GNUCash value proposition

[David T.]

I won’t tell you how much trouble I had years ago when a bank employee accidentally keyed in the dollar portion of a check twice, and instead of a $621 check, I got tagged for $621,621. Imagine my surprise when I saw that my account was overdrawn by some $600,000…

David

> On Jun 5, 2017, at 1:47 PM, prl <prl at ozemail.com.au> wrote:
> 
> On 5/06/2017 18:24, Colin Law wrote:
>> On 5 June 2017 at 03:21, Lincoln A Baxter <lab at lincolnbaxter.com> wrote:
>>> If we all had the time and discipline to enter every transaction as it
>>> was made, this is all true. Entering transactions as they are made is
>>> very hard, and without a client that you carry with you it is virtually
>>> impossible, even if one existed, it would be tedious. The fact is the
>>> Bank is that application, they do it for you.  They HAVE to!  The
>>> reason import exists and is widely used (I do), is that it saves the
>>> time of entering all the transactions.
>> It depends on whether you trust your bank and, for example, its OCR
>> cheque reader. I keep all my receipts then it is easy to enter the
>> transactions. A little tedious I agree but for most using this for
>> personal accounts I imagine it is only a handful a day.  For business
>> users I would have thought that keeping receipts and entering
>> transactions manually is mandatory.  For cash I enter significant
>> items (that I have kept receipts for) then balance the cash in hand
>> with GC once a week or so, assigning the missing cash to
>> Expenses:misc.
>> 
>> Colin
> It's not just the bank that can be the source of erroneous transactions. I've had instances where I was double charged on a credit card (the same charge twice for a single restaurant meal), and I was once double charged for my home and contents insurance (again two transactions on the account for the same amount for a single premium). In both cases it wasn't the "banks application" that had made the error, it was the business making the charges. The bank had done nothing wrong.
> 
> Peter
> 
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