What is the practical purpose of reconciling in GNUCash?

[Mark Phillips]

I reconcile my checking and savings accounts each month with my bank
statements, just as I did when I had a paper register in my checkbook.
Gnucash is just a little better than I am at math, everything else is the
same, so there is still a need to reconcile bank accounts. Every few months
I find a service charge from the bank through this process and I go to the
bank and ask them to reverse it. So far, I am batting 1000 with this
process. So it is worth the effort just for that.  Other reasons include
checks misread at the bank, deposits that bounce, checks that are not
cashed, online payments where the decimal place mysteriously moved, etc.

Mark

On Tue, Dec 13, 2016 at 2:09 AM, Gour <gour at atmarama.com> wrote:

> On Mon, 12 Dec 2016 15:39:50 +0000
> Colin Law <clanlaw at gmail.com> wrote:
>
> > And to find unexpected transactions on your back account.
>
> GNUCash helped me to discover one of the (my) bank's usual practice -
> when they are charging debit card for the service provided by my
> friend...first he does pre-authorization of the card to check if there
> is enough money on the card before start working on the 'order' and then
> only upon completion does he process the payment...
>
> Considering that several of my friends are occasionaly using his
> services, usually I pay for the service and them they reimburse me.
>
> However, it happened that the payment for the service was done by the
> end of the month, I recorded it in GC and then reconciled account with
> the bank statement only to discover later when doing another reconcile
> that things are not adjusted - the reason was/is that the bank process
> the payment (not pre-authorization), but after few days takes advantage
> of exchange rates and redoes transaction which 'spoils' reconcillation.
>
>
> Sincerely,
> Gour
>
> --
> The senses, the mind and the intelligence are the sitting places
> of this lust. Through them lust covers the real knowledge of the
> living entity and bewilders him.
>
>
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