Shortfall, if cited incorrectly (7)
I believe the answer is:
deficit
'shortfall' is the definition.
('deficit' can be a synonym of 'shortfall')
'if cited incorrectly' is the wordplay.
'incorrectly' indicates an anagram (I've seen this in other clues).
'if'+'cited'='ifcited'
'ifcited' anagrammed gives 'DEFICIT'.
(Other definitions for deficit that I've seen before include "Show this to make a loss" , "Excess of expenditure over income" , "Arrears" , "Shortfall in revenue" , "Excess of liabilities over assets" .)