Best way to handle checks issued but never cashed?

[Phil Longstaff]

I think 6 months is the longest you can wait to cash a check.  After that, I don't think banks will honor them.  You might want to check with your bank.

I have worked in a financial office.  With old checks, we used to void them and reissue them.  It probably depends on what they are.  If they are for friends, I would void and reissue them.  If for a business, you might want to contact them, then void and reissue them.  If it's a company you don't like, you are on your own to do as you wish :)

Phil



________________________________
From: Paul Schwartz <pmjs1115 at yahoo.com>
To: gnucash-user at gnucash.org; Jean-David Beyer <jeandavid8 at verizon.net>
Sent: Monday, May 11, 2009 10:02:36 AM
Subject: Re: Best way to handle checks issued but never cashed?




--- On Mon, 5/11/09, Jean-David Beyer <jeandavid8 at verizon.net> wrote:

> From: Jean-David Beyer <jeandavid8 at verizon.net>
> Subject: Re: Best way to handle checks issued but never cashed?
> To: gnucash-user at gnucash.org
> Date: Monday, May 11, 2009, 5:52 AM
> Marc Evans wrote:
> > Hello,
> > 
> > I have been using gnucash for several years. During
> that time I have
> > issued several (about 8) checks that the people to
> which they were
> > issued have never cashed them. These are usually more
> than 2 years old,
> > and hence I do not expect that they ever will be
> cashed. They are small,
> > adding up to maybe $200 in total. The question
> therefore is, what is the
> > best way to handle these in gnucash? For example,
> should I create a
> > special account and transfer them to this special
> account?
> > 
> > Thanks in advance for any advice.
> > 
> Can you not just void the transictions?
> 
> 
I would think that would not be good unless you actually put a "stop payment" in with your bank, and waited a decent amount of time for it to take hold. Otherwise, you could be surprised later. Better to create a ?Liability? account which contains the obligation and still allows you to align with the cash balance in your account.

HTH

Paul


      
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