Handling corrections and late data.
WHAT LATE-ARRIVING DATA IS
Records for a period that arrive after that period was processed.
WHY IT HAPPENS
Source delays Corrections Transactions settling later
WHAT IT BREAKS
Reports already produced for that period.
WHAT THE OPTIONS ARE
Restate: reprocess the period, changing historical figures
Insert corrections as new records dated when known Hold a window open for a defined period before finalising
WHAT TO DECIDE
Which the business requires.
WHY IT IS A BUSINESS DECISION
Financial reporting frequently requires figures not to change once published.
WHAT TO RECORD
Both when the event occurred and when it was recorded.
WHY
It allows reporting as-of any point, and explains why a figure changed.
WHAT THAT PAIR IS CALLED
Event time and processing time.
WHAT REVERSAL ENTRIES ARE
Records negating a previous one, rather than deleting it.
WHY THAT MATTERS
Deletion destroys the audit trail; reversal preserves it.
WHAT TO NEVER DO SILENTLY
Change a published figure.
WHAT TO DO INSTEAD
Change it, and record that it changed and why.
