On 5/06/2017 18:24, Colin Law wrote:
On 5 June 2017 at 03:21, Lincoln A Baxter <l...@lincolnbaxter.com> wrote:
If we all had the time and discipline to enter every transaction as it
was made, this is all true. Entering transactions as they are made is
very hard, and without a client that you carry with you it is virtually
impossible, even if one existed, it would be tedious. The fact is the
Bank is that application, they do it for you. They HAVE to! The
reason import exists and is widely used (I do), is that it saves the
time of entering all the transactions.
It depends on whether you trust your bank and, for example, its OCR
cheque reader. I keep all my receipts then it is easy to enter the
transactions. A little tedious I agree but for most using this for
personal accounts I imagine it is only a handful a day. For business
users I would have thought that keeping receipts and entering
transactions manually is mandatory. For cash I enter significant
items (that I have kept receipts for) then balance the cash in hand
with GC once a week or so, assigning the missing cash to
Expenses:misc.
Colin
It's not just the bank that can be the source of erroneous transactions.
I've had instances where I was double charged on a credit card (the same
charge twice for a single restaurant meal), and I was once double
charged for my home and contents insurance (again two transactions on
the account for the same amount for a single premium). In both cases it
wasn't the "banks application" that had made the error, it was the
business making the charges. The bank had done nothing wrong.
Peter
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