You may frequently receive transactions, such as product orders, membership joins, and event registrations, through the mail or over the phone.In these cases, the payment is often deposited before a staff member can enter the transaction into i MIS, but you need the transaction date in i MIS to match the true date of the transaction.hen companies get desperate to show earnings or reduce losses, sometimes they resort to fraudulent timing differences to show phony profits.
To accomplish this task, staff users can easily backdate their own and On Behalf Of cash and check transactions.
Note: "You cannot backdate transactions that use gateway payment methods, such as credit cards and Pay Pal.
The transaction is added to an open batch for the entered transaction date.
If all batches for that date are closed, a new open batch for the date is automatically created.
The allegations of illicit sex, drugs, and rock and roll reminded me of the 60s ... Sure, Broadcom had to take a $2.2 billion charge to fix the accounting mess left by the company's former executives.
But how does that relate to hiring prostitutes and drugging customers without their knowledge?
For more information on batches, read the Managing automatic batches from the Staff site article.
In researching this post, I came across a number of recent reports on Henry Nicholas III, the once high-flying CEO and cofounder of Broadcom. While the story was enthralling, I didn't understand what any of it had to do with a federal investigation into stock option backdating.
The entered transaction date is used as the order date, payment date, and the date of all journal entries.