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Accounting & Bookkeeping & Small Business Forum
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| Posted: Tue Aug 10, 2004 3:26 am Post subject: Another question about adjusting accounts |
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Thank you Richard.
Would I use this same cash short or over for other accounts too? For example, if the bank account is off by a couple dollars. There are also 2 other accounts that are off by $800 and $1200. Before I started doing books for them, they would put their credit card sales and undeposited funds in holding accounts until the funds were electronically deposited into the bank account. At that point they would then transfer the amount to the bank account in QB. Subsequently, after 2 years of doing it this way, those holding accounts are off by a few hundred dollars. It would take more time than it is worth to go back and fix it all, so I just want to adjust those accounts do zero. Would I use these same discrepency (short or over) accounts? Thanks for any help. Becky |
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Guest
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| Posted: Wed Aug 11, 2004 2:59 pm Post subject: RE: Another question about adjusting accounts |
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| Your correct -- good job. The work associated with finding the discrepancy will likely exceed the value. You should just write off the differences to the over/short account then be vigilant in keeping track of the balances in the future. |
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