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Hi! In this video Im going to discuss correcting entries, which is how accountants fix their mistake. So correcting entries are journal entries that we do to fix mistakes that were made in previous journal entries. In accounting, you cant go back and delete journal entries. Thats not allowed you need to keep that trail of what happened in the past. So instead you do correcting journal entries. Now, of course, if you never make any mistakes theres no need for correcting entries, but every accountant makes mistakes. We record our correcting entries as soon as we find out that weve made an error. You do them as soon as possible. Of course we need to do them before we do our closing entries for the year. So that we can get all the proper information in that year. Theres two methods for recording correcting entries. The first method is the reverse the original incorrect entry, and then just write the correct entry that they should have done in the first place. The second metho