On 11/13/2017 1:14 PM, Cam Ellison wrote:
On 13/11/17 09:45 AM, David Goodenough wrote:
Does no-one else have this problem?
I have dealt with this by setting up a separate Asset account for
receiving payments, similar to what you have. When a payment is
received, it goes into this "Payment" account, and then when the bank
deposit is made the appropriate amount is debited from the Payment
account. This process adds a step between receipt of the cheque (thus
acknowledging the invoice as paid) and depositing it.
Not JUST acknowledging as paid. The customer is NOT responsible for your
delay in depositing a check. Nor does any government I know of consider
the date you received money to be the date you got around to depositing
it << the LEGAL date might in fact be the date of "constructive
delivery" which is why the postmark on a mailed payment might be
important >>
The common name for an account of this sort is "undeposited cash".
Especially if you normally are depositing several payments/checks at one
time you might prefer to always have them first go to "undeposited cash"
(each can be split on the other side as needed) and then the deposit
transaction itself is simple/clean/uncluttered.
BTW , another account of this sort often used by businesses is
"suspense". Say you receive a check but there is uncertainty what it is
for, the correctness of the amount, etc.
Michael D Novack
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