On Nov 10, 2008, at 10:18 AM, Giorgio Valoti wrote: > I’m trying to understand reconciled transaction. The procedure is > simple and clear but I can’t *why* should I use it. I mean: every > month I receive the bank and the credit card reports and I simply > input them. Should I consider these transactions already reconciled?
Giorgio, If you are entering all your transactions from your bank statement, then the only reason to reconcile is to make sure you didn't miss one (or mistype one). The process is a verification that what the bank shows as your current balance is the same as what your personal records show. I use a direct connect for most of my transaction entries but occasionally I'll enter big purchases, debits, or credits at the time of the transaction so I know approximately how much is left in my buckets. There are also recurring transactions that need to be verified. Without reconciling, I wouldn't know if all these were correct. Additionally, I noticed last week that a rather large tax check was never deposited only because I reconcile my account. Now that I know that is still open, I can investigate and track it. If I hadn't put that check into my register manually and then reconciled, I could have thought I had much more in my account than I had and spent it before the check cleared. I recommend at least entering checks when you write them just for this reason. Peace, Kevin Hoctor [EMAIL PROTECTED] No Thirst Software LLC http://nothirst.com http://kevinhoctor.blogspot.com --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "No Thirst Software User Forum" group. To post to this group, send email to no-thirst-software@googlegroups.com To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/no-thirst-software?hl=en -~----------~----~----~----~------~----~------~--~---
