Correcting banks mistake in GNUCash

[Michael Hendry]

> On 6 Jan 2016, at 23:22, David J. Bakeman <dbakeman at comcast.net> wrote:
> 
>   OK I deposited a check in payment for an invoice.  No problem I've been
>   doing this for years.  However, the bank decided not to accept this
>   check erroneously as it turned out.  So now my statement has the
>   initial deposit which I recorded in gnucash as a payment to the
>   invoice.  Then it has a withdrawal when they decided they couldn't
>   process the check and another deposit after they determined their
>   mistake.
>   So here's my plan I'll leave the initial payment as is.  I will create
>   a transfer from checking to another asset account and then another
>   transfer from that asset account to checking for the redeposit.  That
>   way I can reconcile my statement and my gnucash books will be correct I
>   think.
>   I'm not sure though is there a more correct way to do this?

I’m not sure if it’s more correct, but I’d be inclined to ignore the bank’s erroneous withdrawal and subsequent deposit unless a year-end or some other significant date falls in between the two.

You could always annotate the entry for the deposit, indicating that the bank made an error and then corrected it.

For absolute clarity, you could set up an asset account (e.g. "Assets:Current Assets:Bank Error”) and use it for the faulty transaction and its correction - that way it’ll be clear what’s happened if there’s a long delay in getting the correction through.

Michael

>   Thanks for the help!
>   P.S.
>   Sorry for posting another time with the same question but I thought a
>   better subject line might help.
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