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

[Michael or Penny Novack]

On 1/17/2022 12:19 PM, R. Victor Klassen wrote:
> I generally use a two step process.
>
> First the cheque goes into “undeposited cheques”.   And the appropriate income account is credited.  Then when I make a deposit I may be depositing cash and multiply cheques in a single transaction with the bank account as destination.
>
> Sent from my iPhone

That's the technically proper way, especially if deposits not made right 
away. It's what I did for several of my organizations as their bank not 
necessarily my bank so a special trip. The money is "yours" when* you 
got the check, not when you bothered to deposit it. But ALSO .......

It makes the deposit of several checks easier. They were entered 
individually to "undeposited" so if a split involved, fairly simple. If 
you wait till creating the deposit transaction, that could be a very 
complex split.

Michael D Novack

* For legal purposes, when whoever sent the check made "constructive 
delivery" to you. For example, the time of the post mark (the envelope 
is your legal property even though you haven't received it yet)