Correcting Posted Transactions

Because Accounting and project control are so closely integrated, you must process corrected transactions using the appropriate transaction form.

Deltek recommends that you correct an inaccurate transaction that has already been posted using the same transaction type as the original entry. For example, if a 7500.00 cash receipt is applied to project 212005.00 and should have been posted to project 212000.05, than a new Cash Receipt transaction file should be created using the same reference and bank codes. The two detail line items would look like this:

Invoice # 602	212005.00	111.00 (AR Account)		7500.00
Invoice # 602	212000.05	111.00 (AR Account)		7500.00
			Net Total:	0.00

Use journal entries for correcting posted transactions only as a last resort. You must use the appropriate forms when any type of code (such as bank code, liability code) is referenced in the original entry, as this will impact sub-ledger reports such as Accounts Receivable and Accounts Payable.