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General Accounting Discussions: Journal Entry posted at the beg of 09 instead of end of 08

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    • CommentAuthorjengel
    • CommentTimeJan 19th 2010 edited
     
    Our clients bookkeeper posted a 12/31/08 journal entry to 1/1/09.

    The journal entry was Misc Exp $66 (debits)
    Payables $66 (Credits)

    Now the misc exp has a -66 balance.

    I need to make the entry to correct last years. Do I just reverse?
  2.  
    Well it seems to me a quite interesting question but let me clear what you want to ask? i mean clear your question!
    • CommentAuthorherrcui
    • CommentTimeJan 30th 2010
     
    If 12/31/08 and 1/1/09 fall in the same fiscal period, I don't think there is any impact whether you correct the entry or not. Your p&l will look the same.
  4.  
    You are right herrcui and now i understand your question! Good work
    • CommentAuthorpk
    • CommentTimeFeb 3rd 2010
     
    If both the dates do not fall in the same fiscal period, then reverse the entry posted in 1/1/09 and repost it for period 12/31/08

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