reconcile outstanding checks

Elizabeth Dodd edodd at billiau.net
Tue Jul 19 16:49:54 EDT 2011


On Tue, 19 Jul 2011 17:32:56 +0100
Maf King <maf at chilwell.net> wrote:

> On Tuesday 19 Jul 2011 17:04:05 mchaires at comcast.net wrote:
> > When I use the Reconcile function, how do I account for outstanding
> > checks? The only way I see to reconcile an account with outstanding
> > checks is to clear the checks, even though they weren't paid in
> > this period.
> 
> Hi,
> 
> I think that you may be mis-understanding the use of the reconcile
> function.
> 
> The idea is that you compare your account with a statement from the
> bank - if they send you a statement today, then it won't show checks
> that you may have written recently.  that doesn't matter - you
> probably know more than your bank about pending and future
> transactions!  
> 
> the idea of reconciling is to make sure that you agree with
> everything on the statement, and that you check that the bank haven't
> for example paid a check twice.
> 
> You enter the closing balance of the statement, and try to "tick-off"
> items in your GC register to come to the same total - there will
> often be items in the gc register that havn't shown on the bank
> statement (yet).
> 
> HTH,
> Maf.
>
Then, after the reconciliation of the written statement, in paper
accounting, you can write a reconciliation report in which you list the
unpresented cheques and unlisted deposits, do your addition and
subtraction and then state how much money you really have.
Gnucash presents that at the bottom of the account, and in the accounts
tab, but doesn't make a formal report of that data for
printing.


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