Re: Checking accounts / reconciliation / transaction posting question

[David Tangye <..hidden..>]

On Fri, 2006-09-22 at 16:33 -0400, Richard Ellis wrote:
> 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.

1. Receive the three payments into an 'Undeposited Funds' asset account.
2. Bank the total, ie CR Undeposited Funds, DB Bank account.

The Undeposited Funds account is good for when you receive one or more
payments, combine them and later bank them as a single payment, or
conversely receive a payment, and bank some of it and pocket the
rest :-).