Cheques and Reconciling

[Derek Atkins]

Use the "cleared/reconciled" flag as it is meant to be.
A delay in processing the check shouldn't affect your
reconciliation at all.  You just continually skip the
check transactions until they are actually cleared.

Basically, when the funds leave your account you mark a
transaction as 'cleared'.  This means that the "cleared balance"
should be accurate to the amount of money you actually have
in the account.  The reconciled balance should match your last
month's statement.  And the "present value" matches how much
you have if everything cleared right now.

-derek

"Stewart V. Wright" <svwright+lists at amtp.liv.ac.uk> writes:

> Hi All,
> 
> For some reason the UK is a big fan of cheques.  For example, I must
> pay my rent by cheque[1].
> 
> However when I pay for anything with a cheque there is a delay between
> the date that I write the cheque and the date that it is cashed (for
> example my landlord often waits and cashes three months worth of rent
> cheques at the same time...).  Naturally this screws up the
> reconciling of my bank statements, and confuses the amount of money I
> have in my account and the actual value of my Net Assets...
> 
> Does anyone have a suggestion for what to do?  I was thinking of
> creating a Liabilities:Cheques account, and then transferring money
> from my Assets:Current Assets:Savings Account over when the cheque is
> finally cashed.
> 
> Are there any other ways to do this?
> 
> 
> 
> Thanks,
> 
> S.
> 
> 
> 
> 
> [1] ASIDE: This was a really big hassle when I first moved here,
> unable to open a bank account until I had some record of me living at
> an address, unable to get paid until I had a bank account, and unable
> to pay my rent except by cheque!
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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