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Posted by KBH on October 6, 2006, 12:33 am
Please log in for more thread options > Hi, KBH.
>
> Bookkeepers are human. Mistakes do occur. And when they are discovered,
> they often must be corrected. How?
> "Draw a single non-obliterating line through the incorrect entry, write
> the correct entry immediately above it, and initial the change."
> In one's personal records, for one's own use, there was no need to be so
> persnickety. But in a company or other organization, where anyone other
> than the bookkeeper himself/herself would be relying on the entries,
> strict standards were required.
>
> Nowadays, Quicken and other computer programs make it easy to delete an
> entry - correct or not - so completely that no one can tell that it was
> ever there. That is why I've said several times in this newsgroup that
> Quicken is a great program for personal recordkeeping, but NOT for
> "third-party" accounting. That's my own terminology for records that are
> to be relied on by third parties. "First-party" accounting would be where
> I keep my own records for my own information, just as I keep my own
> checkbook and can make
Yeah, there are a couple of good responses to my comment...
The investor portfolio accounting software that I develop has a Backup file
command and an Install Backup file command. So if mistakes are made but
found before Backup then the set of backup files could be installed to start
over from a previous point. That gives just a short time-frame opportunity
to avoid bad entries...
But once the mistakes are backed-up then both sets of files have the
mistakes. In that case just make a same date same-amount counter-balancing
transaction and the situation is obvious. And there's no problem because the
software never makes mistakes and never fails to handle difficult
situations...
430 No such article
> Hi, KBH.
>
> Bookkeepers are human. Mistakes do occur. And when they are discovered,
> they often must be corrected. How?
> "Draw a single non-obliterating line through the incorrect entry, write
> the correct entry immediately above it, and initial the change."
> In one's personal records, for one's own use, there was no need to be so
> persnickety. But in a company or other organization, where anyone other
> than the bookkeeper himself/herself would be relying on the entries,
> strict standards were required.
>
> Nowadays, Quicken and other computer programs make it easy to delete an
> entry - correct or not - so completely that no one can tell that it was
> ever there. That is why I've said several times in this newsgroup that
> Quicken is a great program for personal recordkeeping, but NOT for
> "third-party" accounting. That's my own terminology for records that are
> to be relied on by third parties. "First-party" accounting would be where
> I keep my own records for my own information, just as I keep my own
> checkbook and can make
Yeah, there are a couple of good responses to my comment...
The investor portfolio accounting software that I develop has a Backup file
command and an Install Backup file command. So if mistakes are made but
found before Backup then the set of backup files could be installed to start
over from a previous point. That gives just a short time-frame opportunity
to avoid bad entries...
But once the mistakes are backed-up then both sets of files have the
mistakes. In that case just make a same date same-amount counter-balancing
transaction and the situation is obvious. And there's no problem because the
software never makes mistakes and never fails to handle difficult
situations...
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