USA Duplicate entries for closed periods

[kpif83]

Hi, I just recently started working for a company and I noticed that they have multiple duplicate transactions in their quickbooks register. These duplicates are from 2007-2011. I want to get these fixed because it is throwing off the balance. We currently have an accountant and he advised that I should just delete them. From my understanding, it seems like this isn't the correct way of fixing the situation. So I wanted to get a second opinion.

2007: Duplicate expenses-$269.87 Duplicate Deposits-$698.04
2008: Duplicate expenses-$59.02 Duplicate Deposits-$0
2009: Duplicate expenses-$3,120.94 Duplicate Deposits-$4,100.11
2010: Duplicate expenses-$7,331.35 Duplicate Deposits-$5,246.50
2011: Duplicate expenses-$117.00 Duplicate Deposits-$1066.50

What would be the best way to take care of these discrepancies since they are in closed periods?

Thank you

 

[Triest123]

Hi, I just recently started working for a company and I noticed that they have multiple duplicate transactions in their quickbooks register. These duplicates are from 2007-2011. I want to get these fixed because it is throwing off the balance. We currently have an accountant and he advised that I should just delete them. From my understanding, it seems like this isn't the correct way of fixing the situation. So I wanted to get a second opinion.

2007: Duplicate expenses-$269.87 Duplicate Deposits-$698.04
2008: Duplicate expenses-$59.02 Duplicate Deposits-$0
2009: Duplicate expenses-$3,120.94 Duplicate Deposits-$4,100.11
2010: Duplicate expenses-$7,331.35 Duplicate Deposits-$5,246.50
2011: Duplicate expenses-$117.00 Duplicate Deposits-$1066.50

What would be the best way to take care of these discrepancies since they are in closed periods?

Thank you

=> The audited reports for 2007 - 2010 have been issued, right ?

 

[kpif83]

Yes I believe they have.

 

[Triest123]

Yes I believe they have.

=> I suggest you can make the adjustments in the current year 2012
as the amount is not material.

 

[kpif83]

How would I do that?

 

[Triest123]

How would I do that?

From your limited information, I don't know how to do it as they are seem to be unbalance.
Just talk with your accountant, perhaps he can do it.

 

[kpif83]

Okay, thank you. My accountant's advice was to just delete these transactions.

 

[Triest123]

Okay, thank you. My accountant's advice was to just delete these transactions.

Don't delete these transactions, it would make your balance sheet "unbalance" !!!!!

 

[kpif83]

I won't. I knew that this is the wrong way to handle them. I am going to talk to my boss about getting a new accountant and I will probably just wait to handle these until then.