Bank reconciliation

[Adrien Monteleone]

That’s what I use as well. I think the usual terminology is Assets:Current Assets:Undeposited Funds.

Some people also call this the ‘check clearing’ account though 'Undeposited Funds' is more generalized and could include cash. A business which maintains a ‘Petty Cash’ account and otherwise deposits everything else would use this to ‘hold’ funds until that deposit is made. This way you never co-mingle physical cash with Petty Cash and you can easily audit your payment receipts vs. deposits.


Regards,
Adrien

> On Nov 13, 2017, at 12:14 PM, Cam Ellison <cam at ellisonet.ca> wrote:
> 
> On 13/11/17 09:45 AM, David Goodenough wrote:
>> Does no-one else have this problem?
>> 
>> When we try to split the transaction in the imbalance account to allocate the payment to
>> invoices we notice that it almost lets us add one split, but it does not automatically
>> decrement the amount allocated to the imbalance account and so try to end up with an
>> unbalanced split.  It will also only allow us to allocate one payment (after we have made
>> the split balance), there is still an amount in the imbalance account which we can not
>> allocate to another payment.
>> 
>> 
> I have dealt with this by setting up a separate Asset account for receiving payments, similar to what you have. When a payment is received, it goes into this "Payment" account, and then when the bank deposit is made the appropriate amount is debited from the Payment account. This process adds a step between receipt of the cheque (thus acknowledging the invoice as paid) and depositing it. In effect, it is a buffer. It works whether the invoice is paid in full or only in part. No need to do any splits, which is where things seem to go south for you.
> 
> Cheers
> 
> Cam
> 
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