[GNC] End of year

[Michael or Penny Novack]

On 1/30/2024 4:37 PM, Adrien Monteleone wrote:
> Michael, if I recall correctly, the OP was bifurcating their checking 
> account *every year*. That is:
>
> Checking
>   -2022
>   -2023
>   -2024
>   -etc. 

I was discussing in general.

And in any case, standing accounts (asset, liability,equity) are NOT 
"closed." And I was certainly not meaning to include something as 
questionable as doing this for a CHECKING account. Some assets have a 
defined "statement value" at a point in time so I suppose you COULD do 
this with them. But a checking account does NOT.

I will repeat this. The checking account in your books has an amount as 
of some date and the bank statement for that checking account will have 
a value as of some date, but it in the very nature of checks that these 
need not be the same. You normally would have some checks that have been 
"constructively delivered" (mailed, for example) but that have not been 
received by the payee, not been de[posited by the payee, not gotten back 
to your bank.

That is why we reconcile checking.

Michael D Novack