"correcting" transactions

[John Ralls]

On Feb 20, 2014, at 7:25 PM, John R. Sowden <jsowden at americansentry.net> wrote:

> I have been reading a lot recently about correcting, removing, etc. transactions.  This is typically a no no in accounting.  I am not a CPA, but I have a general idea of GAAP (generally accepted accounting practices).  It does not allow for removing or editing existing transactions without an audit trial.  A simple was to do these things is to create "reversing entries" as general journal entries with explanations.  If the business owner is the only person using gc, and the resulting reports is only for his/her use, this is more of a formality, but if a bookkeeper/embezzler is using gc, this allows transactions to be hidden/altered.  Not a good thing.

I think we're pretty consistent in saying that if your business needs audits or formal controls GnuCash is not the program for you. 

Regards,
John Ralls