Lost Checks - No Payee - Best Practice

[Milton Stern]

I wasn't clear on my reconciliation process. Likely redundant.

I keep a paper and electronic register (GnuCash)
1. I compare the bank statement with my paper register.
2. I download/import transactions into GnuCash with
matching/reclassification as appropriate [I haven't been able to get the
direct connect to work with Ally Bank :-(    Anybody that knows the exact
settings?]
3. I then reconcile the bank statement (if matches paper register) with
GnuCash.

Moshe


On Tue, Jun 9, 2015 at 5:12 AM, Michael Hendry <hendry.michael at gmail.com>
wrote:

>
> > On 9 Jun 2015, at 04:58, Milton Stern <drmoshe5 at gmail.com> wrote:
> >
> > I appreciate your analysis.
> >
> > Personally, I would would like to be able identify any possible fraud by
> a
> > Payee and/or Amount mismatch, or an "out of range" Check Number" at time
> of
> > reconciliation, all within the same database.
> >
> > BTW We are talking about 50 checks. (For some reason it expanded to 100
> > then 500)
> >
> > ;-)
> >
> > Everybody's help is very much appreciated.
>
> Coming late into this conversation, it seems that there is a much easier
> solution - to enter all known transactions with the bank directly through
> GnuCash, either “by hand” in the case of cheques and card payments, or
> using Scheduled Transactions for standing orders and direct debits.
>
> Periodic reconciliation of the GnuCash account with the bank statement
> will immediately reveal transactions you didn’t know about - perhaps
> fraudulent, but possibly accidental omissions - and also pick up cheques
> you’ve issued but which haven’t been presented.
>
> If you accept the bank’s view of your finances by importing transactions
> you’re achieving nothing in the process of reconciliation - you’re just
> comparing the bank’s statement with itself!
>
> …or am I missing something?
>
> Michael
>
>