7 Common Accounting Errors for Property Managers

Accounting Errors for Property ManagersManual data entry of hundreds of numbers every day can make accountants and administrators more susceptible to errors. Data entry of invoices, bank details, account codes can be stressful, it’s very easy for numbers to become distorted especially when being inputted repeatedly. When mistakes are made in accounting the result can be inconsequential or cause a domino effect impacting the result of numbers and books.

Error of Original Entry
An error of original entry happens when the amount of a transaction is recorded incorrectly, this error is not confined to a single account or book, all the relevant accounts would show the same error of original entry appear so the books would be balanced but with the wrong amount.
Error of Duplication
An error of duplication occurs when the same record is mistakenly entered twice. This could be two debits or two credits that should in fact be one. An error of duplication isn’t necessarily limited to two repetitions of a single record, it could be any number of repeated entries that should only be documented once.
Error of Omission
An error of omission is simply an overlooked entry or a failure to record a transaction. This can happen easily if paper records of a purchase like receipts or invoices are misplaced. Errors of omissions can be partial or complete. A partial error of omission occurs when an entry is posted in only one space and not the other. A complete error of omission is when an entire transaction is missing fro……