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IntermediateSITUATIONAL
You discover a subcontractor invoice was billed to the wrong project and materially inflated that project's costs; what immediate steps do you take to resolve accounting, billing, and stakeholder communication?
Project Accountant
General

Sample Answer

First I isolate the error: I suspend any further postings and tag the invoice as disputed in AP. I trace transaction history and identify the correct project using the subcontractor contract—this took me 90 minutes on a recent $450k mispost. I immediately correct the GL with a reversing entry and post to the right project, documenting the reason and attaching supporting emails. I notify the PM, Revenue Lead, and CFO with a concise impact summary showing a $450k cost overstatement and the corrected margin improvement of 3.2%. If customer billing was affected I coordinate a credit/memo with Billing and get stakeholder sign-off within 48 hours. Finally I update controls: add project code validation in AP and a weekly cross-check that prevented repeat errors.

Keywords

Suspend posting and tag invoice as disputedMake reversing GL entry and re-post to correct project with documentationCommunicate impact to PM, Revenue Lead, and CFO and fix customer billing if needed
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