[GNC] how do I get different dates for balancing transactions when transferring amounts between two accounts

[RL]

Kate

"Undeposited funds" may be the right name. Just have to get the
procedures in place now...


Rufus




On 05/14/2018 09:35 PM, Kate Kelly wrote:
> Hi Rufus,
> 
> I am a bookkeeper and former CPA.
> 
> An account that is often used for checks not yet sent to the bank is
> "undeposited funds." This is similar to a suspense account in that there
> is a timing difference between the receipt of a check and the time you
> actually deposit it.  You could debit the undeposited funds account for
> the amount of the payment. When the check clears the receiving bank,
> credit Undeposited Funds and debit your Checking account.  You could add
> the check number to the memo line or record the deposit as DEP#### (####
> being the check number.
> 
> 1.  Write check # 1718 for $100:
>    Undeposited Funds  $100
>    Checking Account A             $100
> 
> 2. Check clears the receiving bank:
>    Checking Account B $100
>    Undeposited Funds.              $100
> 
> I hope this helps.
> 
> Kate
> 
> 
> On Mon, May 14, 2018, 3:21 PM RL <rlaggren at mail.com
> <mailto:rlaggren at mail.com>> wrote:
> 
>     I have two bank accounts on which I regularly write checks to transfer
>     amounts between them. Downloading the ofx files from each bank, I have,
>     for those checks, transactions with different (correct) dates in each GC
>     account which represent the left and right side of the same accounting
>     transaction. For purposes of reconciling against the bank statements,
>     these dates must remain different in their separate GC accounts, even
>     though they are opposite ends of the same accounting transaction.
> 
>     GC wants to make the balancing transactions in each GC account one
>     single identical transaction (except for the proper credit/debit column,
>     depending on which account I'm looking at). I don't see how to work this
>     and maintain both accounts true to their source, the bank transactions.
>     The date is also important because at times it matters when a check was
>     cashed and when it was payed by the originating bank; there needs to be
>     an accurate record of this. An additional, maybe lesser, problem is that
>     GC's methodology makes the transaction number the same in each GC
>     account. Since the trans number is one of the most easily noted text
>     fields, I have been using it to quickly/easily identify "deposits" - but
>     this won't work if I want to retain the check number in that field (very
>     important). Also, a check number on a deposit line doesn't seem
>     particularly proper.
> 
>     How is this handled in GC?
> 
> 
>     Thanks
>     Rufus
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