Correcting banks mistake in GNUCash

[David J. Bakeman]

On 01/06/2016 03:43 PM, Michael Hendry wrote:
>> 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.
I like to match my bank statement when I reconcile even though I know
that's not necessary in this case I could just ignore the extra
transactions.
>
> 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.
Yeah that was my thinking too.
>
> 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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