Money in transit

[John Zoetebier]

On Tue, 08 Jul 2003 20:28:26 -0600, Alex Barclay <alex at planet-barclay.com> 
wrote:

> 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?

The proper way to handle time delays is via Undeposited Funds.
This is an Asset account.
Undeposited Funds can also be used to split a cheque over several invoices.

-- 
John Zoetebier
Web site: http://www.transparent.co.nz