Even an experienced accountant is not immune to making mistakes when writing a report. You can incorrectly indicate a particular business transaction, with an error calculate the tax base. Accounting deficiencies and their negative consequences can be mitigated. The procedure for eliminating inaccuracies depends on the time of detection and the nature of the error.
Instructions
Step 1
If an incorrect posting was issued, as a result of which the exceeded amounts were charged, you must make a reversal posting. If the amount was underestimated during the accrual, then issue an additional charge. Do not forget to accompany all corrections with supporting forms: primary documentation that was not carried out in the reporting period when the error was made, or an accounting statement containing the justification for the corrections.
Step 2
If an error is found before the end of the year in which it was made, corrective entries must be made in the reporting period when it was discovered. If the error was revealed at the end of the year, but before the approval of the statements, make corrective entries on December 31, before the statements were approved. If a defect was noticed after the approval of the statements, then it must be corrected in the reporting period that was not submitted, but in which it was found. Do not forget that in no case should you correct the approved reporting. It is strictly forbidden to correct information from long-standing periods, therefore there is no need to submit corrected reports.
Step 3
If you find the amount of loss or profit from previous years, report it as an expense or income in the “other” category. For expenses of previous years, make the posting Debit of account 91-2 Credit 02 (60, 76.). For the income of previous years, a posting is made through the Debit of account 62 (76, 02) Credit 91-1.
Step 4
If an error is identified in the published statements of the joint-stock company, while it is significant enough and can distort the final financial result, it is necessary to report it in the organization's news feed.
Step 5
Please note that a mistake in the accounting statements can lead to administrative liability. A gross violation of the rules of the procedure for submitting financial statements begins with a distortion of one line of the accounting report within 10 percent.
Step 6
If it is necessary to reflect in accounting the expense for the past year, which was revealed after the annual financial statements were submitted to the organization on PBU 18/02, a number of contradictions arise. After all, you need to make adjustments in two periods. Over the past year, the company has the right to make corrections only in tax accounting. In this case, submit an updated declaration for the period in which the error was made. Further, recognize the unaccounted amount on account 91-2, category "Other expenses", then write off to the current account 99, category "Profit and loss".
