Re: [GNC] New Balance entry
On 10/30/2023 6:45 AM, Mahon Finbar via gnucash-user wrote: Exactly my experience, and why I asked, despite previous experience. I am now at the stage where my Gnucash file is y but my bank account is not Further searching needed, Barry BESIDES actual errors, a difference between what the bank says is in your account and what your books say is the account is normal UNLESS all transactions are instantaneous. When I write a check, stick it in an envelope, and mail off that envelope THAT is the time when I have made "constructive payment" < its why postmarks have legal significance"> So that is the date of a reduction in the bank account in MY books. The check has to arrive, be deposited by the recipient, and return to my bank before it gets deducted in the bank's records of my account. Even when I do an electronic transfer between my account at one bank and my account at another (transfer of funds) it is usually not instantaneous. The point I am making is if during the time interval when I have any such event outstanding, what I have in my books and what the bank has will NOT agree. In the old pre computer "bank reconciliation" process accounting for everything "in transit" had to be done first before looking at differences as an error or errors. Michael D Novack PS1: Legally, you are not allowed to utilize "float" << write checks where there are not sufficient funds WHEN WRITTEN but expect the funds to be there before the checks arrive back at the bank.>> PS2: If you are not entering in your books when written, waiting to download transactions from what the bank has you are never going to be able to spot one sort of bank error where a check is misread?misentered. Can also get into problems where a check takes a long time to get back so there could be insufficient funds in your account. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] New Balance entry
Exactly my experience, and why I asked, despite previous experience. I am now at the stage where my Gnucash file is y but my bank account is not Further searching needed, Barry On 30/10/2023 11:24, Liz wrote: On Wed, 25 Oct 2023 15:21:20 +0200 Mahon Finbar via gnucash-user wrote: Hi, After my previous experiences on here, I am almost afraid to ask a new question, but, here goes. When Reconciling, what exactly is the effect of introducing a "new balance entry" as is available as the first option on the bar. There is nothing under the help that I could identify. Thanks, Finbar My simple take is a disaster. The program inserts a transaction which "balances" the account. I've made the error once and not done it again, as I had to undo it all and then fix up the genuine errors in the reconciliation. Liz ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] New Balance entry
On Wed, 25 Oct 2023 15:21:20 +0200 Mahon Finbar via gnucash-user wrote: > Hi, > > After my previous experiences on here, I am almost afraid to ask a > new question, but, here goes. > > When Reconciling, what exactly is the effect of introducing a "new > balance entry" as is available as the first option on the bar. > > There is nothing under the help that I could identify. > > Thanks, Finbar My simple take is a disaster. The program inserts a transaction which "balances" the account. I've made the error once and not done it again, as I had to undo it all and then fix up the genuine errors in the reconciliation. Liz ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] New Balance entry
Thank you very much for the comprehensive reply. I didn't think of CC, but that is very useful. It helps when presentation of CC records are late. I did find that balancing amounts were in the reconcile, usually very small amounts, but I didn't recall setting them. For the previous answers, thank you one and all. I normally have a hold of reconciling, but when looking back in my accounts I find 'opening balances' have changed, presumably due to finger issues when entering transactions later. I ask myself, 'why look back' it is history, I've paid.;) Thanks again, Barry On 26/10/2023 23:18, Jediator wrote: This feature is useful when doing recon of a credit card account. After a successful recon run, the new balance window will popup up with the balance amount preset so you can issue a credit card payment from a bank account. Certainly you can cancel the action (which doesn't affect your recon results) if you don't want to enter the credit card payment manually (e.g., populating transactions via csv import). If you recon a bank account and the recon balance is zero, the new balance window shouldn't show up at all... -- JC On 10/25/23 5:19 PM, David H wrote: David, He means after you click OK on the initial Reconcile popup there is a further popup on which the first icon is "Add a new balancing entry to the account" - this is active only if your Ending Balance is not equal to the Reconciled Balance. if you click this icon it adds a txn for the difference which you then must update as one side of the txn is the account being reconciled and the other is the Orphan account. David Carlson's explanation is correct, personally I would never use it as I would always want to know why my account didn't reconcile :-) Cheers David H. On Thu, 26 Oct 2023 at 05:42, David Cousens wrote: Finbar, Not sure what you mean by new balance entry. The reconcile dialogue comes up requesting the following: Statement date - enter the closing date on the statement from the bank. It will supply a closing date based on the statement date at which the last reconciliation was doneand usually adds one month. The Starting Balance is calculated and displayed - This is the total balance of all splits in the account which have already been reconciled. This should be equal to the Opening Balance indicated on the statement from the bank. If not it indicates that a previous reconciliation is incorrect eithr in your books or the banks statement - rare but it can happen The Ending Balance This requires you to enter the value of the closing balance from the bank statement. Some banks add their interest payment (or interest charge for a credit card account) at the end of the statement and it may not have been enetered into your books. If this is the case use the "Enter Interest Payment" button to add a transaction to include the interest payment without halting the reconciliation. Then press the "OK" button to continue. David Cousens On Wed, 2023-10-25 at 15:21 +0200, Mahon Finbar via gnucash-user wrote: Hi, After my previous experiences on here, I am almost afraid to ask a new question, but, here goes. When Reconciling, what exactly is the effect of introducing a "new balance entry" as is available as the first option on the bar. There is nothing under the help that I could identify. Thanks, Finbar ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using
Re: [GNC] New Balance entry
This feature is useful when doing recon of a credit card account. After a successful recon run, the new balance window will popup up with the balance amount preset so you can issue a credit card payment from a bank account. Certainly you can cancel the action (which doesn't affect your recon results) if you don't want to enter the credit card payment manually (e.g., populating transactions via csv import). If you recon a bank account and the recon balance is zero, the new balance window shouldn't show up at all... -- JC On 10/25/23 5:19 PM, David H wrote: David, He means after you click OK on the initial Reconcile popup there is a further popup on which the first icon is "Add a new balancing entry to the account" - this is active only if your Ending Balance is not equal to the Reconciled Balance. if you click this icon it adds a txn for the difference which you then must update as one side of the txn is the account being reconciled and the other is the Orphan account. David Carlson's explanation is correct, personally I would never use it as I would always want to know why my account didn't reconcile :-) Cheers David H. On Thu, 26 Oct 2023 at 05:42, David Cousens wrote: Finbar, Not sure what you mean by new balance entry. The reconcile dialogue comes up requesting the following: Statement date - enter the closing date on the statement from the bank. It will supply a closing date based on the statement date at which the last reconciliation was doneand usually adds one month. The Starting Balance is calculated and displayed - This is the total balance of all splits in the account which have already been reconciled. This should be equal to the Opening Balance indicated on the statement from the bank. If not it indicates that a previous reconciliation is incorrect eithr in your books or the banks statement - rare but it can happen The Ending Balance This requires you to enter the value of the closing balance from the bank statement. Some banks add their interest payment (or interest charge for a credit card account) at the end of the statement and it may not have been enetered into your books. If this is the case use the "Enter Interest Payment" button to add a transaction to include the interest payment without halting the reconciliation. Then press the "OK" button to continue. David Cousens On Wed, 2023-10-25 at 15:21 +0200, Mahon Finbar via gnucash-user wrote: Hi, After my previous experiences on here, I am almost afraid to ask a new question, but, here goes. When Reconciling, what exactly is the effect of introducing a "new balance entry" as is available as the first option on the bar. There is nothing under the help that I could identify. Thanks, Finbar ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] New Balance entry
David, He means after you click OK on the initial Reconcile popup there is a further popup on which the first icon is "Add a new balancing entry to the account" - this is active only if your Ending Balance is not equal to the Reconciled Balance. if you click this icon it adds a txn for the difference which you then must update as one side of the txn is the account being reconciled and the other is the Orphan account. David Carlson's explanation is correct, personally I would never use it as I would always want to know why my account didn't reconcile :-) Cheers David H. On Thu, 26 Oct 2023 at 05:42, David Cousens wrote: > Finbar, > > Not sure what you mean by new balance entry. The reconcile dialogue comes > up > requesting the following: > > Statement date - enter the closing date on the statement from the bank. It > will > supply a closing date based on the statement date at which the last > reconciliation was doneand usually adds one month. > > The Starting Balance is calculated and displayed - This is the total > balance of > all splits in the account which have already been reconciled. This should > be > equal to the Opening Balance indicated on the statement from the bank. If > not it > indicates that a previous reconciliation is incorrect eithr in your books > or the > banks statement - rare but it can happen > > The Ending Balance This requires you to enter the value of the closing > balance > from the bank statement. > > Some banks add their interest payment (or interest charge for a credit card > account) at the end of the statement and it may not have been enetered > into your > books. If this is the case use the "Enter Interest Payment" button to add a > transaction to include the interest payment without halting the > reconciliation. > > Then press the "OK" button to continue. > > David Cousens > On Wed, 2023-10-25 at 15:21 +0200, Mahon Finbar via gnucash-user wrote: > > Hi, > > > > After my previous experiences on here, I am almost afraid to ask a new > > question, but, here goes. > > > > When Reconciling, what exactly is the effect of introducing a "new > > balance entry" as is available as the first option on the bar. > > > > There is nothing under the help that I could identify. > > > > Thanks, Finbar > > > > ___ > > gnucash-user mailing list > > gnucash-user@gnucash.org > > To update your subscription preferences or to unsubscribe: > > https://lists.gnucash.org/mailman/listinfo/gnucash-user > > - > > Please remember to CC this list on all your replies. > > You can do this by using Reply-To-List or Reply-All. > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > - > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] New Balance entry
What is missing from comments so far is, if I understand correctly, the intended purpose of that button is for when a user wants to correct the reconciled balance of the account for that date without trying to find and correct previous errors, this will create a transaction to complete the reconciliation for that purpose. On Wed, Oct 25, 2023, 2:42 PM David Cousens wrote: > Finbar, > > Not sure what you mean by new balance entry. The reconcile dialogue comes > up > requesting the following: > > Statement date - enter the closing date on the statement from the bank. It > will > supply a closing date based on the statement date at which the last > reconciliation was doneand usually adds one month. > > The Starting Balance is calculated and displayed - This is the total > balance of > all splits in the account which have already been reconciled. This should > be > equal to the Opening Balance indicated on the statement from the bank. If > not it > indicates that a previous reconciliation is incorrect eithr in your books > or the > banks statement - rare but it can happen > > The Ending Balance This requires you to enter the value of the closing > balance > from the bank statement. > > Some banks add their interest payment (or interest charge for a credit card > account) at the end of the statement and it may not have been enetered > into your > books. If this is the case use the "Enter Interest Payment" button to add a > transaction to include the interest payment without halting the > reconciliation. > > Then press the "OK" button to continue. > > David Cousens > On Wed, 2023-10-25 at 15:21 +0200, Mahon Finbar via gnucash-user wrote: > > Hi, > > > > After my previous experiences on here, I am almost afraid to ask a new > > question, but, here goes. > > > > When Reconciling, what exactly is the effect of introducing a "new > > balance entry" as is available as the first option on the bar. > > > > There is nothing under the help that I could identify. > > > > Thanks, Finbar > > > > ___ > > gnucash-user mailing list > > gnucash-user@gnucash.org > > To update your subscription preferences or to unsubscribe: > > https://lists.gnucash.org/mailman/listinfo/gnucash-user > > - > > Please remember to CC this list on all your replies. > > You can do this by using Reply-To-List or Reply-All. > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > - > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] New Balance entry
Finbar, Not sure what you mean by new balance entry. The reconcile dialogue comes up requesting the following: Statement date - enter the closing date on the statement from the bank. It will supply a closing date based on the statement date at which the last reconciliation was doneand usually adds one month. The Starting Balance is calculated and displayed - This is the total balance of all splits in the account which have already been reconciled. This should be equal to the Opening Balance indicated on the statement from the bank. If not it indicates that a previous reconciliation is incorrect eithr in your books or the banks statement - rare but it can happen The Ending Balance This requires you to enter the value of the closing balance from the bank statement. Some banks add their interest payment (or interest charge for a credit card account) at the end of the statement and it may not have been enetered into your books. If this is the case use the "Enter Interest Payment" button to add a transaction to include the interest payment without halting the reconciliation. Then press the "OK" button to continue. David Cousens On Wed, 2023-10-25 at 15:21 +0200, Mahon Finbar via gnucash-user wrote: > Hi, > > After my previous experiences on here, I am almost afraid to ask a new > question, but, here goes. > > When Reconciling, what exactly is the effect of introducing a "new > balance entry" as is available as the first option on the bar. > > There is nothing under the help that I could identify. > > Thanks, Finbar > > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > - > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] New Balance entry
It's poorly documented. https://bugs.gnucash.org/show_bug.cgi?id=563565 ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
[GNC] New Balance entry
Hi, After my previous experiences on here, I am almost afraid to ask a new question, but, here goes. When Reconciling, what exactly is the effect of introducing a "new balance entry" as is available as the first option on the bar. There is nothing under the help that I could identify. Thanks, Finbar ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
