A South Carolina Department of Administration report revealed origins of a $1.8 billion accounting discrepancy that has puzzled lawmakers and residents alike.

The results of the audit found that $1.6 billion of the $1.8 billion believed to have existed was the "result of incorrect journal entries."

COLUMBIA, S.C. (AP) — It turns out that $1.8 billion in South Carolina state funds weren’t just sitting in a bank account waiting to be spent. Instead, it was an accounting error compounded over years instead of being reconciled, an independent forensic audit determined.

South Carolina’s mysterious $1.8 billion in a bank account doesn’t exist. That’s the answer to the nearly year-long questions of “Where did this money come from” and “Who does it belong to?” State Treasurer Curtis Loftis says he’s accounted for every single cent.

An independent forensic audit has unveiled a $1.8 billion accounting oversight in South Carolina's state funds, dispelling hopes of a financial windfall. This discovery, rooted in past errors and compounded over years,