[GNC] Bank check - debit and credit?
Mike or Penny Novack
stepbystepfarm at comcast.net
Thu Sep 19 10:10:11 EDT 2019
On 9/19/2019 9:20 AM, ornd25 at tutanota.com wrote:
> How does one debit and credit for a bank check when the person/company doesn't want to accept a personal check? I usually forgo reality and just record that I sent the personal check directly to the individual, but that's not exactly what happens.
I think this depends on how fancy you want to be. Perhaps not unrelated
to how you enter OTHER "check" transactions for which there is no check
number like automatic payments, one time electronic payments, etc.
IF the money (for purchase the bank check) came from the checking
account, I'd probably treat is as a numberless check putting into the
description column something like "bank check to......." instead of just
the payee. But if there was going to be a significant delay before the
bank check/cashiers check was handed over might treat it as an asset <<
it perhaps is NOT likely to be actually used, say necessary to take part
in bidding, but only used if one wins the auction >>
But I am NOT an accountant. Just quite aware that this is normal
procedure for certain sorts of transactions.
Michael D Novack
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