When reviewing your client's Profit and Loss report, you see a number of transactions posted to the wrong account. However, the bank and credit card accounts have all been reconciled properly. Your client doesn't remember adding these transactions.
When reviewing your client's Profit and Loss report, you see a number of transactions posted to the wrong account. However, the bank and credit card accounts have all been reconciled properly. Your client doesn't remember adding these transactions.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 5DQ
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When reviewing your client's
What might have happened?
- Your client used the Reclassify Transactions tool
- Someone imported these transactions and their reconciliation status directly from Excel
- Your client added the transactions through Bank Feeds, using an item that posted to the wrong account
- Your client incorrectly added a transaction, accepted a suggested rule based on that posting, and also chose auto-add
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