How to Fix Entries Already Reconciled

by Bren
(Kitchener Ontario)

Adjusting Journal Entries

Adjusting Journal Entries

How do you adjust year end entries if they already have been reconciled.

Example: I did a journal entry for an asset under misc withdrawls, for the amount included with other amounts, and it should have been its own because it had HST in it.

How do I re-adjust this since I already reconciled it?

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Hi Bren,

Normally, if you have an entry from a prior period that needs adjusting, the easiest and cleanest thing to do is reverse the entry and re-book it correctly. Both of these entries would be done in the current period NOT the prior period.

When you do your next bank reconciliation, your reversing entry should offset your adjusting entry.

However, you have to be careful with year-end entries. Tax returns have been filed based on your financial records for that fiscal period.

You didn't say if it was an accountant that gave you the entry to post. If an accountant provided you with the entry, I would be very careful about changing it.

Hope this helps.

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Apr 18, 2012
by: Jane

A few months ago I wrote a check to a company for one amount, posted to pension liability, but then when I did the payroll journal entry I posted it for the wrong amount and have a difference of $206.07.

We have since closed that month. I need to do correcting journal entry. Can you help?

Thank you!

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Hi Jane,

As the above post points out, just reverse the entry and rebook it. Do both in your current period.

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