[GNC] Will adding a transaction dated earlier than the last reconciliation cause a problem?

[Geoff]

Minor Transactions
Accountants may sometimes deem minor transactions to be immaterial. This 
may happen when a financial controller is attempting to close the books 
for a particular accounting period. Accountants can choose to omit minor 
transactions from the final calculations if they would have an 
immaterial impact on the overall financial statements.

https://uk.indeed.com/career-advice/career-development/materiality-in-accounting

So, do whatever works efficiently for you.  The time you spend 
contemplating the "correct" date for a 60p transaction is far better 
spent on what you do best - running your business.

(Not so long ago this would have been accounted for out of a bucket 
called "petty cash" and reconciled once every month or so.)


Regards

Geoff
=====

On 8/01/2023 4:24 am, Dr. David Kirkby wrote:
> On Sat, 7 Jan 2023 at 14:37, Maf. King <maf at chilwell.net> wrote:
> 
>>
>> Is the Effective Legal Tax date 6th or 19th?  Enter it to that date.  The
>> reconcilliation will not be affected either way.
>>
>> Maf.
> 
> 
> Certainly not the 19th, but probably not the 6th either. It was for postage
> and a pickup fee. I must have cancelled the pickup and rebooked it for a
> later date. So arguably it is an unknown date between the two.  😂😢
> 
> The amount is only £0.60 (< $1 USD), and nowhere near the end of the
> accounting period, so I don’t think anyone is going to be too bothered
> about the accuracy of the information.
> 
> I think setting it the 6th is probably best, as that’s consistent with more
> than 90% of the transactions. I was concerned that it might cause problems
> with reconciliation, in which case I would certainly not want to risk
> problems with that.