On Mon, 8 Apr 2024 17:11:37 -0500 R Losey <rlo...@gmail.com> 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, however, I was having a discussion with a friend and he > said that he uses the bank or credit card date of entry for all of > his transactions. > > I thought this was strange - probably because it is different from the > method I've used all of my life. Perhaps I am the odd one... or > perhaps it's merely a matter of choice, so I thought I'd bring it up > to this list to see what people think about it. > > From (a very brief) research about this topic, perhaps this is the > difference between cash basis accounting and accrual accounting? > > > After thinking about it for a bit, one issue with using the date that > the transactions occur is the reports, especially if one has repeating > transactions. For example, if the satellite service bill is paid each > month on the 28th, using my method, I record a transaction on the > 28th. My friend will see it on the 29th or 30th, but if the weekend > or holiday hits just right, it can be the 1st or 2nd before he sees > it. In the long run everything should be the same, but the monthly > sub-totals can look odd. Checks can be even worse... someone may hang > onto one for weeks. > > I'd appreciate thoughts on the topic.
I think it is a philosophical difference. There are legal ramifications, especially when you are spending money. If you future date transactions you may spend money you don't actually have. In my jurisdiction a business doing this is in big trouble, for "trading while insolvent". It is not the difference between cash and accrual accounting, but is part of the differences. Liz _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org 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.
