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Adjusting Journal Entries Vs Correcting Journal Entries

If you are studying any course or if you are practising as accountant, you have surely passed the adjusting journal entries and correcting journal entries. Do you know its actual difference between two types of journal entries. If no, come and learn the real difference between two types of journal entries.

1. Meaning 

Meaning of Adjusting Entries

Adjusting journal entries are passed keeping financial statement on the basis of accrual basis. It means, we will not keep our financial statement on cash basis. For this, we need to pass following adjustment entries

1. Journal entries of outstanding expenses
2.  Journal entries of advance expenses
3.  Journal entries of outstanding revenue
4.  Journal entries of advance revenue

Meaning of Correcting Journal Entries

These journal entries passed after finding the mistakes in journal entries. These journal entries for correcting mistakes. Like every human mistake can be improved. Our financial records can be improved by finding and passing correcting journal entries.

For example

We have debited any account but actually it should be credited and other account which should be debited, we have written credited. So, we need to correct this mistake by passing reverse journal entry.

2. Time of Passing Journal Entries

Adjusting Journal Entries are passed at the end of financial year.

Correcting journal entries are passed at any time when we have found mistakes in journal entries.

Related : How to Do a Negative Adjustment in Accounting

 


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Accounting Education: Adjusting Journal Entries Vs Correcting Journal Entries
Adjusting Journal Entries Vs Correcting Journal Entries
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Accounting Education
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