[GNC] Can a bank account have sub-accounts?

[Alton Brantley]

to answer your question— yes, a bank account can have subaccounts. 

I use a subaccount named “ACH” for  Automated Clearing House bank and investment accounts so that double entry accounts match up to statements on both credit cards and check ledgers to account for the delay going through the ACH. It just requires a second transaction to record the second half of the ACH activity. So e.g. an automatic payment on a Cc account is two entries:
1. Debit CC , Credit Bank:ACH
     Now the CC statement dates match
2. Debit Bank:ACH, Credit Bank
     Now the ACH balance is 0 and each statement matches up. 

The process is easy because I enter both transactions at the same time with the same date, and then correct dates on part 2 above at reconciliation. 


In order to see the bank account and subaccounts during bank statement reconciliation, just use the “include subaccounts” feature and the bank register will open with its name followed by a “+” so my “Bank of America” account opens as “Bank of America+”

--Alton Brantley