Handling accounting errors caused by miscommunication

Reply Mon 17 Oct, 2016 04:13 am
How do we handle an accounting records errors caused by miscommunication. So, the boss provides services to its employees on a friendly rate. That is, he provides them services on half the normal price. He thought the accounting office knows about it. However, the accounting office records each visit on a full paying prices. The money is not yet received. Since the employees have to pay, it can be considered a revenue to come. But does the "thinking" matter at all now. Are we at loss or gain? I mean, the service is delivered but income not yet received. And when it does, is it a loss or a profit?
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