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  • Aug 8th, 2019 11:16 pm
[OP]
Jr. Member
User avatar
Oct 25, 2016
184 posts
91 upvotes

Journal Entry Help!

So I have elected to try and keep track of my spending and began doing journal entries. This worked out well until I had two accounts disagree on the date. Here is the example.
  • Bank LOC: Jun 25 , money is taken out to pay the mortgage
  • Mortgage holder receives the money Jul 2
So how do I record this?
[Jun 25] Mortgage $$$ Debit
---------------LOC $$$ Credit

or?

I feel like there needs to be another entry due to the different dates. When I record my Mortgage account I would end up creating an identical entry with the other date. Thoughts?

[Jun 25] Mortgage $$$ Debit
---------------LOC $$$ Credit

[Jul 2] Mortgage $$$ Debit
---------------LOC $$$ Credit
Member since Feb 19, 2008
4 replies
Sr. Member
Aug 7, 2014
563 posts
238 upvotes
U only need the June 25th entry but not the July 2nd entry.
[OP]
Jr. Member
User avatar
Oct 25, 2016
184 posts
91 upvotes
So when I enter in the data for my mortgage account, I do not need to write in the payment amount--ok. Does it work the same way with a credit card account. I simply do not write in the payment while entering everything else on the statement?
Member since Feb 19, 2008
Deal Addict
Dec 12, 2009
4860 posts
2444 upvotes
Toronto
@psudolam gave you the correct answer.
ElliottGalt wrote: So I have elected to try and keep track of my spending and began doing journal entries. This worked out well until I had two accounts disagree on the date. Here is the example.
  • Bank LOC: Jun 25 , money is taken out to pay the mortgage
  • Mortgage holder receives the money Jul 2
So how do I record this?
[Jun 25] Mortgage $$$ Debit
---------------LOC $$$ Credit
psudolam wrote: U only need the June 25th entry but not the July 2nd entry.
Your entry is:
[Jun 25] Mortgage $$$ Debit
---------------LOC $$$ Credit

It essentially represents what would happen if you wrote a cheque and dropped it into the mail.
If you need to have account balances be accurate without going through a "reconciliation" process, you could create a T or temporary account and do 2 dual entries.
e.g. LOC => Temp account on June 25, then Temp Account => Mortgage on July 2.

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