Maintaining crystal-clear financial records is crucial for any project. This guide details the standardized process for recording refunds and balance changes in the shared OrientDig spreadsheet, ensuring transparency and preventing accounting confusion.
1. Designate and Prepare the Tracking Sheet
Within the main OrientDig workbook, ensure a dedicated sheet titled "Transaction Log""Balance Adjustments"
2. Step-by-Step Recording Procedure
A. Recording a Refund
- Date:
- Description:
- Transaction Type:
- Amount:positive number.
- Balance Impact:Decrease".
- Updated Balance:
- Authorized By:
- Notes:
- Description:
B. Recording a Manual Balance Adjustment or Correction
- Date:
- Description:
- Transaction Type:
- Amount:
- Use positive number
- Use negative number
- Balance Impact:
- Updated Balance:
- Authorized By:
- Notes:
- Description:
3. Essential Best Practices
- Immediate Entry:
- Consistency is Key:
- Document Everything:
- Review & Reconcile:
- Access Control:
- Version History:
- Consistency is Key:
Maintaining Financial Clarity
By meticulously following this protocol for the OrientDig spreadsheet, we create a single, reliable source of truth for all financial adjustments. This discipline prevents confusion, simplifies month-end reconciliation, and upholds the highest standard of transparent accounting for the entire team.