On 10/3/19 10:29 AM, Matthew Lybanon wrote: > This is more of an accounting question than a GnuCash question; what I would > like to know is how to handle this within GnuCash. I’m sure that this > situation isn’t unique, and there is probably a standard way of handling it > in accounting. > > I am maintaining the checkbook for a club account. Several months ago I wrote > a check to a member. He deposited the check, and the institution where he > deposited the check collected the money. But because of some mistake within > the banking system (not my mistake, not his mistake), the money came from > somewhere other than the account from which the check was issued–the one I am > using GnuCash to keep records for. (If it was charged to another account at > the issuing bank, the account holder hasn’t noticed the discrepancy.) > > That means that my records differ from the bank’s records by the amount of > the check; everything else has cleared. Unless by some miracle the banking > system straightens this out, my records will differ from the bank’s records > forever. Is there a clean way to handle this, other than simply deleting that > check from my (GnuCash) records and pretending it never existed?
My accountant wife (not a cpa -- no legal or professional accounting advice offered) said she would contact the issuing bank to see how long they would accept a correction on this particular check should the banking system figure out the mistake. She would still hold the outstanding check open for up to a year. I think you have a moral obligation to get advice from your bank. They are the ones who would have to accept/reject the check after 6 months or so. Perhaps the bank for your member could trace from whence they obtained the funds. Now, if the banks are not interested in resolving this ... If after a year you still don't have closure, then you should enter a transaction reversing the check. Keep both the original check and the reversal in your records with notes that it never cleared the bank but the recipient did receive payment and therefore does not get a replacement check. --Steve -- Stephen M Butler, PMP, PSM [email protected] [email protected] 253-350-0166 ------------------------------------------- GnuPG Fingerprint: 8A25 9726 D439 758D D846 E5D4 282A 5477 0385 81D8 _______________________________________________ gnucash-user mailing list [email protected] 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.
