You discover an error in the first report after restructuring

The update has already been sent

A hypothetical company sends its first recovery update to the agreed recipients. The next morning, accounts discovers that a customer receipt was counted twice. The report overstates available cash. Preserve the issued version and investigate promptly. A quiet replacement file can leave recipients relying on different figures without understanding what changed or why it matters.

Verify the error before issuing another total

Identify the duplicate entry and trace it to the bank record and forecast. Check whether the error appears only in the report or also in the underlying accounts. Ask the accountant to confirm the correction. Keep the scope clear: one proven duplicate does not establish that every other figure in the report is reliable.

Recalculate the cash consequence

Business.gov.au's cash-flow guidance explains the relationship between opening cash, movements and closing cash. Apply the corrected receipt once and carry its effect through the relevant periods. In the hypothetical example, the correction may expose a shortfall in a week previously shown as funded. Do not stop at changing the historical total if future decisions depend on it.

Source: business.gov.au: Set up a cash flow statement

Use the agreed reporting channel

Check the arrangement and adviser instructions for how corrections should be communicated and to whom. Prepare a factual explanation identifying the affected report, corrected figures and material consequences. Avoid presenting the correction as an agreed change to payment terms. If a commitment is now at risk, seek advice on that issue expressly and promptly.

Make versions easy to distinguish

Give the corrected report a clear date and version reference and retain the original. Record who received the correction and any follow-up requested. Ask internal staff to use the corrected figures when making purchasing or payment decisions. Do not erase the original to create the appearance that the error never occurred.

Fix the control that allowed the mistake

Identify a proportionate check, such as reconciling report receipts to the bank before release and assigning a reviewer. CRP can help organise the recovery review. The useful outcome is an accurate shared position and a practical prevention step, rather than a polished report whose readers cannot tell which figures remain dependable.