Then your financial accounting results may look great one month – and terrible the next. So if you have an incorrect date on a transaction you end up with either income or costs posted into the wrong period. (This matching of income and cost is typically referred to as the “matching principle”).
One of the first things that help you to know how you’re REALLY doing in your business is to post income actually earned and costs incurred to earn that income in the same time period.
If you find a transaction in your accounting records and it doesn’t have the right date on it, it could be a significant problem! Why? Here are a few things to consider: Why is a “bad” date on a QuickBooks transaction a problem?
