental that you need to "re-issue" the prior month.

Not uncommon to review for fixed assets after a month has been completed anyway.

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