Money in transit

[Derek Atkins]

Normally I just don't care about it...  I set the date of the
transaction to the date I make the transaction, and then I can "clear"
each split as it actually really affects the account.  This way the
"present balance" is the amount of money promised (or expected -- in
the case of deposits)..  The "cleared balance" is the amount of money
in the account _now_.  and the "reconciled balance" is the amount of
money in the account as of the last reconcile date.

Ask your accountant... YMMV.

-derek

Alex Barclay <alex at planet-barclay.com> writes:

> Hi all
> 
> How should I record a transaction where there is a delay where money
> is in transit? This seems to arise when I perform an ACH transfer
> using a third party - in this case it's Cashedge.
> 
> I can think of two ways of doing this.
> 
> 1) Transfer the money from an bank account to an "in transit"
> asset. When it arrives transfer  it from the asset into the
> destination asset.
> 
> 2) Fudge the departure or arrival date so it appears to be instant.
> 
> Which of these do you like?
> 
> Thanks
> 
> Alex.
> 
> 
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-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
       warlord at MIT.EDU                        PGP key available