On Mar 8, 2009, at 10:24 PM, leefalin wrote: > 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. > Hi Lee,
Thank you! > 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: > This is the standard way of reconciling a bank account and MoneyWell works this same way. > 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. Make sure you have the correct starting balance transaction in your account with the amount equal to the value from step 1. You should be able to select individual transactions in your register and see the daily balance at the bottom of the window to confirm that you are in sync with your account. Our reconcile video tutorial shows this process and may be worth a look: http://nothirst.com/tutorials/MoneyWellReconcilingTransactions/ The red transactions are showing up because they have dates that fit into that statement date range. You certainly shouldn't reconcile those if they aren't cleared and they won't stop your statement from being reconciled if they really aren’t on that statement. Once you check all the transactions that have cleared, you should have a reconciled statement. Let me know if I can help more after you review the video. 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 [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 -~----------~----~----~----~------~----~------~--~---
