[GNC] how do I get different dates for balancing transactions when transferring amounts between two accounts
I have two bank accounts on which I regularly write checks to transfer amounts between them. Downloading the ofx files from each bank, I have, for those checks, transactions with different (correct) dates in each GC account which represent the left and right side of the same accounting transaction. For purposes of reconciling against the bank statements, these dates must remain different in their separate GC accounts, even though they are opposite ends of the same accounting transaction. GC wants to make the balancing transactions in each GC account one single identical transaction (except for the proper credit/debit column, depending on which account I'm looking at). I don't see how to work this and maintain both accounts true to their source, the bank transactions. The date is also important because at times it matters when a check was cashed and when it was payed by the originating bank; there needs to be an accurate record of this. An additional, maybe lesser, problem is that GC's methodology makes the transaction number the same in each GC account. Since the trans number is one of the most easily noted text fields, I have been using it to quickly/easily identify "deposits" - but this won't work if I want to retain the check number in that field (very important). Also, a check number on a deposit line doesn't seem particularly proper. How is this handled in GC? Thanks Rufus ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] how do I get different dates for balancing transactions when transferring amounts between two accounts
Dave Thanks for the insight. I had initially thought about the concept of a "float" account but then figured there might be a more straightforward way. I mean, this can't be all that uncommon... I'll have to think about this a little, but now I know others have addressed this with a float (or maybe call it a "link"?) account, I can be a more confident spending time pursuing the concept. By chance I will be meeting with a real accountant tomorrow and if circumstance favors I'll ask him about this little issue. I would think the pro's would favor rigorous accuracy; I wonder if their software does special tricks automatically or what? Regards, Rufus On 05/14/2018 06:40 PM, David Carlson wrote: > We all have our own definition of the the best way to handle these > 'float' issues. While most of us simply choose to let the date be > technically incorrect in some accounts, others create what I believe are > called 'suspense' accounts to serve as containers for the 'float'. > > Those accounts could be asset type or liability type and they usually > are given a name that strongly suggests their purpose as a temporary > holding account. > > David C > > On Mon, May 14, 2018 at 5:19 PM, RL <mailto:rlagg...@mail.com>> wrote: > > I have two bank accounts on which I regularly write checks to transfer > amounts between them. Downloading the ofx files from each bank, I have, > for those checks, transactions with different (correct) dates in each GC > account which represent the left and right side of the same accounting > transaction. For purposes of reconciling against the bank statements, > these dates must remain different in their separate GC accounts, even > though they are opposite ends of the same accounting transaction. > > GC wants to make the balancing transactions in each GC account one > single identical transaction (except for the proper credit/debit column, > depending on which account I'm looking at). I don't see how to work this > and maintain both accounts true to their source, the bank transactions. > The date is also important because at times it matters when a check was > cashed and when it was payed by the originating bank; there needs to be > an accurate record of this. An additional, maybe lesser, problem is that > GC's methodology makes the transaction number the same in each GC > account. Since the trans number is one of the most easily noted text > fields, I have been using it to quickly/easily identify "deposits" - but > this won't work if I want to retain the check number in that field (very > important). Also, a check number on a deposit line doesn't seem > particularly proper. > > How is this handled in GC? > > > Thanks > Rufus > ___ > gnucash-user mailing list > gnucash-user@gnucash.org <mailto:gnucash-user@gnucash.org> > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > <https://lists.gnucash.org/mailman/listinfo/gnucash-user> > If you are using Nabble or Gmane, please see > https://wiki.gnucash.org/wiki/Mailing_Lists > <https://wiki.gnucash.org/wiki/Mailing_Lists> for more information. > - > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > > ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] how do I get different dates for balancing transactions when transferring amounts between two accounts
Adrian I can see where using the check number might be reasonable. Just not what I have done so far and it looked "strange". I'll try it, since having the check number of a deposit front/center is all to the good. I think my original feeling was that I wanted to quickly, at a glance, tell which "direction" the funds were going - and unfortunately I'm not used to checking to the right to see which column the funds appear in. TBD, I guess. However, the date _is_ a problem because I want to unequivocally match any transaction in GC with the line on the statement the bank provides. Thanks for you comment. So more experienced users regularly enter the check number on both sides of the transaction? Rufus On 05/14/2018 10:42 PM, Adrien Monteleone wrote: > Rufus, > > I don’t see why a check number on a deposit line doesn’t seem proper if in > fact, you are depositing a check. In this case, it happens to be a check you > wrote, but it IS from another account, so from the perspective of the > receiving account, it’s no different than the case where someone else wrote > you a check and you deposited it. And if you have multiple such checks to > deposit for some reason (say you’re transferring funds from more than one > account) then you can put the check numbers in the action field for each > split. > > Regards, > Adrien > >> On May 14, 2018, at 5:19 PM, RL wrote: >> >> I have two bank accounts on which I regularly write checks to transfer >> amounts between them. Downloading the ofx files from each bank, I have, >> for those checks, transactions with different (correct) dates in each GC >> account which represent the left and right side of the same accounting >> transaction. For purposes of reconciling against the bank statements, >> these dates must remain different in their separate GC accounts, even >> though they are opposite ends of the same accounting transaction. >> >> GC wants to make the balancing transactions in each GC account one >> single identical transaction (except for the proper credit/debit column, >> depending on which account I'm looking at). I don't see how to work this >> and maintain both accounts true to their source, the bank transactions. >> The date is also important because at times it matters when a check was >> cashed and when it was payed by the originating bank; there needs to be >> an accurate record of this. An additional, maybe lesser, problem is that >> GC's methodology makes the transaction number the same in each GC >> account. Since the trans number is one of the most easily noted text >> fields, I have been using it to quickly/easily identify "deposits" - but >> this won't work if I want to retain the check number in that field (very >> important). Also, a check number on a deposit line doesn't seem >> particularly proper. >> >> How is this handled in GC? >> >> >> Thanks >> Rufus >> ___ >> gnucash-user mailing list >> gnucash-user@gnucash.org >> To update your subscription preferences or to unsubscribe: >> https://lists.gnucash.org/mailman/listinfo/gnucash-user >> If you are using Nabble or Gmane, please see >> https://wiki.gnucash.org/wiki/Mailing_Lists for more information. >> - >> Please remember to CC this list on all your replies. >> You can do this by using Reply-To-List or Reply-All. >> > > > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > If you are using Nabble or Gmane, please see > https://wiki.gnucash.org/wiki/Mailing_Lists for more information. > - > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] how do I get different dates for balancing transactions when transferring amounts between two accounts
Kate "Undeposited funds" may be the right name. Just have to get the procedures in place now... Rufus On 05/14/2018 09:35 PM, Kate Kelly wrote: > Hi Rufus, > > I am a bookkeeper and former CPA. > > An account that is often used for checks not yet sent to the bank is > "undeposited funds." This is similar to a suspense account in that there > is a timing difference between the receipt of a check and the time you > actually deposit it. You could debit the undeposited funds account for > the amount of the payment. When the check clears the receiving bank, > credit Undeposited Funds and debit your Checking account. You could add > the check number to the memo line or record the deposit as DEP ( > being the check number. > > 1. Write check # 1718 for $100: > Undeposited Funds $100 > Checking Account A $100 > > 2. Check clears the receiving bank: > Checking Account B $100 > Undeposited Funds. $100 > > I hope this helps. > > Kate > > > On Mon, May 14, 2018, 3:21 PM RL <mailto:rlagg...@mail.com>> wrote: > > I have two bank accounts on which I regularly write checks to transfer > amounts between them. Downloading the ofx files from each bank, I have, > for those checks, transactions with different (correct) dates in each GC > account which represent the left and right side of the same accounting > transaction. For purposes of reconciling against the bank statements, > these dates must remain different in their separate GC accounts, even > though they are opposite ends of the same accounting transaction. > > GC wants to make the balancing transactions in each GC account one > single identical transaction (except for the proper credit/debit column, > depending on which account I'm looking at). I don't see how to work this > and maintain both accounts true to their source, the bank transactions. > The date is also important because at times it matters when a check was > cashed and when it was payed by the originating bank; there needs to be > an accurate record of this. An additional, maybe lesser, problem is that > GC's methodology makes the transaction number the same in each GC > account. Since the trans number is one of the most easily noted text > fields, I have been using it to quickly/easily identify "deposits" - but > this won't work if I want to retain the check number in that field (very > important). Also, a check number on a deposit line doesn't seem > particularly proper. > > How is this handled in GC? > > > Thanks > Rufus > ___ > gnucash-user mailing list > gnucash-user@gnucash.org <mailto:gnucash-user@gnucash.org> > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > If you are using Nabble or Gmane, please see > https://wiki.gnucash.org/wiki/Mailing_Lists for more information. > - > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] how do I get different dates for balancing transactions when transferring amounts between two accounts
Alton Thanks for that "ACH" alternative. It looks elegant. I'm going to give it a try and see if the procedure is clearly understandable (to me, in practice) and how easy it is to make the entries. I suspect that once the first transaction has been fully completed, GC may help by auto-filling the balancing entry in the ACH acct... Definitely worth a try. Rufus On 05/15/2018 08:40 AM, Alton Brantley wrote: > Under each account for which this can occur, I create a subaccount > called “ACH” for “Automated Clearing House,” so when the originating > account registers the transfer transaction, the target account’s > subaccount “ACH” gets the corresponding split. Then, when the receiving > account registers the transaction, I put the matching inverse split in > the ACH and the closing deposit in its parent account. > > This sequence matches what really happens (Source ->ACH then > ACH->Target), with the added benefit that the Target account, when > opened with “Include Subaccounts” checked, shows the true expected value > of the deposit. > > I have an ACH account as a subaccount of both my bank account and my > investment accounts. > > > > > >> Message: 13 >> Date: Mon, 14 May 2018 19:35:30 -0700 >> From: Kate Kelly mailto:kken...@gmail.com>> >> To: rlagg...@mail.com <mailto:rlagg...@mail.com> >> Cc: gnucash-user@gnucash.org <mailto:gnucash-user@gnucash.org> >> Subject: Re: [GNC] how do I get different dates for balancing >> transactions when transferring amounts between two accounts >> Message-ID: >> > <mailto:CANbW8pFi51LPsRu0pnPmowqJ4Dft4KA=z7hsx4a4szsmtym...@mail.gmail.com>> >> Content-Type: text/plain; charset="UTF-8" >> >> Hi Rufus, >> >> I am a bookkeeper and former CPA. >> >> An account that is often used for checks not yet sent to the bank is >> "undeposited funds." This is similar to a suspense account in that >> there is >> a timing difference between the receipt of a check and the time you >> actually deposit it. You could debit the undeposited funds account >> for the >> amount of the payment. When the check clears the receiving bank, credit >> Undeposited Funds and debit your Checking account. You could add the >> check >> number to the memo line or record the deposit as DEP ( being the >> check number. >> >> 1. Write check # 1718 for $100: >> Undeposited Funds $100 >> Checking Account A $100 >> >> 2. Check clears the receiving bank: >> Checking Account B $100 >> Undeposited Funds. $100 >> >> I hope this helps. >> >> Kate >> >> >> On Mon, May 14, 2018, 3:21 PM RL > <mailto:rlagg...@mail.com>> wrote: >> >>> I have two bank accounts on which I regularly write checks to transfer >>> amounts between them. Downloading the ofx files from each bank, I have, >>> for those checks, transactions with different (correct) dates in each GC >>> account which represent the left and right side of the same accounting >>> transaction. For purposes of reconciling against the bank statements, >>> these dates must remain different in their separate GC accounts, even >>> though they are opposite ends of the same accounting transaction. >>> >>> GC wants to make the balancing transactions in each GC account one >>> single identical transaction (except for the proper credit/debit column, >>> depending on which account I'm looking at). I don't see how to work this >>> and maintain both accounts true to their source, the bank transactions. >>> The date is also important because at times it matters when a check was >>> cashed and when it was payed by the originating bank; there needs to be >>> an accurate record of this. An additional, maybe lesser, problem is that >>> GC's methodology makes the transaction number the same in each GC >>> account. Since the trans number is one of the most easily noted text >>> fields, I have been using it to quickly/easily identify "deposits" - but >>> this won't work if I want to retain the check number in that field (very >>> important). Also, a check number on a deposit line doesn't seem >>> particularly proper. >>> >>> How is this handled in GC? >>> >>> >>> Thanks >>> Rufus >>> ___ ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
