Query regarding reconciliation

[jcard21 xxxxxxx]

On Tue, Jul 6, 2010 at 01:08, Ankur Sinha <sanjay.ankur at gmail.com> wrote:
> hi,
> Thanks for that. I re-read the GNUCash help on reconciliation. What I'm
> somewhat perplexed about is "so.. are only bank accounts to be
> reconciled?". Or do you reconcile your "cash in wallet account" with
> receipts etc.? i.e., all accounts are not to be reconciled?
> Thanks again.
> regards,
> Ankur

NOTE: 1) I ALWAYS get a paper receipt – everywhere!

NOTE: 2) I manually enter each and every transaction the same day it
occurs, usually in the evening. This process takes less that 5-10
minutes. (For those of you who don't like this process, read Benjamin
Franklin's Autobiography. He has a guideline/template of how he spends
his time each day, hour by hour.)

NOTE: 3) I NEVER use (import) my Banks' or CreditCards' downloaded txn
files. I believe this defeats the purpose of reconciliation: what I
think I have in each account versus what each financial organization
believes is in each account.

Once a month, but not on the same day, I reconcile all my "Current
Assets" accounts:
• Savings
• Checking
• Money Market
• Certificate of Deposits
• Cash in Safe
• Cash in Wallet
• Gift Cards (I HATE Gift Cards! I prefer Cash!)
<http://www.lifehack.org/articles/lifehack/10-reasons-gift-certificates-make-horrible-gifts.html>
• etc.

Reconciling an account usually takes 1-2 minutes.

My Cash accounts: I just count what is actually in that
account/location. If it differs from what is in gnuCash, I add an
adjusting entry so it balances. I obviously spent that amount
somewhere I didn't record. This rarely happens, since I ALWAYS get a
paper receipt!

I hope this helps.

-- 
jcard21