Automatically reconcile interest charges

[Edward Doolittle]

In my personal experience the date the interest is added at the end of the
statement period, so after the last transaction on the statement and before
any new transactions. When you add the interest transaction, be careful to
set the date properly; do not use the date you receive the statement but
rather the closing date of the statement. Then the interest charge should
appear right after all the other transactions once they have been cleared.

On 11 February 2015 at 00:11, AC <gnucash at acarver.net> wrote:

>
>
> On 2015-02-10 21:58, Edward Doolittle wrote:
> > Since the information about the interest came from the bank rather than
> > from the user, it makes sense to mark it as cleared (but not as
> reconciled
> > until the reconciliation process is complete).
> >
> > That said, I personally have never had any trouble finding the interest
> > transaction during the reconciliation process. Interest is typically
> > charged at the end of the statement period so it will show up near the
> end
> > of the clearing items during the reconciliation process. I just look for
> > interest charges last, after I've cleared everything else.
> >
> > I sometimes think that I should be trying harder to verify the bank's
> > calculation of interest. In some cases it's easy but in other cases not
> so
> > much. I usually just ballpark it in my head and hit enter when my mental
> > calculation inevitably agrees (within a healthy margin of error) with the
> > bank's calculation.
>
> This is a credit card rather than a bank but it doesn't really matter.
> In my case, the interest charge is usually separated from the
> transactions within the billing period by all of the transactions from
> the subsequent billing period.  As an example, one of my cards has a
> billing period that ends on the first of each month (so the billing
> period is essentially an entire natural calendar month).  I don't
> typically receive my bill until about two weeks later.  In those two
> weeks I accumulate more transactions.  Now when I finally receive the
> bill and reconcile, there could be several dozen or more transactions
> added to the account.  Once I reach the end of the transactions to
> reconcile, there's still many more that belong to the next period and
> somewhere in there is the interest entry.
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-- 
Edward Doolittle
Associate Professor of Mathematics
First Nations University of Canada
1 First Nations Way, Regina SK S4S 7K2

« Toutes les fois que je donne une place vacante, je fais cent mécontents
et un ingrat. »
-- Louis XIV, dans Voltaire, Le Siècle de Louis XIV, Chap. XXVI