On 12/13/18 11:25 AM, Phil Hays wrote:
I download transactions from credit cards weekly. These are downloaded
up to today's date, and I want to reconcile all downloaded
transactions. After downloading transactions up until today's date, the
reconcile date needs to be today.
I usually use today's date and today's balance. 'Today' is the usual
'closing date' of the 'statement'.
I note that the credit cards also have monthly statements that I rarely
look at... Is there a reason why I should?
Phil Hays
Phil,
I also reconcile as soon after the download is finished loading. I do
this with credit cards and bank accounts. For credit cards, my account
also sends down the pending transactions, so I have to ensure they are
not checked in order to balance to the account balance reported by the
credit card.
I never look at statements as they are too far out of date for me!
--Steve
On Thu, 2018-12-13 at 11:58 -0600, Adrien Monteleone wrote:
You should always use the ending balance, never the “latest" or
“today’s" balance. (unless ’today’ just happens to be the actual
closing date on the statement - highly unlikely)
Reconciling March ‘18 using the balance as of today, 12/13/18 (or any
other date) is impossible, meaningless and makes no sense.
If you want to reconcile March, enter 3/31/18 as the date and the
ending balance on the statement.
Then to reconcile April, enter 4/30/18 and the ending balance on the
statement.
repeat through November ’18.
You are then reconciled ’to date’ until you get your December/end-of-
year Statement.
‘Reconciling’ is matching the activity on your statement with the
entries in your books. That is always ‘as of a closing date’ (in the
past), *not* as of ’the day you happen to perform the
reconciliation.'
Regards,
Adrien
On Dec 13, 2018, at 11:13 AM, Finbar Mahon <[email protected]>
wrote:
Thanks, Michael, I have been trying that using end March of this
year as the last 'OK' date but doing it up to latest balance seems
to catch other errors, so I was wondering if I could 'stage' the
process.
Looks like D's reply indicates I could do it by varying the closing
balance to coincide with one I am happy with. Maybe a slight
problem if the closing balance is duplicated elsewhere? Maybe
unlikely.
In fact by a combination of the two replies I can go back to the
last 'good' situation and use the closing balance there as a
starting point?
I'll give the ending balance a try.
F
On 11/12/2018 17:56, Michael Hendry wrote:
On 11 Dec 2018, at 16:40, Finbar Mahon <[email protected]>
wrote:
Hi,
My reconcile is a bit erratic. So, I thought of trying to find
the error by reconciling for different periods. If I put in the
date for the last statement for the period I want to check, can
I just put in an amount as the ending balance that coincides
with the starting period and that way check on a period by
period basis?
I know it sounds complicated but I cannot think of a better way
of doing it.
Thanks
Afternoon, Finbar.
As a user of GC since 2010 for my personal accounts, I would
advise that you step back from this precipice before you jump
over it!
I urge you go back far enough in your accounts to get to a bank
statement that is in exact agreement with your accounts, then
work your way systematically forward from that date, correcting
any erroneous entries in your accounts as you go.
Ideally, you should mark everything beyond the reconciliation
date as “unreconciled” and go forward from there - it’s very easy
to click on a duplicate transaction and mark it as reconciled, or
to miss digit transpositions and other typing errors.
Best of luck!
Michael
--
Stephen M Butler, PMP, PSM
[email protected]
[email protected]
253-350-0166
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