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Accountingbear
Mar 16, 2007, 05:39 PM
I work for a small company but we got a new system. Last year there were payment
received but not posted to there accounts. I verified this by requesting copies of checks.
What is the correct way to input them and not putting the payment into the checking accounting . But i guess still saying that the payment were received?
CaptainForest
Mar 16, 2007, 07:09 PM
Can you just go back to your 2005 financial statements and made the adjusting entry and prepare new statements? That is, higher cash, lower AR?

Or, if that is such a huge issue, you can always just post it to 2006 if it is not a super material amount.

But if you can, just go back and adjust the 2005 numbers.