Sunday, December 18, 2011
The 7 Most Common PCLaw Errors – Simple posting errors
Simple posting errors are not accounting errors (posting to the wrong account), which would be incorrect no matter what program you are using. The posting errors I am writing about are using the wrong method in PCLaw to post your entry.
Here are just a few examples:
- Using a firm receipt to post to Accounts Receivable (1200)
- I have seen a general cheque where the explanation was something like postage, and the G/L account used was 1000 (I guess the thought was to deduct the postage from the bank)
- using a G/L adjustment to post to a control account (General banks and HST can be posted to, as long as you check the “appear on journal” box)
- using Receive Payment to receive more funds than the amount owing - creates a general retainer – instead, deposit into trust and then immediately pay the receivable
- using Expense Recovery to post hard cost instead of using a bank account (however, Expense Recovery can be used to recover for an old bank entry where the matter was omitted)
Just locate the error, and remove it, or do a reversing entry.
As always, I invite your comments and suggestions for future post topics. Next week – Trust Errors.