[GNC] Bank check - debit and credit?
David Cousens
davidcousens at bigpond.com
Thu Sep 19 18:26:21 EDT 2019
For a one off for a personal account i would record it as follows. You will
not normally be notified by the bank when the bank cheque is cleared so
there is little point in having a clearing account as you might for personal
cheques. As Mike points out it isor may be a negotiable instrument and may
not necessarily be cashed by the receiver. That is not really your concern
only the receiver's and the banks. The only other possibility is that many
banks will charge a fee for issuing a bank cheque:
DR CR
Asset:Checking Account xxxx
Expense:Bank Fees yyyy
Expense:Repairs zzzz
where xxxx = yyyy+ zzzz and zzzz is the amount of the bank check.
I would record in the Description and/or memo fields for the expense that it
was a bank cheque and the bank cheque number and you would record your own
cheque number made out to the bank as you would normally for any other
check.
Recording the details is useful should the bank cheque not be cashed by the
recipient - unlikely if a business but it has happened in cases where it has
been posted to someone and not been received. The bank can track down if it
was cashed and by whom if necessary.
David Cousens
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David Cousens
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