FAF3
Syllabus E. Preparing A Trial Balance E3. Control Accounts and Reconciliations

E3f. Correct errors

Syllabus E3f)

Identify and correct errors in control accounts and ledger accounts.

Types of error

  • Errors which affect the control accounts

    • Over/undercast SDB, PDB, CB.

    • Transposition error in posting total from SDB/PDB/CB to nominal ledger.

    • Entry omitted from SDB/PDB/CB.

  • Errors which affect the list of balances (receivables/payables ledger)

    • Omit balance from the list

    • List a debit balance as a credit/vice versa.

    • Transposition error in filling ledger from books of prime entry.

  • Errors which affect both the lists of balances and RLCA/PLCA

    • Details being incorrectly recorded on the original source documentation i.e. sales/purchase invoice.

    • Loss of original source documentation so it is not recognised anywhere in the system.

ACCA FA E3f Receivables ledger graph ACCA FA E3f reconciliation statement graph ACCA FA E3f Payables ledger graph ACCA FA E3f reconciliation statement graph