The Case of the Phantom Funds: Avoiding Transcription Errors in Data Entry

ElectaFile Short Summary: Data entry is a killer. Phantom Money will drive you bonkers. Pro Tips to keep you sane.

Good morning sportsfans! We’ve been busy over at ElectaFile…but first, here are some tips and tricks to watch out for errors in July reporting…

One of the most common errors we see in NC campaign finance reporting has its roots in Data entry.

You as treasurers are keeping accounts in a few different places and then must enter those figures into your reporting portal (whether it’s ElectaFile, paper, or the State software).

What we see is users who come filing time cannot reconcile a few dollars over or under the cash on hand balance reflected on the reporting form with the actual cash shown in the bank account or on the accounting software.

Of course, you’re looking at the same computer screen just multiple different dashboards, so to speak.

The root problem almost what we call phantom money created by transposition of dollar figures in Data entry between the base record, I.e., the bank software or your credit card processor, and your reporting record, I.e., what you turn into the State or County Board of Elections. You either have phantom money on your report or you have phantom money on your bank ledger and you cannot figure out from whence it came…

A $95.00 contribution in real life becomes a $59.00 contribution on your campaign finance reports. You then have $36.00 in your bank account.

Alternatively, your bank account shows a receipt of $250.00 from your friendly neighborhood donor and that contribution becomes $520.00 in your draft campaign finance reports. You then have $270.00 in phantom money in your report.

These are aggravating as all get out especially as the clock is ticking on your reporting being due.

Here’re 3 Pro Tips to Help You:

1. Enter your data monthly rather than all at once. Reconcile your reporting dollar amounts against your bank statements or your processor records so you don’t have rip your hair out at the end.

2. Look for ways to cut down on data entry requirements. ElectaFile now offers free bulk uploading of CSVs as receipts, expenditures, and contacts. There is at least one other vendor who offers something similar, but not quite as awesome as our features (we love what we do…).

3. If you find phantom money, work backwards from present day so you don’t have to review every transaction in the book just to identify the root cause. You’ll still do your QC and check it all again. But working backwards to find the root cause will save you time.

Good luck and let us know when we can help you. Check out our new keyless data entry feature today. ElectaFile.com 

What is ElectaFile.com? ElectaFile offers easy and affordable electronic "click to file" services with the NC State Board and County Boards. ElectaFile is web-based and accessible from Macs and PCs with an internet connection. You only pay a small fee if you file using ElectaFile. If you need a free consultation on your situation, please let us know. If ElectaFile can help, it will. We are not your treasurer or your lawyer. If you need a professional treasurer or an attorney, ElectaFile regularly refers folks to professionals on all sides of the aisle.