incorrect reference numbers

Fund Accounting, Accounts Payable, Accounts Receivable, Payroll

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neac
Posts: 68
Joined: Mon Jan 28, 2019 8:26 am

incorrect reference numbers

Post by neac »

Hi,
I found this while doing monthly bank reconciliation: we have some cheques that were posted using the wrong cheque/reference numbers.
Should I go back and reverse all the transactions and input the correct reference numbers for each, or I could simply include a note in the Transaction notes of the posted transactions?

NeilZ
Posts: 10208
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
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Re: incorrect reference numbers

Post by NeilZ »

neac wrote:Hi,
I found this while doing monthly bank reconciliation: we have some cheques that were posted using the wrong cheque/reference numbers.
Should I go back and reverse all the transactions and input the correct reference numbers for each, or I could simply include a note in the Transaction notes of the posted transactions?
You want to provide a full audit trail of changes, so my advice is to void the check in Accounts Payable, reissue the check with the proper accounts using Manual Checks with the original date and check number (or corrected information), and post everything to Fund Accounting. In the voided check comment block comment on why it was voided, and in the reissued manual check, comment on why this is a replacement.

This may take a bit longer to do, but you have a proper accounting of all changes and ti will update the vendor records properly.
Neil Zampella

Using PC+ since 1999.

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