How to fix a 50 cent bank error

[Mike or Penny Novack]

On 4/25/2017 9:18 AM, Maf. King wrote:
> Hi Anita.
>
> That is exactly what I would have done.  Glad you are feeling comfortable
> again!
>
> Maf.
People should keep in mind that when I describe "what to do" I am 
following somewhat more formal accounting procedures because I am 
primarily doing organizational accounting. I would be using the same 
strictness in personal books mainly because it is safer to use the same 
standard for all the books I keep.

So I would have dated a transaction entering the bank error (into a bank 
error child of the bank account) effective the date the error discovered 
(or the date made if the error was the bank misreading a check amount) 
and then a second transaction closing the error to miscellaneous income 
with the date the bank told me of the decision that they were giving it 
to me.

For those of you using more informal accounting, doing things like 
changing existing transactions to fix them instead of entering reversing 
transactions, especially for personal books that are for your eyes only 
in any case, go ahead and correct things more freely. It is quicker/easier.

Michael D Novack