Dealing with the arcane UK clearing system

[Keith A. Milner]

On Tuesday 30 October 2007 16:46:41 Alexander Titov wrote:
> gnu cash is intended to record your company's operations rather then
> your bank's operations. So record the transfer transaction with the date
> your company decided to do it. You can ask your bank for moving money a
> few days later. When the money is transferred by bank and you see them
> at statement - check the cleared flag on the transaction.
>

I agree.

This sort of excruciating transactional detail isn't normally required. Even 
large organisations don't normally record it unless banking or other related 
transactions are part of their core business.

By the way, I don't believe this is due to the UK being more arcane than any 
other banking system. From my experience, European banking seems to be more 
modern than some other Western banking systems I have experienced. Clearing 
delays happen in many banking systems and, these days, I suspect they are 
partly an artificial way of making more money from you.

Cheers,

-- 
Keith Milner