Lost Checks - No Payee - Best Practice

Michael Hendry hendry.michael at gmail.com
Mon Jun 1 19:18:06 EDT 2015


> On 1 Jun 2015, at 23:50, Milton Stern <drmoshe5 at gmail.com> wrote:
> 
> Ordered Checks lost in transit from Bank to Bank Account Holder.
> 
> Anyone have a good methodologies for documenting these checks (ie
> "Transfer" field, documentation of lost checks)

I’m not sure what you mean by “Ordered Checks”, but will assume that you didn’t issue them yourself, but asked the bank to print them for you, and to send them to the respective payees (or their banks).

The usual rule for a check which you’ve issued but which has never been cashed is to record the issue of the check in the normal way, and then to record a reversing transaction for the date on which you decide that the check has been lost or destroyed.

This way, it’s quite clear what has happened. (Presumably the bank will have recorded corresponding transactions?).

> 
> Transfer field will not accept blank entry. Transfer to same account
> produces 2 entries -> messy.

But essential to keep a clear record, in my view.

> Should the "Orphan" Account be used?

No.

> Should it be set to "Void" after completion?

I’d be inclined to leave both transactions in place.

> 
> Is there a way to enter a range of check numbers all at once?

No, but once you’ve entered the first check’s details, you can use the + key to increment the check numbers as you work your way through the list of checks.

Hope this helps.

Michael 
(NOT AN ACCOUNTANT)

> 
> Suggestions appreciated.
> 
> Moshe
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