Correct for mistakes from a decade ago

by Foresta
(Berkeley, California)

Know When to Seek Professional Advice

Know When to Seek Professional Advice

I'm helping to clean up the balance sheet of a small non-profit. The Paypal bank account has never been reconciled (!) and is about $10,000 off (!!!) showing excessive assets that unfortunately don't exist. I tried to locate the mistake but the books date back to 2003, and only have PayPal bank statements for 2 years back, so even if I had time to reconcile for the last 15 years, I wouldn't be able to.

My guess is that there was a period when more than one unqualified person was entering into Quickbooks, and there are many payments that were entered twice, I see that sometimes a deposit of various payments are all entered together, and other times individual payments are entered.

I have an idea of how to cook the books by making changes to a period so long ago that no one will notice, but I should probably resist this idea since it's a non-profit, a small one, but still more likely to get audited.

Any ideas of how I can zero out the PayPal bank and start reconciling?
Thank you!

section divider

I agree that you don't want to do anything that would jeopardize the NPO's status. I would consult with a qualified certified accountant who specializes in NPOs for their advice on how to proceed.

Some of my readers may wish to chime in and make suggestions as well.

Click here to post comments

Return to Unanswered Bookkeeping Questions.

Enjoy A Tea Break With
Me Today. Let's Chat!

Use the search feature to quickly find the
information you're looking for.

Your Learning Curve!


Join Me On Facebook

Help support this site by "liking" me! Here's where I post current information.

Listed Under Websites NOT Local Business.
This website is NOT associated with the business operating in Bonnyville AB.

A Handy Reference