On 1/17/2022 12:19 PM, R. Victor Klassen wrote:
I generally use a two step process.
First the cheque goes into “undeposited cheques”. And the appropriate income
account is credited. Then when I make a deposit I may be depositing cash and
multiply cheques in a single transaction with the bank account as destination.
Sent from my iPhone
That's the technically proper way, especially if deposits not made right
away. It's what I did for several of my organizations as their bank not
necessarily my bank so a special trip. The money is "yours" when* you
got the check, not when you bothered to deposit it. But ALSO .......
It makes the deposit of several checks easier. They were entered
individually to "undeposited" so if a split involved, fairly simple. If
you wait till creating the deposit transaction, that could be a very
complex split.
Michael D Novack
* For legal purposes, when whoever sent the check made "constructive
delivery" to you. For example, the time of the post mark (the envelope
is your legal property even though you haven't received it yet)
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