Tip: Corrective entries

Before starting

Check this article for more information about advanced accounting entries.

Corrective entries

Usefulness

If you notice an entry error in your accounting after the fiscal year-end, we recommend making a corrective entry in order to regularize this difference. 

If this seems complex to you, we advise you to consult a chartered accountant. You can also cancel the closing, but this involves the risk of deleting entries. 

The corrective entry should be made at the beginning of the following year. Once entered, it allows you to correct the discrepancy while keeping a trace of this adjustment. 

Closing carry forward account

The entry in the closing carries forward account is blocked in order to avoid inconsistencies and unbalancing the balance sheet.

To correct an N-1 debt/receivable that no longer exists, use the extraordinary income and expense accounts. This entry can be made from the Expense/Revenue module and/or via a credit note entry. 

If you are not sure which account to use, consult an accountant. However, do not hesitate to contact us if your question concerns the functionality to use to enter/correct the situation.