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Basic accounting 2

Dear All

I have just started BA2 and am totally confused with the correcting errors section.

Please can anyone give some advice/guidance

Thanks

Comments

  • Clintm15Clintm15 Well-Known FarehamRegistered Posts: 247
    Do you have any specific examples of what you are struggling with?
    AAT
    Level 2 - 2011
    Level 3 - 2012
    Level 4 - 2013

    ACCA
    F4 - Corporate Law - Dec 2015 (passed)
    F5 - Performance Management - Dec 2014 (passed)
    F6 - Taxation - Dec 2013 (passed)
    F7 - Financial Reporting - Jun 2014 (passed)
    F8 - Audit & Assurance - Dec 2015 (passed)
    F9 - Financial Management - Jun 2015 (passed)
  • wabisabiwabisabi Feels At Home Registered Posts: 130
    Hi Matthew

    I've just started this part of BA2 too. I'm finding the Learning Zone e-resource on error correction quite useful.

    All the best
  • CeeJaySixCeeJaySix Well-Known Registered Posts: 645
    3 basic rules I remembered:

    1. If you've posted to the wrong account, just do the opposite, then post correctly
    2. If you've switched debits and credits, do what you should have done the first time but do it twice (first time to cancel out the error, second time to make correct post)
    3. If you've posted incorrect figures, it's simply a matter of doing the same posts again for the difference if you posted a smaller number than the correct figure; or the opposite posts (ie. debit becomes credit, credit becomes debit) if you posted a larger number than the correct figure. If this confuses you, you can always do a full reverse of your incorrect post and then post correctly, exactly as if you'd posted to the wrong account.

    Work it out as journal entries before posting to the main ledger.

    Looks kinda complicated in writing, if you can give us an example it would make explanation easier...
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