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

John Ralls jralls at ceridwen.us
Wed Jan 22 20:18:39 EST 2020

> On Jan 22, 2020, at 2:57 PM, David Cousens <davidcousens at bigpond.com> wrote:
> 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.

Besides, the reconcile window doesn't necessarily default the reconcile balance to the ending balance, it defaults it to the last running balance on the reconcile date. If this is your first reconcile ever then it does default to today, but if not it defaults to one month after the last reconcile date.

John Ralls

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