Re: [GNC] Lodging a cheque to an a/c - 'cash in wallet'??
OK, I get that now, I thought I should register it under "gifts" a debit headline. but it is better under 'gifts received' Thanks On 17/01/2022 18:09, Derek Atkins wrote: Hi, On Mon, January 17, 2022 10:51 am, Mahon Finbar wrote: Hi, My wife got a cheque (or check if you insist) and lodged it in her bank account. I want to enter it as a deposit to her a/c. It only seems to accept Assets:Current Assets:Cash in Wallet as a transfer entry without entering two transactions - deposit and withdrawal Since the amount will be credited to the a/c "cash in wallet" somehow doesn't seem right? Is there a 'proper' way to enter a cheque lodgement? Just like any other deposit You debit your checking/bank account for the amount of the check, and then credit the amount from wherever the funds are coming from, like Income:Salary, Income:Gifts Received, etc. Why did she get a check? What was it paying for? That will help you decide where the credit the funds. Finbar Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All. -derek ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Lodging a cheque to an a/c - 'cash in wallet'??
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) ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Lodging a cheque to an a/c - 'cash in wallet'??
FinBar, It depends what the cheque your wife received was for. If it was a reimbursement of money she had previously paid out then it gets deducetedfrom the associated expense account as it will have reduced the value of the expense to you. If it was payment for services rendered then it is income Asset:Bank Dr xxx Income Cr xxx Exactly how you treat it will depend upon how you treated the original expenditure and what information it is you need to understand your finances. If you knew in advance what the reimbursement was going to be you could have set up an Asset account for Reimbursements and when you recorded the orignal expenditure you would have had a transaction of the form Asset:Bank Cr xxx Asset:Reimbursible Dr yyy Expense Dr zzz where xxx=yyy+zzz. When you receive the cheque/check you would then record it as Asset Bank Dr yyy Asset:Reimbursable Cr yyy. This would be the best procedure where you receive reimbursements regulerly for example. For a one off then the following will work equally as well. If you had not expected a reimbursement you would record the original expense in full Asset: Bank Cr xxx Expense Dr xxx and you would record the receipt of the cheque it as a credit to the expense account ( or to a contra account named reimbursements to the expense account). This is just a sub account of the expense account totalling into it to which you record any reimbursements. Asset:Bank Dr yyy Expense Cr yyy David Cousens On Mon, 2022-01-17 at 16:51 +0100, Mahon Finbar wrote: > Hi, > > My wife got a cheque (or check if you insist) and lodged it in her bank > account. > > I want to enter it as a deposit to her a/c. It only seems to accept > Assets:Current Assets:Cash in Wallet as a transfer entry without > entering two transactions - deposit and withdrawal > > Since the amount will be credited to the a/c "cash in wallet" somehow > doesn't seem right? > > Is there a 'proper' way to enter a cheque lodgement? > > Finbar > > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > If you are using Nabble or Gmane, please see > https://wiki.gnucash.org/wiki/Mailing_Lists for more information. > - > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Lodging a cheque to an a/c - 'cash in wallet'??
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 > On Jan 17, 2022, at 12:10 PM, Derek Atkins wrote: > > Hi, > >> On Mon, January 17, 2022 10:51 am, Mahon Finbar wrote: >> Hi, >> >> My wife got a cheque (or check if you insist) and lodged it in her bank >> account. >> >> I want to enter it as a deposit to her a/c. It only seems to accept >> Assets:Current Assets:Cash in Wallet as a transfer entry without >> entering two transactions - deposit and withdrawal >> >> Since the amount will be credited to the a/c "cash in wallet" somehow >> doesn't seem right? >> >> Is there a 'proper' way to enter a cheque lodgement? > > Just like any other deposit You debit your checking/bank account for > the amount of the check, and then credit the amount from wherever the > funds are coming from, like Income:Salary, Income:Gifts Received, etc. > > Why did she get a check? What was it paying for? That will help you > decide where the credit the funds. > >> Finbar > >> Please remember to CC this list on all your replies. >> You can do this by using Reply-To-List or Reply-All. > > -derek > > -- > Derek Atkins 617-623-3745 > de...@ihtfp.com www.ihtfp.com > Computer and Internet Security Consultant > > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > If you are using Nabble or Gmane, please see > https://wiki.gnucash.org/wiki/Mailing_Lists for more information. > - > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Lodging a cheque to an a/c - 'cash in wallet'??
Hi, On Mon, January 17, 2022 10:51 am, Mahon Finbar wrote: > Hi, > > My wife got a cheque (or check if you insist) and lodged it in her bank > account. > > I want to enter it as a deposit to her a/c. It only seems to accept > Assets:Current Assets:Cash in Wallet as a transfer entry without > entering two transactions - deposit and withdrawal > > Since the amount will be credited to the a/c "cash in wallet" somehow > doesn't seem right? > > Is there a 'proper' way to enter a cheque lodgement? Just like any other deposit You debit your checking/bank account for the amount of the check, and then credit the amount from wherever the funds are coming from, like Income:Salary, Income:Gifts Received, etc. Why did she get a check? What was it paying for? That will help you decide where the credit the funds. > Finbar > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. -derek -- Derek Atkins 617-623-3745 de...@ihtfp.com www.ihtfp.com Computer and Internet Security Consultant ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
[GNC] Lodging a cheque to an a/c - 'cash in wallet'??
Hi, My wife got a cheque (or check if you insist) and lodged it in her bank account. I want to enter it as a deposit to her a/c. It only seems to accept Assets:Current Assets:Cash in Wallet as a transfer entry without entering two transactions - deposit and withdrawal Since the amount will be credited to the a/c "cash in wallet" somehow doesn't seem right? Is there a 'proper' way to enter a cheque lodgement? Finbar ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
