Re: no change capabilty for a transaction

[Terry C. <te...@wo...>]

"Leo R. Masciuch" wrote:
> 
> I don't believe that GAAP (Generally Accepted Accounting Principles)
> requires the inability to alter or delete transactions. 

As I understand it, you do not alter a transaction, but reverse the
transaction. So if I make a pay a bill and accidentally record it as
being done by my cheque account, rather than my credit card, that
accidental transaction is reversed (net effect zero), rather than
deleted. This entry and reversal simply records the mistake, so should
it have caused some other problems, you/someone can find the cause in
the future.

-- 
   Terry Collins {:-)}}} Ph(02) 4627 2186 Fax(02) 4628 7861  
   email: te...@wo...  www: http://www.woa.com.au  
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