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- Oct 3, 2012
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Howdy,
I just started at this firm, and have found a few errors. For June, Two days worth of sales were ommited. For July, the margin impact (Sales - COGS) was credited to an expense account, increasing net income.
I know how to account for an error in a closed period (restatement). How do you account for an error in an interim period? Do I need to restate June and July? Can I just do a journal to tie everything out in October?
We are a private firm, owned by a public firm, that had our last review in September.
Thanks for the help!!
I just started at this firm, and have found a few errors. For June, Two days worth of sales were ommited. For July, the margin impact (Sales - COGS) was credited to an expense account, increasing net income.
I know how to account for an error in a closed period (restatement). How do you account for an error in an interim period? Do I need to restate June and July? Can I just do a journal to tie everything out in October?
We are a private firm, owned by a public firm, that had our last review in September.
Thanks for the help!!