I've been given some yearend journals from the auditors, one of the jrnls is to go into the credit card control account apparently to correct it, althought the credit card account has been reconciled and therfore all entries on the statement must have been entered somewhere?? I have querried this with the auditors but not getting any answers to my problem.
If I do this jrnl it will through out my balance going forward. I've not been with the company long so don't have any history to previous yrs. any suggestions appreciated????
I'm thinking of putting it in last years so they get the balances they want and taking it out in this years....can't think of doing it any other way really??
You really need to get an answer from the auditor as to what the journal relates to, as by guessing what to do with it would not be good for the following year end. If there has been an error, you need to know what that error is.
If they will not tell you, you will have to do the journal and live with the amount in the balance, and the reconciling will be easy enough to do, just ignore this entry.
I agree you should get the answer from the auditors. What sort of company are you working at? Some of the auditors are only ever happy to speak to CFOs and company accountants, so if you are not the company accountant they must have told it to him/her. Or if you have some time you might could double check the a/c or is it control a/c you might spot the mistake yourself. I would not question the auditors decision, they are highly qualified chartered accountants and strictly regulated (not all accountants allowed to do audit), they should know what they are doing... And if the accounts are audited every year, you shouldn't put the balance in previous years. If there was a mistake in previous years they would have done it than.
Hi I've had a quick look back and I think the entries have been entered in Jan which is the start of the new year. but if the balance on the control account is not balancing with the credit card statment surely it should have gone in as an accrual??
The accountants are speaking to me but they are just not sure what the previous bookkeeper had done and therfore not clear on providing any amswers.
Thay have now finalised accounts anyway and as P say's I will just have to live with it and ignore the balance.
You can carry that balance forward either it will come up on next years audit again or from next year all will be fine ;) Still, them being auditors I think they must give you a reason for the journal entries needed, ok they don't have to provide you with practical solution but they must tell the reason to someone at your company. Me personally I don't like unsolved problems so I would just chase it find out what the actual problem was! But that's just me,lol
I agree with you both, I don't like putting things through that are not right, I probably will delve into it....because I'm like that - sad I know, who knows I may even find the answers and correct the problem.
but for know I have to close tha accounts and move on.....unhappily!!
