Reconcilliation

[mrfox99]

OK Thank you I will make sure I do that next time too.
Regards
Colette

On Sun, Oct 2, 2016 at 12:51 AM, Buddha Buck [via GnuCash] <
ml-node+s1415818n4686873h42 at n4.nabble.com> wrote:

> You're welcome. I'm glad I could be of help. By the way, in general it's
> considered polite on the GnuCash lists (and some others) to keep CC:ing
> the
> list so that everyone can see the conversation.
>
> On Sat, Oct 1, 2016 at 7:39 PM Diamond Plumbing <
> [hidden email] <http:///user/SendEmail.jtp?type=node&node=4686873&i=0>>
> wrote:
>
> Ahhhhh - thank you for the clarification!  Now I understand why its
> looking
> different to how I expected.  I'm going to re-look again with fresh eyes
> tomorrow and thank you for your kind guidance.
> Regards
> Colette
>
>
> On Sat, Oct 1, 2016 at 6:55 PM, Buddha Buck <[hidden email]
> <http:///user/SendEmail.jtp?type=node&node=4686873&i=1>> wrote:
>
> A reconciliation is an attempt to verify that you and someone else have
> the
> same view of an account. When you reconcile against the bank statement,
> you
> are verifying that both you and the bank agree on what has affected that
> account.
>
> When you enter a transaction (such as a $500 loan to the business for the
> purposes of keeping the bank account above zero), in your books that
> transaction affects two accounts: the business checking account, and the
> liability account tracking that loan. In GnuCash terms, the single
> "transaction" has two "splits", with one split linked to the bank account,
> the other linked to the liability account.
>
> When it comes to reconciliation, the bank knows nothing about the split to
> the liability account. It doesn't know, or care, where the funds in the
> checking account came from, just  that the transaction was $500. As such,
> it is impossible for you to reconcile that liability account split against
> the banks records. But you can reconcile the checking account split
> against
> the banks records. If the lender of the $500 cushion issued a statement,
> giving what your business owed, you could reconcile the liability account
> against that statement separately from the bank's reconciliation.
>
> In GnuCash, transactions aren't reconciled, splits are.
>
> It sounds like you are using GnuCash properly, but might not be expecting
> what you are seeing.
>
>
> On Sat, Oct 1, 2016 at 6:12 PM mrfox99 via gnucash-user <
> [hidden email] <http:///user/SendEmail.jtp?type=node&node=4686873&i=2>>
> wrote:
>
> Hi
> I am new to GNUcash and I have a start up business.  Having watched some
> very helpful starting youtube videos on chart of account set up and
> initial
> transaction creation, I've found it very easy to use and straight forward.
> My issue is when I come to reconcile - here is my scenario, hopefully
> someone can tell me where I am going wrong. My set up is for Canada.
>
> We opened our business account and in the first month our account fee was
> deducted so our account went into a negative.  So, at the end of the first
> month, the bank was -$6.00.  I inputted this transaction as a bank fee of
> $6.00.  We transferred in $500 as a buffer to set up the business - a
> personal loan if you like to credit the account, so I entered this as a
> Liability under Loans as essentially the business needs to pay that money
> back.
>
> My issue is that when I go to reconcile the month end, I reconcile the
> first
> month with end balance of -$6.00, as this is the statement end balance.
> When I go to reconcile the second month, it only seems to want to
> reconcile
> either the expenses OR the credit piece - I seem to be unable to see both
> of
> these transactions in the reconcilliation window at the same time.  Is
> this
> a setting issue or am I entering this incorrectly?
>
> Sorry for being dumb - just trying to find my way and make sure the start
> up
> piece is completely correct!
>
> Thanks for the guidance.
> Colette
>
>
>
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