How to fix a 50 cent bank error

Colin Law clanlaw at gmail.com
Tue Apr 25 05:15:40 EDT 2017


On 25 April 2017 at 09:25, Anita Graves <anitagraves at mac.com> wrote:
> Maf.
> Thank you.  I am creating a new account: Income:Other Income:Bank Error - with an explanation in the transaction line. And I am moving the 50 cents out of my cash on hand and into this account.   Is that what you meant?

I think you should correct the original deposit transaction so that it
shows the amount that appeared in the bank account, with splits
showing 50 cents coming from the income account and the rest coming
from cash in hand. That reflects what actually happened.

Alternatively you could enter it as 50 cents out of the income account
and into your cash in hand (not the other way round). So that it
explains where the extra 50 cents in your cash came from.  The nett
result is the same but the former is a better representation of what
actually happened.

Colin

> Anita
>
>> On 25 Apr 2017, at 10:24 AM, Maf. King <maf at chilwell.net> wrote:
>>
>> On Tuesday, 25 April 2017 07:48:44 BST Anita Graves wrote:
>>> Hello all,
>>>
>>> I have a 50 cent error in my cash account.  It happened because the bank
>>> gave me credit for an extra 50 cents in a deposit I made.  The bank is not
>>> interested in fixing this error because it is old, and at the same time I
>>> do not want to carry it forward as cash on hand.  I am preparing to close
>>> the books for the fiscal year.
>>>
>>> Can I open a new account under the checking account ‘bank error’ and put it
>>> there?
>>>
>>> What else could I do?
>>>
>>
>> Hi Anita,
>>
>> I would suggest that the account you need to create is Income:BankError, since
>> the extra money is presumably already showing in the bank account, and you
>> need a transfer account for it?
>>
>> I might use Income:OtherINcome as a transfer account (with plenty of notes in
>> the transaction), to avoid creating a (probably) single-use account in the
>> tree.
>>
>> HTH,
>> Maf.
>>
>>
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