[GNC] BotanyBayGardens nonprofit example, and why GnuCash does not suffice
Michael or Penny Novack
stepbystepfarm at comcast.net
Wed Jul 29 09:58:23 EDT 2020
On 7/28/2020 10:23 PM, Dale Alspach wrote:
> I am not confused. Here is a link to a CPA's site explaining the issue
> http://www.otcpas.com/advisor-blog/dual-signatures/#:~:text=By%20requiring%20two%20signatures%2C%20the,checks%20to%20a%20fictitious%20company.
> Dale
That depends on the bank. What that CPA is saying is that just because
the organization decrees two signatures required does not make it so. It
may well be the case that many banks will not allow that condition to be
specified for accounts. But this is not true for all banks. I was assuming:
a) The bank allows this specification (but might in practice be lax
about actually checking)
b) That an organizations whose rule was two signatures would use a bank
that allows the specification.
He appears to be addressing the situation "the organization has this
rule but is using a bank that does not allow accounts to be specified
that way. Advising "still keep the rule". I was not considering this
situation, one where the organization had the rule but continued to use
a bank that would not support it.
Michael D Novack
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