What is the practical purpose of reconciling in GNUCash?

[Maf. King]

On Monday, 12 December 2016 06:26:59 GMT replicon wrote:
> Hi all,

<SNIP>

> Seems
> like it's just a confirmation of something everyone should just be doing
> anyway (having the correct balance in the end).
> 
> So, I haven't been reconciling anything. Am I missing out on anything
> useful/important? :)
> 


Hi,

that's exactly it.  "To reconcile"  more or less means "to agree".  You and 
your bank (or other person/body corporate) agree at some point in time about 
which transactions have happened and what the resulting balance is.

You can't really reconcile an expense account, as you (probably) don't have 
another person/institution/company to issue a statement and compare against.

Cheers,
Maf.