Closed acct with balance

[Mike or Penny Novack]

>It sounds like $68.71 of legitimate charges you had made did not transfer to
>the new account.  If this is the case then effectively you have reduced
>expenses by $68.71.  I would debit Credit Card and credit either an Expense
>category (to treat the windfall as a reduction in expenses) or an Income
>category (e.g. Income:Miscellaneous to treat the windfall as income).
>Either way it is a gain to equity (net worth).
>
>I suspect that the bank will eventually correct the issue.
>
>  
>
That last line is not only important (even if you don't tell them) but 
you should be telling them. The purpose of reconciliation an account 
with an external party isn't just to find your mistakes but theres.

Create a child account "bank error" for this item since you may have to 
carry it around for a while It took months before the bank decided how 
to handle a ONE CENT error (they misread a check). I doubt it would take 
it that long in your case but my organization is a 501(c)3 so the bank 
needed to make a policy decision (do we correct a small error of that 
sort or do we in effect "donate" it to the organization)

The "bank error" item will let you balance/reconcile the account until 
such time as the error is corrected.

Michael