At Sun, 13 Sep 2009 13:41:22 -0500 "T. Howell-Cintron" <lists at kathera.com> wrote:
>
> T. Howell-Cintron wrote:
>
> I know it's bad form to reply to your own message but after re-reading
> it I figured I could better put my question, as this:
>
> When dealing with your checking/debit account do you enter the contents
> of receipts immediately, and during reconciliation verify the expenses
> with your bank, or do you wait for your bank to clear the transaction
> and just assume it's reconciled at that point?
You enter them right away. The idea is that you've spent the money --
it is for all practical purposes gone on its way -- it just might end
up taking a more convoluted and scenic route to where it is going and
may enjoy a few 'stopovers' (eg spending a day in Frederal Reserve Bank
Land) on its trip (as opposed to the direct, "no frills" flight). The
fact that the money might sit in your bank account for a few days makes
little difference, unless you plan to 'live dangeriously' and use the
few days of 'idle' time to spend *the same money* again and then
somehow replacing it before the check clears.
>
> (Please be gentle.. I'm new to GC, new to accounting, and it's a hard
> change to make when you're used to keeping your cash in your pillowcase)
It is not really any different on one level. And it is always 'safer'
(less chance of overdrafts, etc.) to think of things in the same way as
you did when you kept actual dead presidents in your pillowcase...
>
> Thanks again,
> Tom Howell-Cintron
> _______________________________________________
> gnucash-user mailing list
> gnucash-user at gnucash.org
> https://lists.gnucash.org/mailman/listinfo/gnucash-user
> -----
> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.
>
>
--
Robert Heller -- 978-544-6933
Deepwoods Software -- Download the Model Railroad System
http://www.deepsoft.com/ -- Binaries for Linux and MS-Windows
heller at deepsoft.com -- http://www.deepsoft.com/ModelRailroadSystem/