On 1/30/2024 4:37 PM, Adrien Monteleone wrote:
Michael, if I recall correctly, the OP was bifurcating their checking
account *every year*. That is:
Checking
-2022
-2023
-2024
-etc.
I was discussing in general.
And in any case, standing accounts (asset, liability,equity) are NOT
"closed." And I was certainly not meaning to include something as
questionable as doing this for a CHECKING account. Some assets have a
defined "statement value" at a point in time so I suppose you COULD do
this with them. But a checking account does NOT.
I will repeat this. The checking account in your books has an amount as
of some date and the bank statement for that checking account will have
a value as of some date, but it in the very nature of checks that these
need not be the same. You normally would have some checks that have been
"constructively delivered" (mailed, for example) but that have not been
received by the payee, not been de[posited by the payee, not gotten back
to your bank.
That is why we reconcile checking.
Michael D Novack
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