So after tiring of the tedious use of keeping track of my bank accounts on paper, I've downloaded this awesome software. I love everything about it, I used MS Money years ago but this is so much cleaner.
I'm missing something about how reconciliation works however. In my old paper system, I balanced my account once a week with what was online. My method was the following typical checkbook balancing method: 1. Check off everything that had cleared 2. Take my ending balance in the checkbook, add all of the uncleared debits to that and subtract any uncleared deposits. 3. Make sure the result from step 2 matched my bank account balance. Maybe this paradigm doesn't translate directly in MoneyWell or maybe I'm doing it wrong. Here's what I've done and what my problem is: 1. Started March 1st by figuring out what my bank's starting balance was. 2. Entered a bunch of transactions between 3/1 and today. 3. Created a new statement in MoneyWell from 3/1 to today. 4. Set the starting balance to zero, and the ending balance to what my bank shows online as the current balance. 5. Checked off everything that had cleared at the bank. This approach leaves unreconciled all of the items that I have entered in that date range that haven't yet cleared at the bank. For example my statement range is 3/1 to 3/8 and I have a transaction that I entered on 3/2 and 3/5, neither of which have cleared yet. They show up in red in my reconcile report. So is the idea that I leave the statement in a semi-reconciled state until everything has cleared? That seems like the way to go, but I wanted to make sure that I'm not missing something fundamental. --~--~---------~--~----~------------~-------~--~----~ 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 -~----------~----~----~----~------~----~------~--~---
