Yes, the principle of Materiality.
It isn't worth spending time looking for small errors. Just adjust them
out and move on.
Otherwise, I'd say enter the transaction on what you think is the proper
date and re-reconcile.
But that begs the question, how did you reconcile without it?
If you had to make an adjusting entry, that will also need to be edited
or deleted.
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I always understood Petty Cash to be for incidental expenses that didn't
necessarily need to be tracked in dedicated accounts. The physical funds
were usually accessible without issuing a check to pay for them from a
comptroller. But it is still 'reconciled' to cash receipts for
purchases/payments.
They aren't necessarily 'immaterial' but merely listed as 'other expenses'.
Regards,
Adrien
On 1/7/23 3:14 PM, Geoff wrote:
Minor Transactions
Accountants may sometimes deem minor transactions to be immaterial. This
may happen when a financial controller is attempting to close the books
for a particular accounting period. Accountants can choose to omit minor
transactions from the final calculations if they would have an
immaterial impact on the overall financial statements.
https://uk.indeed.com/career-advice/career-development/materiality-in-accounting
So, do whatever works efficiently for you. The time you spend
contemplating the "correct" date for a 60p transaction is far better
spent on what you do best - running your business.
(Not so long ago this would have been accounted for out of a bucket
called "petty cash" and reconciled once every month or so.)
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