[GNC] Lodging a cheque to an a/c - 'cash in wallet'??

[davidcousens49 at gmail.com]

FinBar,

It depends what the cheque your wife received was for. If it was a reimbursement
of money she had previously paid out then it gets deducetedfrom the associated
expense account as it will have reduced the value of the expense to you.

If it was payment for services rendered then it is income

Asset:Bank   Dr xxx
Income       Cr xxx

Exactly how you treat it will depend upon how you treated the original
expenditure and what information it is you need to understand your finances. 
If you knew in advance what the reimbursement was going to be
you could have set up an Asset account for Reimbursements and when you recorded
the orignal expenditure you would have had a transaction of the form

Asset:Bank          Cr  xxx
Asset:Reimbursible  Dr  yyy
Expense             Dr  zzz

where xxx=yyy+zzz. When you receive the cheque/check you would then record it as

Asset Bank          Dr  yyy
Asset:Reimbursable  Cr  yyy.


This would be the best procedure where you receive reimbursements regulerly for
example. For a one off then the following will work equally as well.
 
If you had not expected a reimbursement you would record the original expense in
full
Asset: Bank   Cr   xxx
Expense       Dr   xxx

and you would record the receipt of the cheque it as a credit to the expense
account ( or to a contra account named reimbursements to the expense account).
This is just a sub account of the expense account totalling into it to which you
record any reimbursements.

Asset:Bank   Dr  yyy
Expense      Cr  yyy

David Cousens

On Mon, 2022-01-17 at 16:51 +0100, Mahon Finbar wrote:
> Hi,
> 
> My wife got a cheque (or check if you insist) and lodged it in her bank 
> account.
> 
> I want to enter it as a deposit to her a/c. It only seems to accept 
> Assets:Current Assets:Cash in Wallet as a transfer entry without 
> entering two transactions - deposit and withdrawal....
> 
> Since the amount will be credited to the a/c "cash in wallet" somehow 
> doesn't seem right?
> 
> Is there a 'proper' way to enter a cheque lodgement?
> 
> Finbar
> 
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