Reconcilling at the end of the year

[Jay Ridgley]

Keith,
cc: gnucash-user list

I have used gnucash for about 2 years. I too think it is a wonderful accounting 
package. I am going to take a stab at answering you reconcile question, others 
may correct me, since this is the first time I have tried to offer a solution...

To reconcile 2 things are needed:

1) The banks closing balance from the statement for the period
2) The Date of that statement

Those are the figures you must enter in the reconcile box. The beginning balance 
is kept by the system from the last time you successfully completed a reconcile 
and may not be changed.

Cleared items should have been recorded prior to beginning the reconcile. Items 
that have not cleared (as indicated by the bank statement) remain outstanding. 
If the amounts are all correct the finish check mark will be green, if not you 
need to research where the difference is coming from. Was an amount incorrect 
between your ledger and the bank, did you not mark a check cleared that is shown 
on the statement or vice versa. I have found that most of the time I failed to 
mark an item(s) cleared that the bank has on the statement. You can tic it(them) 
off in the reconcile window. Once you have completed that exercise the green 
arrow should appear.

Outstanding items will remain outstanding until they clear the bank.

I hope this helps.

Cheers,
Jay

On 05/28/2012 02:16 AM, Keith Royall wrote:
> I have only just discovered gnucash, and on first impressions I am
> very pleased with it. For a free program, its better than a couple of paid
> for versions I've used, especially with the balance sheet reporting.
> gnucash balance sheets are laid out in the conventional method; in the paid
> for versions they aren't.
>
> Having said that, however, I have couple of questions I don't seem to be
> able to find answers for in the help files or anywhere else.
>
> Question 1 - Year End Reporting.
>
> When I start a new year, are the retained earnings/losses carried over
> automatically, and do I have to go into 'Preferences' to change the
> accounting year dates?
>
> Question 2 - What do I do when a check (Cheque) transaction is not cleared
> by the bank until the month following the month I sent the check (Cheque),
> and recorded the payment?
>
> I started my first file by entering last year's transactions and tried to
> reconcile my December Bank statement.  However, a check (cheque) payment I
> made, and recorded, in December didn't go through the banking system for
> payment until January, so I didn't tick that transaction as
> being reconciled.   This prevented me from finishing the reconcilliation,
> as the 'Finish' button was greyed out.  What do I do in this situation?
>
> Regard
>
> kthroyall
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-- 


Jay Ridgley
jridgley2 at austin.rr.com
Registered Linux User ID - 9115
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