reconcile outstanding checks

[Gregory Forster]

Hi,

     I do have an accounting background and reconcile several  accounts 
each month.  I use GC for my own personal and business accounts and use 
Peachtree Accounting for others. Maf is  right.  I still have not 
figured out though, how to print a report in GC of your outstanding 
checks and deposits and other transactions. Peachtree and Quicken do 
very  nice jobs of that.  How do you do that in GC?  If you cannot do it 
in GC, I think that is one important ability that should be added.  One 
reason is, many times checks will eventually clear the bank for a 
different amount than what was recorded.  Tellers DO make errors. The 
biggest hassle is going to the bank with proof. Bank personnel have an 
attitude that their accounting system is 100% foolproof.

Greg

On 7/19/2011 11:32 AM, Maf King wrote:
> On Tuesday 19 Jul 2011 17:04:05 mchaires at comcast.net wrote:
>> When I use the Reconcile function, how do I account for outstanding checks?
>> The only way I see to reconcile an account with outstanding checks is to
>> clear the checks, even though they weren't paid in  this period.
> Hi,
>
> I think that you may be mis-understanding the use of the reconcile function.
>
> The idea is that you compare your account with a statement from the bank - if
> they send you a statement today, then it won't show checks that you may have
> written recently.  that doesn't matter - you probably know more than your bank
> about pending and future transactions!
>
> the idea of reconciling is to make sure that you agree with everything on the
> statement, and that you check that the bank haven't for example paid a check
> twice.
>
> You enter the closing balance of the statement, and try to "tick-off" items in
> your GC register to come to the same total - there will often be items in the
> gc register that havn't shown on the bank statement (yet).
>
> HTH,
> Maf.
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