[GNC-dev] Using ending balance from OFX file as ending balance of reconcile?

[David Cousens]

Jean 
Can't rtemember if it was discussed or not but there are possibly good
reasons for  not using the ending balance of an OFX import as the starting
balance for a reconciliation.

1. Depending on when the download is done, the bank may or may not have
included all of its charges and interest whereas a statement is usually
provided some time after the period of the statement and has all appropriate
fees and charges and adjustments included up to the closing date of the
statement. By providing a statement the bank is certifying this.

2. Reconciliation is the process of ensuring the accounts transaction record
is in agreement with the bank's. The bank considers its records true and
correct when it provides a statement of account that is certified to be so.

3. The starting balance of the next reconciliation has to be the ending
balance of the previous reconciliation to ensure that no transactions are
missed or extra transactions included in the period of the statement.


Maybe the situation may become different if and when banks are prepared to
declare their download OFX records are true and correct at the time of
download.

David Cousens.



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David Cousens
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