Fwd: Newbies, account setup and manual reconciliation

[Jeffrey B. Ferland]

Forgot to reply all....

Begin forwarded message:
> Date: November 15, 2005 3:59:25 PM EST
> To: Jeff Smith <jeff at smithicus.com>
> Subject: Re: Newbies, account setup and manual reconciliation
>
> Another late thought that might clear this up a bit more for you:
> The statement from your bank serves to reconcile your payment to  
> the credit card.
> The statement from your credit card serves to reconcile each  
> individual charge made against it.
>
> You don't actually enter them into GnuCash a second time, but when  
> under tools -> Reconcile, you do check off transaction as per the  
> receipt from the bank / credit card company. In the end, your  
> reconciled balance should match what you get on the statement.
>
> -Jeff
> SIG: HUP
>
> On Nov 15, 2005, at 3:22 PM, Jeff Smith wrote:
>> Jeff Smith wrote:
>> >> In the future, should I be flagging these redundant  
>> transactions as
>> >> "reconciliation" records, or just ignore them completely? Does it
>> >> matter which way I go?
>>
>> Andrew Sackville-West wrote:
>>> I'm not sure what you mean by this. I assume you are manually  
>>> entering a transaction when you pay your bill. Then later, when  
>>> you download transactions, you get a duplicate of that  
>>> transaction. Either one of these could be deleted. Reconciliation  
>>> is unrelated. when you reconcile, you will mark whichever of  
>>> these transactions is left. That is, when you  check off the  
>>> transaction on your statement, you will check off the matching  
>>> one in the account in gnucash. that's all there is to it. what am  
>>> I missing in your question?
>>
>> Actually, I don't do manual entries. At the end of each month, I  
>> download the transaction records from my bank. Each month includes  
>> a record of a payment to a credit card. (Call this the bank's  
>> record.) Then, I download a set of transactions from my credit  
>> card company. 2 or 3 days after my bank shows the payment, my  
>> credit card company shows a corresponding receipt of funds, which  
>> I will call the card's record. (Why they don't show up on the same  
>> day is a matter for banking politics.)
>>
>> So now I have two records of the same transaction, from both sides  
>> of the fence. I was thinking that card's record should be treated  
>> simply as a reconciling entry to match against the bank's record.  
>> Or am I missing something?
>>
>> -- 
>> Jeff Smith
>> Computer Science Dept.
>> University of Saskatchewan
>> http://jefficus.usask.ca
>> _______________________________________________
>> gnucash-user mailing list
>> gnucash-user at gnucash.org
>> https://lists.gnucash.org/mailman/listinfo/gnucash-user
>

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