On Mon, Apr 8, 2024 at 5:51 PM Liz <ed...@billiau.net> wrote: > 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. >
Thanks; just to be clear, I am not talking about future dating checks -- just using the date a check clears the bank versus using the date a check is written. -- _________________________________ Richard Losey rlo...@gmail.com Micah 6:8 _______________________________________________ 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.
