Generic Transaction import discussion

Derek Atkins warlord@MIT.EDU
20 Oct 2002 10:33:31 -0400


Benoit =?iso-8859-15?q?Gr=E9goire?= <bock@step.polymtl.ca> writes:

> I did try it, however, not for very long.  The current druid based qif 
> importer is great for a complex import you rarely do, such as importing a 
> Quicken export.  That is not surprising, since it was designed for just that 
> purpose.  However, in Quicken I used to import my transactions up to 3 times 
> a week.  For that kind of use (and from my very limited experience with the 
> qif importer), the qif importers felt inadequate.  The amount of keyclicks 
> you have to do to import one or two transactions using a multistep process is 
> simply ridiculous.

You do it day to day.  I do it monthly...

> For day to day transaction import, I think the Quicken way of doing things is 
> perfect (altough the Quicken implementation isn't).  But then again for most 
> daily tasks I just hate druids.

Not everyone does it day-to-day.  Perhaps if it were 'easier', then sure...

> The way I wanted to implement the second split is to simply select the 
> destination account from a drop down box if the split isn't balanced.  (In 
> the future that selection could be remembered based on the payee) What would 
> be great is to actually see the transaction in register view at the bottom of 
> the screen, but I don't know if I can embed the register in that window.

You probably could..  At least it shouldn't be _too_ hard.  You can take
a look at the SX editor to see how to embed it.

> Well, the check would preclude having more that two choices, which I find 
> unacceptable.  However, if someone can tell me how to make a select popup (I 
> don't know the actual term in English) in the left column, I would be more 
> than happy to oblige.  That is what was originally planned, but I just didn't 
> know how to do it.

Do you mean an 'option menu'?

> I don't really understand what the difference between cleared and reconciled ( 
> c and y) really is.  But the info you get from the bank from OFX (here at 
> least)  IS what is contained in the monthly statements.  In fact, I don't 
> even receive them anymore, since I subscribed to online statements with my 
> bank (coop actually, but that is irrelevant).  Could you provide more info 
> please?  In any event, it's once again easy enough to provide a user pref 
> that tells the matcher if he should reconcile with c or y.

'Cleared' is a term that really has to do with cheques and other
"money transfers".  When "your check has cleared" it means "the money
has ACTUALLY been transfered".  This boils down to the way checks
work: I write a check on 10/17 for $65 to my plumber.  He "deposits"
at his bank on 10/18.  The banks talk to each other for a while, but
unless it's the same bank it takes time for the check to clear.  The
plumber wont necessarily have the funds in his account for 2-3
business days.  On or around 10/22, the check will clear and the $65
will actually be his.

In modern banking, with ACH and lots of other electronic transfers,
the time to clear is getting closer to zero, but it is still there.
The US Federal Reserve steps in as well.  What can happen is that my
plumber deposits my check, his bank will offer him the funds the next
day (before the check clears), and then 'lien' against the origination
bank for the funds through the Feds.  The money will arrive
"eventually", or after a week or so the deposit bank will withdraw the
money and send the "bounced check".

Basically, your 'cleared balance' should be the actual amount of money
in your account at any one day.  Obviously "outstanding checks" are
not included in the cleared balance, because the funds have not been
withdrawn.  So basically, the 'cleared' bit says "the money has
actually been transfered".

The RECONCILED bit, otoh, is a monthly "balance your checkbook"
operation.  You get an end-of-period statement from your institution
(be it electronically or on dead-trees), and at that point your walk
through the reconciliation of your account. You know the bank's idea
of your ending balance and what transactions have been cleared.  At
that point your cleared transactions become reconciled transctions and
your 'reconciled balance' should match you bank statement.

I agree with cstim that downloaded TXNs should be considered CLEARED,
but not RECONCILED.

-derek

-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
       warlord@MIT.EDU                        PGP key available