Robodebt - Part 3 Accountings & Algorithms
At the time I made my observations on the Centrelink data match program that raised Robodebts I held a Diploma of Accounting with currency. Centrelink's overpayment accounts better known as Robodebt in accounting are an "undue" or "unduly" paid special transaction also known as a general journal adjustment. A transaction is a summary in accounts of a financial event & in accounting. What determines a special transaction is they are often a correction of another transaction and/or relate to a prior reconciled period. Examples are returns of faulty products for credit. When the product is returned, it still relates directly to the old financial event (the sale of goods), but the return & credit often occurs in a different accounting period. The value of the original transaction itself cannot be adjusted unless it is within the same accounting period. At the end of each period "balancing the books" occurs & applying any adjustment changin...