#x27;s bank check processing equipment would not hold it off.
>
> -Original Message-
> From: R Losey
> Sent: Wednesday, April 10, 2024 12:31 AM
> To: stepbystepf...@comcast.net
> Cc: gnucash-user@gnucash.org
> Subject: Re: [GNC] Recording transactions (date)
>
> On Tu
payee's bank
check processing equipment would not hold it off.
-Original Message-
From: R Losey
Sent: Wednesday, April 10, 2024 12:31 AM
To: stepbystepf...@comcast.net
Cc: gnucash-user@gnucash.org
Subject: Re: [GNC] Recording transactions (date)
On Tue, Apr 9, 2024 at 4:37 P
I'm using the final option - keeping enough there to cover the check.
His story is that he has no plans to cash the check, but he didn't know
where the check is anymore. *sigh*
On Tue, Apr 9, 2024 at 10:07 PM Adrien Monteleone <
adrien.montele...@lusfiber.net> wrote:
> You 'paid' when you 'tend
Thank you very much.
On Tue, Apr 9, 2024 at 8:19 PM David Cousens
wrote:
> Richard
>
> The general rules in accounting practice are that transactions are
> recognised in a business' books as income when they are earned and as
> expenses when they are incurred unless affected by other business or
On Tue, Apr 9, 2024 at 4:37 PM Michael or Penny Novack <
stepbystepf...@comcast.net> wrote:
> On 4/9/2024 12:50 PM, R Losey wrote:
> > Thanks; I wasn't sure if those (cash vs accrual) were the correct terms.
> >
> > Legally, are you saying that if I write a check for $50 and send it to my
> > uncl
You 'paid' when you 'tendered' the payment. (tender isn't just an offer
of payment, but includes acceptance/receipt, which has happened in this
case. It does not include cashing/depositing or otherwise processing a
negotiable instrument that was tendered as payment.)
How you handle the unclear
Richard
The general rules in accounting practice are that transactions are
recognised in a business' books as income when they are earned and as
expenses when they are incurred unless affected by other business or
taxation legislation. This is the position for accrual accounting.
Some smaller b
On 4/9/2024 12:50 PM, R Losey wrote:
Thanks; I wasn't sure if those (cash vs accrual) were the correct terms.
Legally, are you saying that if I write a check for $50 and send it to my
uncle, it's "paid" whether or not he ever cashes it?
As as aside, I am actually in this situation; I sent e che
On 2024-04-09 09:55, R Losey wrote:
>
> On Tue, Apr 9, 2024 at 8:42 AM Stan Brown (using GC 4.14)
> mailto:stan%2...@fastmail.fm>> wrote:
> On cash basis, it's not an expense until it's paid. Therefore, _nothing_
> is recorded until the payment date after the statement date after the
>
On 2024-04-09 09:50, R Losey wrote:
> Legally, are you saying that if I write a check for $50 and send it to my
> uncle, it's "paid" whether or not he ever cashes it?
In the United States, yes. If you owe someone a debt and send them a
check but they don't cash it, you have still paid them, just a
mailto:gmccol...@gyleshomes.com> email
From: gnucash-user on
behalf of Kalpesh Patel
Sent: Tuesday, April 9, 2024 1:06 PM
To: 'R Losey'
Cc: gnucash-user@gnucash.org
Subject: Re: [GNC] Recording transactions (date)
In the end, monies is what is
would think that this “floats” would be a liability
account…
From: R Losey
Sent: Tuesday, April 09, 2024 12:44 PM
To: Kalpesh Patel
Cc: gnucash-user@gnucash.org
Subject: Re: [GNC] Recording transactions (date)
I thought "floating a check" means that one issues a check, knowing
On Tue, Apr 9, 2024 at 8:42 AM Stan Brown (using GC 4.14) <
stan...@fastmail.fm> wrote:
> On 2024-04-09 01:19, David Carlson wrote:
> > Nearly every time [the bank's] list doesn't match my list, the
> > difference is precisely the difference between when I wrote the check or
> > when I initiated a
shomes.com> email
>
>
> From: gnucash-user on
> behalf of David Carlson
> Sent: Tuesday, April 9, 2024 4:19 AM
> To: adrien.montele...@lusfiber.net
> Cc: gnucash-u...@lists.gnucash.org
> Subject: Re: [GNC] Recording transactions (da
z
> Sent: Monday, April 08, 2024 6:50 PM
> To: gnucash-user@gnucash.org
> Subject: Re: [GNC] Recording transactions (date)
>
> On Mon, 8 Apr 2024 17:11:37 -0500
> R Losey wrote:
>
> > Since I first learned about recording transactions, I have always
> > dated a tr
Noted, and thanks for the information.
On Tue, Apr 9, 2024 at 3:20 AM David Carlson
wrote:
> I decided to report here why I think it is "ok" to import the transaction
> list from a bank and to accept their "Posted Dates." When I perform the
> import operation I am using that tool to reconcile t
Thank you! I feel validated for doing it the same way! I, too, think that
doing it differently would lead to confusion.
However, when paying invoices, I use the date I paid the invoice; if I were
sending invoices, I'd use the date I send them.
On Tue, Apr 9, 2024 at 2:34 AM G R Hewitt wrote:
I agree with everything you said... but consider the case when one does not
keep receipts and the only information one has is the bank statement and
credit card statement wouldn't that drive one to HAVE to enter from the
bank data? Or suppose one is trying to keep books for a recently widowed
Thanks for the pointer; now that I have a phrase for which to search, maybe
I'll find some better information.
I've always dated transactions on the day I write the check, or when I
swipe the credit card, so waiting until they clear seems odd to me.
On Mon, Apr 8, 2024 at 8:11 PM Christopher Lam
On Mon, Apr 8, 2024 at 5:51 PM Liz wrote:
> On Mon, 8 Apr 2024 17:11:37 -0500
> R Losey wrote:
>
> > Since I first learned about recording transactions, I have always
> > dated a transaction on the date I wrote the check; similarly, when
> > entering credit card transactions, I use the date that
That's not the difference. I understand you are using the credit card as
a "30 day net" account with each vendor (I also do that) but for
accounting purposes it's not the same as if each vendor were giving you
a 30 day net invoice (and the bank just bundling these for a single
payment of all su
On 2024-04-09 05:25, Kalpesh Patel wrote:
> In the states, isn't that what is called "floats"?
>
> -Original Message-
> From: Liz
> Sent: Monday, April 08, 2024 6:50 PM
> I think it is a philosophical difference.
> There are legal ramifications, especially when you are spending money.
>
On 2024-04-09 01:19, David Carlson wrote:
> Nearly every time [the bank's] list doesn't match my list, the
> difference is precisely the difference between when I wrote the check or
> when I initiated a payment online or when I swiped a card and when they
> posted the transaction to my account. Th
llam
Gyle McCollam
gmccol...@live.com<mailto:gmccol...@gyleshomes.com> email
From: gnucash-user on
behalf of David Carlson
Sent: Tuesday, April 9, 2024 4:19 AM
To: adrien.montele...@lusfiber.net
Cc: gnucash-u...@lists.gnucash.org
Subject: Re:
In the states, isn't that what is called "floats"?
-Original Message-
From: Liz
Sent: Monday, April 08, 2024 6:50 PM
To: gnucash-user@gnucash.org
Subject: Re: [GNC] Recording transactions (date)
On Mon, 8 Apr 2024 17:11:37 -0500
R Losey wrote:
> Since I first learn
I decided to report here why I think it is "ok" to import the transaction
list from a bank and to accept their "Posted Dates." When I perform the
import operation I am using that tool to reconcile their record to an
imaginary list in my head representing what I would have written in my
checkbook.
I always put the date the transaction took place, both for my personal
accounts and when I was working in accounts.
Same went for invoices, credits etc., the date on the document was the date
that was input.
To my mind, to do otherwise would do nothing but lead to confusion.
On Mon, 8 Apr 2024 at
While there are other considerations, such as cash versus accrual and
following the Recognition Principle, I see this as more of a general
case of Your Books vs. the Bank's Books.
You keep Your Books.
The Bank keeps theirs.
You then reconcile the two. (which does *not* involve changing dates)
This is the formal terminology that the accountancy expert bodies deem
"revenue recognition". Numerous formal (see IFRS and GAAP) publications
exist, with a much better supporting evidence than our informal discussions
here.
On Tue, 9 Apr 2024, 6:12 am R Losey, wrote:
> Since I first learned abo
On Mon, 8 Apr 2024 17:11:37 -0500
R Losey wrote:
> Since I first learned about recording transactions, I have always
> dated a transaction on the date I wrote the check; similarly, when
> entering credit card transactions, I use the date that I actually
> used the credit card.
>
> Recently, howe
Since I first learned about recording transactions, I have always dated a
transaction on the date I wrote the check; similarly, when entering credit
card transactions, I use the date that I actually used the credit card.
Recently, however, I was having a discussion with a friend and he said that
h
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