[No Thirst Software] Re: Meaning of reconciled transaction
On 10 Nov 2008, at 16:18, Giorgio Valoti wrote: Hi all, 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? Yes, if they're straight off your bank statement they're reconciled. I'd imagine that most people enter transactions as and when they occur and then when their bank statement arrives they compare it to the records in MoneyWell and this process is the traditional reconciliation process. Simon --~--~-~--~~~---~--~~ 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 -~--~~~~--~~--~--~---
[No Thirst Software] Re: Meaning of reconciled transaction
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 -~--~~~~--~~--~--~---
[No Thirst Software] Re: Meaning of reconciled transaction
On Nov 10, 2008, at 9:28 AM, Kevin Hoctor 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? 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. Thanks Bill --~--~-~--~~~---~--~~ 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 -~--~~~~--~~--~--~---
[No Thirst Software] Re: Meaning of reconciled transaction
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? 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. What I've started doing is using the reconciliation flag to mark off transactions when I check them against my on-line banking records. I know that this by-passes the actual reconciliation feature but it does allow me to know where I'm up to. I only really mention it because I think that someone asked about flagging transactions they had checked on-line a few days ago. Simon --~--~-~--~~~---~--~~ 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 -~--~~~~--~~--~--~---
[No Thirst Software] Re: Meaning of reconciled transaction
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 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 -~--~~~~--~~--~--~---
[No Thirst Software] Re: Meaning of reconciled transaction
One trouble I'm having with moneywell is keeping track of cash transactions. Importing credit card and bank statements makes sense and is an easy way to upload this information and just put it into buckets. What is difficult for me is keeping track of cash transactions. Say I have $40 and spend $27.25 - does this come out of my bank account? If so, it is off and not reconciled with my statement. Do I have to have a separate 'cash' account and keep track of what is in my wallet at all times??? (it changes often :S and I'm worried that it will be a lot of work to keep track of what is in my wallet) How do other users do it? Do you reconcile your bank statements AND what is in your wallet - treating your wallet as a separate 'bank account'? Some tips would be appreciated... Thanks, G. PS. Quick question. When I'm importing bank statements, it always seems to create a new account rather than go into the one I want it to? How do I merge bank accounts again? On Nov 10, 10:23 am, Bill Nalen [EMAIL PROTECTED] wrote: On Nov 10, 2008, at 10:05 AM, Patrick Burleson wrote: 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 Yeah, I just meant that I reconcile to the balance on the web site ad hoc vs. doing the monthly reconcile to the paper statement that used to come. As long as I can reconcile between the bank's web site and my MoneyWell account balance nothing can get lost. Thanks Bill --~--~-~--~~~---~--~~ 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 -~--~~~~--~~--~--~---
[No Thirst Software] Re: Meaning of reconciled transaction
On Nov 10, 2008, at 2:20 PM, Greg wrote: One trouble I'm having with moneywell is keeping track of cash transactions. Importing credit card and bank statements makes sense and is an easy way to upload this information and just put it into buckets. What is difficult for me is keeping track of cash transactions. Say I have $40 and spend $27.25 - does this come out of my bank account? If so, it is off and not reconciled with my statement. Do I have to have a separate 'cash' account and keep track of what is in my wallet at all times??? (it changes often :S and I'm worried that it will be a lot of work to keep track of what is in my wallet) Hi Greg, Yes, you should have a Cash account and you should use the Cash only checkbox on the Transaction Detail or the C checkbox on the split transaction table for splits. How do other users do it? Do you reconcile your bank statements AND what is in your wallet - treating your wallet as a separate 'bank account'? Some tips would be appreciated... When you withdraw cash, mark that transaction as cash only and let MoneyWell transfer that ATM transaction to the cash account. Then you can create all your cash transactions in that separate account. This let's you directly manage your pocket cash without messing up your check register. Split transactions have the same functionality so you can manage your cash back from purchases. 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 -~--~~~~--~~--~--~---
[No Thirst Software] Re: Meaning of reconciled transaction
On Nov 10, 2008, at 1:31 PM, Kevin Hoctor wrote: Yes, you should have a Cash account and you should use the Cash only checkbox on the Transaction Detail or the C checkbox on the split transaction table for splits. Or do what I do and never carry cash. I use the debit card for everything and then I have a trail from a single account :-) Bill --~--~-~--~~~---~--~~ 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 -~--~~~~--~~--~--~---
[No Thirst Software] Re: Meaning of reconciled transaction
On 10/nov/08, at 17:18, Giorgio Valoti wrote: Hi all, 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? (Many, many good advices) Thank you all, this group is awesome. Ciao -- Giorgio Valoti --~--~-~--~~~---~--~~ 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 -~--~~~~--~~--~--~---
[No Thirst Software] Re: Meaning of reconciled transaction
i do as kevin suggests and keep a separate cash account. whenever i make an atm withdrawal, i transfer from checking to cash (which is what clicking the cash only checkbox does). when i'm out and about, i do my best to record (in my iphone's notes app) all my cash transactions and enter them in later. to help reduce the note taking, i try to use my debit card instead of cash, as bill suggests. the important thing is not to let your cash transactions become a black hole in terms of where you're spending your money. -david On Nov 10, 2008, at 15:48, Giorgio Valoti wrote: On 10/nov/08, at 17:18, Giorgio Valoti wrote: Hi all, 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? (Many, many good advices) Thank you all, this group is awesome. Ciao -- Giorgio Valoti --~--~-~--~~~---~--~~ 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 -~--~~~~--~~--~--~---
[No Thirst Software] Re: Meaning of reconciled transaction
On Nov 10, 2008, at 2:52 PM, David Wu wrote: when i'm out and about, i do my best to record (in my iphone's notes app) all my cash transactions and enter them in later. to help reduce the note taking, i try to use my debit card instead of cash, as bill suggests. And this is why we are writing MoneyWell Mobile. ;) the important thing is not to let your cash transactions become a black hole in terms of where you're spending your money. So true. It's very easy to let the cash in pocket add up to unknown spending. I'd like to avoid using cash but I have three teenagers —'nuff said. 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 -~--~~~~--~~--~--~---
