4:49am -0000 03/12/26 Kalpesh Patel <[email protected]> wrote: >In my opinion it is *not* the correct way to handle in your workflow but >SME should weigh in as well. You should un-reconciled that transaction in >the reconciliation window until next statement. Your balance that you would >be reconciling should be reduced by that transaction amount from the >statement.
>This is the precise reason why I overwrite my transaction dates to that of >what financial institution has posted when reconciling so that I can >reconcile against their balance - and I think this is really the purpose of >reconciliation in my mind - that both sides agree on the balance. If need >be I denote any pertinent information (such as who the check/cheque was >written to) in the memo section which does not, I believe, get overwritten. The purpose of reconciliation is that both sides agree on the cleared transactions. It's basic due dilligence. You are looking for errors in both your register and the bank statement. You are looking for fraud. Changing the date doesn't help you with reconciliation. And if you do need to show your books to someone else, that you show no float on transactions that should have a few days of float will get caught and questioned. When ledgers were handwritten, there were strict rules about erasures and correcting entries. With electronic registers, we don't follow any rules. Sometimes if there's a complicated transaction that required journal entries and we might do something similar in future, we look back at the transaction to guide future entries. We can decide, I didn't like the way I did it at the time. Lemme just neaten this up. It's not going to withstand a thorough review let alone an audit, but I don't have anyone looking over my shoulders when looking at these books. I, uh, plead the 5th on whether I've revised tranasactions from closed periods. >Someone mentioned about worrying if the payment was posted late or not, if >that was the case then I would update the transaction to include the late >payment as the third leg in transaction so I can also easily identify that >way that payment was posted late. Again, this is why I use a clearing account for this purpose. Just had to do that today to account for a transfer by check initiated on the 23rd and a deposit into the receiving account weeks later. _______________________________________________ gnucash-user mailing list [email protected] To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
