Should I reconcile 3 years worth of transactions!?

Nelson Handcock nelson.handcock at gmail.com
Sat Feb 28 02:14:27 EST 2015


If you need to prepare financial statements and have confidence that your
gnucash data entry is 100% correct, then I think you need to reconcile each
and every transaction against its source, otherwise your auditor may not
sign off on it. I guess it depends on the requirements of who you are
reporting to.....

IF everything you have entered into GC is imported and there have been no
errors, then the reconciliation process does not need to be time-consuming.
If your account balances in GC match your bank statement balances, then
it's really just a formality. The GC reconciliation tool allows you to
check all the transactions and you just need to click "finish" and it's
done.

But if they do not match, then you need to figure out what has been entered
differently and account for it. And that can be a real pain in the arse,
but it's necessary to do it.

I'm manually reconciling about 2 years worth - it's a major pain and very
time consuming, but I'm regularly picking up data entry errors and so as
far as I'm concerned it's worth the effort. I'll be able to present formal
statements that are 100% correct at the end of it all.

Once you get up to date, the process to keep your accounts reconciled will
be a lot easier.....

Hope my thoughts are worthwhile....


Nelson H.


On Sat, Feb 28, 2015 at 10:13 AM, RhysGoodwin <rhys.goodwin at gmail.com>
wrote:

> Hi, first time poster here.
>
> I've been using GnuCash for about 3 years. I don't ever really enter
> anything manually into it. I just import my bank statements via OFX,
> (transactional account, mortgage, credit card etc). I then assign
> income/expenses to various accounts so I can track where my money is going.
> I do this about once a month.
>
> I've never really used the reconciliation feature as everything in GnuCash
> is direct from the bank. I'm about to start being a self employed
> contractor
> and want to make sure I'm doing things right as I will probably need an
> accountant to look over my books at the end of the year.
>
> Even as a contractor the transactions into GnuCash will come from my bank
> statements, not manually. (I'll only be issuing 1 invoice a month).
>
> Should I be reconciling transactions or doesn't it matter? Should I go back
> and reconcile everything for the last 3 years?
>
> Cheers,
> Rhys
>
>
>
>
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