Lost Checks - No Payee - Best Practice

John R. Sowden jsowden at americansentry.net
Tue Jun 2 14:38:03 EDT 2015


My suggestion:

A bank will charge a per check fee to "stop payment". They will not 
guarantee the stopping of the payment and they accept not responsibility 
for not catching it. I suggest you close the account and get a new 
account, at the same bank if you have a long personal relationship. If 
the fault is the bank's, they might pay for your costs to change 
(checks, deposit slips, endorsement stamps, etc.). You could use a new 
gnucash general ledger account number, maybe add "new" to the name, so 
you can close out the previous account with a zero balance, and have an 
account to move the balance from when you transfer it to the new account.

John


On 06/01/2015 06:11 PM, Milton Stern wrote:
> As you suggested, I was considering not recording the checks at all.
> But, I thought that the registers would be an good way of tracking if the
> missing checks are ever used fraudulently?
>
> On Mon, Jun 1, 2015 at 8:11 PM, Buddha Buck <blaisepascal at gmail.com> 
> wrote:
>
>> In that case, I would not record them in GnuCash at all. There are no
>> transactions involving them.
>>
>> On Mon, Jun 1, 2015 at 7:48 PM Milton Stern <drmoshe5 at gmail.com> wrote:
>>
>>> My apologies for not being clear.
>>>
>>> A box of blank checks were ordered from a bank.
>>>
>>> Box of check was never received.
>>>
>>> Checks have no payee and no amount.
>>>
>>> On Mon, Jun 1, 2015 at 7:18 PM, Michael Hendry 
>>> <hendry.michael at gmail.com>
>>> wrote:
>>>
>>>>> 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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