Task 2 – Petty cash reconcilliation – undoing a transaction
5 months, 2 weeks ago
I’m checking my work prior to submitting and I realise I reconciled petty cash using a date in December, including transferring money across to bring the amount back up to $250.
I have undone the reconciliation myself, so it is ready to be reconciled again.
However I am not sure how to amend the transfer with a December date to fall on say the last day of the month (March).
Also more broadly, as petty cash may not be reconciled exactly on the last day of each month and replenished, how might this work in a real world situation if say the reconciliation work was done early the following month including withdrawing of cash from the bank account. Are the dates the work is done used or for neatness are these transactions back dated to the end of the prior month?