On Mon, Nov 10, 2008 at 10:32 AM, Bill Nalen <[EMAIL PROTECTED]> wrote: > I don't plan on using the reconcile feature. I enter transactions as > they occur and once in a while check that my MoneyWell checking > account balance = my bank's web site balance (adjusted for the few > outstanding checks that haven't cleared). At my bank I turned off > paper statements so I don't ever look at another bank statement. My > method produces the same results, i.e. does my local balance = what > the bank thinks my balance is. I try to eliminate as many procedures > as I can without losing any benefits.
I'd caution that this method can give you a false sense of your balance. I watch my accounts like a hawk and I've been balanced to the penny since sometime in 2000. I got this way because I was using the "fudge" method of account balance where I knew the bank and I were "close enough". That is, until I got a little low and started bouncing things. Now, I balance with my online bank website about once every other week. The things I've found while doing this are pretty amazing: Transactions using my debit card that never clear (happens at least once a year) Checks cashed for the wrong amount ( had a car payment underpaid by $60 ) Meals where I was charged an entire meal where most others paid cash ( the waiter pocketed the cash and charged it all to me ) I know lots of people don't balance to the penny so there's some "fudge" in the numbers, but I find that I really like knowing my exact balance and trace differences to specific transactions. Just my $.02 Patrick --~--~---------~--~----~------------~-------~--~----~ 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 [email protected] 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 -~----------~----~----~----~------~----~------~--~---
