Automating reconciles or any other usable online facilities...

[Derek Atkins]

Hi,

"Phil Reynolds" <phil-gnc at tinsleyviaduct.com> writes:

> I am wondering if there is anything I can do to automate reconciling
> my accounts against online statements. I am with National Westminnster
> Bank (UK) for most purposes and also have credit cards with MBNA and
> Halifax - not that either of them gets used much. I also have (usually
> empty) holdings with PayPal and of course cash which is not possible
> to automate.
>
> I normally try to keep close track of transactions clearing anyway so
> typically there is little to do when statement date comes, but
> anything that will make less work for me would be appreciated.

No.  You can automate CLEARING of transactions, but no, you cannot
automate Reconciliation.  And this is a GOOD thing.  The whole point of
reconciliation is to make sure your bank didn't make a mistake (or that
YOU didn't make a mistake).  If you just take what the bank says on
blind faith then you'll never notice when they made a mistake .

Reconcile at the end of the month when you get your monthly statement.
It doesn't take very long, just a few minutes if things are all copacetic.

And yes, I've caught a bank error this way personally.

> Thanks in advance.

-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 at MIT.EDU                        PGP key available