Amazing technology

At this time of year, I am doing a BAS statement. OK, I am a day late.

My business affairs are pretty simple so I do it myself.

Most of the banking transactions are on a separate account maintained in connection with my practice. Regulations under the Legal Profession Act require that I have such an account in the event that I take a direct payment from a client in advance of rendering the client a bill. This rarely happens but it is necessary to be prepared.

Just occasionally I have work out what a cheque was for or who it was from, especially because sometimes one goes into the wrong account.

Today I discovered, when checking my bank statement on line, that I CAN click on a transaction and see onscreen a copy of either a cheque I have paid (less important) or (more interesting) a cheque I have paid in.

That is just amazing. And occasionally quite handy.

2 Responses to “Amazing technology”

  1. Victor Says:

    The technology is amazing. I imagine the number of cheques exchanged nowadays is far fewer than in previous years with so much online banking available but I notice financial regulations still make it necessary for me to provide cheques to my financial adviser.

  2. marcellous Says:

    Victor,

    Solicitors still pay barristers by cheque. Some tell me they have to because of trust account regulations.

    I myself pay my new landlord (since last year) by cheque because the agent, LJ Hooker, charges a fee for the more sensible option, which would be payment by EFT. LJH have their own proprietary system that you have to sign up for. I think that is really opportunistic of them.

    Under the Residential Tenancy Act the landlord is obliged to offer one fee-free method, and cheque is the one which LJ Hooker stipulates as a means of forcing you to the more convenient option for which the agent then takes a fee. I rather wonder if their landlord clients quite realise that LJH are taking a not-quite-secret commission on the other side of the ledger.

    I am prepared to go to quite a lot of trouble to hold LJ Hooker to the stipulated method, which must in truth be a nuisance to them as well as to me. In my darker moments I have even contemplated firing off multiple odd-amounted cheques just to make life hard for them – though in the end, since good relations are best, I suppose I shan’t.

    Otherwise, I only write cheques to my nephew.

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