Fixing Accounting Errors

By QuickBooks Canada Team

0 min read

When inputting significant amounts of accounting data, it is easy to make a mistake. However, it is easy to fix a mistake as well. A common accounting mistake is an error of omission, which arises when an accounting entry is missed entirely. If you are unsure why your books aren’t balancing at the end of a period, use a miscellaneous clearing account to balance your books until you locate the missed entry.

A very common mistake is a transposition error, which occurs when you input numbers incorrectly in a reverse order. To detect if a transposition error has been made, review your trial balance and see if there is a difference between your debits and credits. If the difference is divisible by 9, you have probably made a transposition error.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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