[GNC] Outstanding Check Problem

[Michael or Penny Novack]

On 10/3/2019 5:52 PM, Jean-David Beyer via gnucash-user wrote:
> On 10/3/19 1:29 PM, Matthew Lybanon wrote:
>> This is more of an accounting question than a GnuCash question; what I would like to know is how to handle this within GnuCash. I???m sure that this situation isn???t unique, and there is probably a standard way o


I have had this happen too, sort of. The check got back to our bank for 
a different (MUCH smaller) amount than written. Checked in with the 
banks at either end. Interestingly, in this case the error was "in 
between*" and the banks at both ends (ours and the bank where the check 
was deposited << and duly credited to the payee's account for the 
correct amount >>) had what matched THEIR records. We were told not to 
worry as any later correction would be inter-institution, would not 
affect our account.

So I created an offsetting transaction to correct the amount (as if the 
bank "donated" the amount)

We have also had bank errors from misreading checks. The organizational 
books have an account for bank error. These can take a long time to get 
straightened out. ROFLOL once it took many months, because the bank 
manager decided there was no POLICY for "small bank errors in a 
non-profit's account" and sent it to the bank's board for next quarterly 
meeting << set policy correct error that was in organization's error , 
or consider it a donation to the 501(c)3 >>

Michael D Novack


* In other words, not returning directly from bank where deposited to 
bank where written but with other institutions in between.