Noted, and thanks for the information. On Tue, Apr 9, 2024 at 3:20 AM David Carlson <david.carlson....@gmail.com> 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 their record to an > imaginary list in my head representing what I would have written in my > checkbook. Nearly every time their 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. That is what we users often consider > to be the difference between accrual basis vs cash basis. > > These days the fraud mitigation department at the bank is far better able > to catch fraud than I would be if I depended on a manual reconciliation > process to catch errors or, more likely, fraud. My banks are very > aggressively monitoring transactions and they will call me immediately when > they see a suspicious transaction. I have even had restaurant transactions > declined from time to time when they could not contact me immediately. > That can be embarrassing when we go to a restaurant that charges more than > our average restaurant bill to celebrate a birthday or whatever, but it > beats the alternative. > > I can still use the import process as my tool to look for errors or > fraudulent transactions that they might have missed. My rationale for > accepting their posting dates is that my list then closely matches theirs > if ever a need arises to decide whether an overdraft charge is correctly > assessed or whether a valid payment was declined by the bank. I would not > consider it wrong to instead use the dates that I initiate transactions, > it's just not my preference. > > > > On Mon, Apr 8, 2024 at 10:41 PM Adrien Monteleone < > adrien.montele...@lusfiber.net> wrote: > > > 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) > > > > Simply copying what the bank has misses the opportunity to catch someone > > else's errors. (they *do* happen) > > > > This is a similar question of entering your own transactions as they > > occur, or just downloading from the bank and importing. > > > > It is a personal choice, but can have other implications as noted. > > > > Regards, > > Adrien > > > > On 4/8/24 5:11 PM, 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, 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. > > > > _______________________________________________ > > 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. > > > > > -- > David Carlson > _______________________________________________ > 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. > -- _________________________________ 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. 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