Corrections
Review and manage adjustments with the corrections report.
The corrections report provides an overview of any adjustments made within your accounting period. This report ensures that any amendments to previous entries are documented and accounted for, maintaining integrity and accuracy in financial records.
Corrections report displays corrected ledger entries, ensuring the accuracy and transparency of your accounting data. Corrections occur when changes are made to ledger entries in closed accounting periods. These changes are due to:
- Data import for past transactions
- Adding, updating, and deleting chart of accounts mappings or rules
- Modifying revenue settings
- Bug fixes introduced by Revenue Recognition system upgrades
To allow corrections to backdate to their original periods, reopen the closed accounting periods with accounting period control.
Corrections report
The corrections report details transaction adjustments, helping you track modifications and ensuring that your financial statements remain accurate and up to date.
| Columns | Description |
|---|---|
| Accounting period | The accounting period during which the correction is applied |
| Open accounting period | Indicates whether the accounting period is open |
| Original accounting period | The initial accounting period of the original transaction before correction |
| Currency | The currency in which the correction is applied |
| Debit | Monetary amount adjusted as a debit |
| Credit | Monetary amount adjusted as a credit |
| Amount | The net effect of the correction, calculated as the difference between debits and credits |
This report is crucial for maintaining transparency and accuracy in your accounting records, ensuring that any necessary corrections are thoroughly documented and reflected in your financial statements.
The corrections report works with other reports such as debits and credits, trial balance, and the income statement to provide a comprehensive view of financial transactions and adjustments.
Download the report in various formats from our statements page.