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Checking accounts / reconciliation / transaction posting question
- Subject: Checking accounts / reconciliation / transaction posting question
- From: Richard Ellis <..hidden..>
- Date: Fri, 22 Sep 2006 16:33:10 -0400
First off, I want to say thanks for forking SL and starting LSMB.
My question is more of an accounting question than a LSMB question
per. se., but it's still relevant to LSMB as I am trying to reason
out a "how does this work" senario and I have not fallen upon a
solution. Maybe someone out there has an idea/suggestion? Hopefully
this question is considered reasonably on-topic for the list.
My question revolves around how to post transactions in such a way
that one can also easilly reconcile one's monthly bank statement
against LSMB's records.
Three different transactions (call them sales, purchases, etc.) to
three different customers. Let's also say that each pays by check.
That part is easy, three entries into LSMB, no muss, no fuss.
The disconnect I can't quite reason a way around now becomes the end
of day bank deposit of the three checks.
In LSMB, there will be three transactions, one per check received
from a customer. Therefore, in the checking (LSMB) account, there
are also three transactions, say one each of $100.00.
But, on the bank deposit slip, and on the monthly statement from the
bank, there will be a single $300.00 deposit to the checking (bank)
How, now, without having to manually "sum together" the individual
three entries in LSMB for each of the three sales, does one reconcile
one's bank statement with the LSMB account that represents the bank
I.e., what I don't want to have to do is at the end of each month try
to work out which X transactions in LSMB match deposit X in the bank,
and which Y transactions match with deposit Y in the bank. I'd like
to see one "bank deposit" entry in the LSMB checking account that
matches up with the one bank deposit on the bank statement?
I have an intuitive feeling that there's a very simplistic, obvious,
way to make this work that is escaping me for the moment. Thanks in
advance to anyone who can suggest a hint