[GNC] Reconciling different periods?

Thu Dec 13 17:56:33 EST 2018

Phil,

Just one minor point.  Your statements issued by your bank, as distinct from the downloaded transaction records, may
possibly contain additional information that is not necessarily in your downloads. This can depend on the institution
and its policies on reporting. My bank's OFX downloads rarely don't agree exactly with statements issued by them these
days, but 5-10 years ago they did quite frequently. They also often don't correspond in time or in sequence in
particular, which intrigues me, but possibly relates to internal information kept on the clearance of transactions with
other banks which is not necessarily related to the customer.

David Cousens

On Thu, 2018-12-13 at 12:40 -0800, Phil Hays wrote:
> Adrien,
> 
> Not always true that I have the same data as the bank/credit card
> company. Many transactions are scheduled or otherwise entered. These
> should match what was downloaded. They don't always do so, usually
> because something changed or because I made an error.
> 
> I'm using a weekly statement generated by a download of transactions at
> the time of the download. I don't care about monthly statements because
> I use a week for accounting, not a month.
> 
> 
> Phil Hays
> 
> On Thu, 2018-12-13 at 14:14 -0600, Adrien Monteleone wrote:
> > Phil,
> > 
> > What are you reconciling against? If you download transactions, you
> > have the same data as the bank/credit card company. Reconciling is a
> > process of checking your own entries against what your bank/credit
> > card company shows.
> > 
> > So in your case, you are simply verifying that you downloaded
> > everything.
> > 
> > But otherwise, yes, if you check ‘as of today’ then the
> > reconciliation date does need to be ’today’ as I noted in the
> > parenthesis after my first sentence. But this is not ’normal’ as you
> > usually receive statements after the actual closing date, not *on*
> > the actual closing date.
> > 
> > What you are describing is more of ‘clearing’ transactions pre-
> > reconciliation than reconciliation itself. (though you can use
> > GnuCash in a way that you reconcile on a short period basis if you
> > want)
> > 
> > Concerning the monthly statements you rarely look at, that’s what the
> > reconciliation feature is for. Of course, you don’t have to reconcile
> > monthly at all if you don’t want to. Use the software as you wish.
> > 
> > Regards,
> > Adrien
> > 
> > > On Dec 13, 2018, at 1:25 PM, Phil Hays <phil_hays at ieee.org> wrote:
> > > 
> > > I download transactions from credit cards weekly. These are
> > > downloaded
> > > up to today's date, and I want to reconcile all downloaded
> > > transactions. After downloading transactions up until today's date,
> > > the
> > > reconcile date needs to be today.
> > > 
> > > I usually use today's date and today's balance. 'Today' is the
> > > usual
> > > 'closing date' of the 'statement'.
> > > 
> > > I note that the credit cards also have monthly statements that I
> > > rarely
> > > look at... Is there a reason why I should?
> > > 
> > > 
> > > Phil Hays
> > > 
> > > 
> > > On Thu, 2018-12-13 at 11:58 -0600, Adrien Monteleone wrote:
> > > > You should always use the ending balance, never the “latest" or
> > > > “today’s" balance. (unless ’today’ just happens to be the actual
> > > > closing date on the statement - highly unlikely)
> > > > 
> > > > Reconciling March ‘18 using the balance as of today, 12/13/18 (or
> > > > any
> > > > other date) is impossible, meaningless and makes no sense.
> > > > 
> > > > If you want to reconcile March, enter 3/31/18 as the date and the
> > > > ending balance on the statement.
> > > > 
> > > > Then to reconcile April, enter 4/30/18 and the ending balance on
> > > > the
> > > > statement.
> > > > 
> > > > repeat through November ’18.
> > > > 
> > > > You are then reconciled ’to date’ until you get your
> > > > December/end-of-
> > > > year Statement.
> > > > 
> > > > ‘Reconciling’ is matching the activity on your statement with the
> > > > entries in your books. That is always ‘as of a closing date’ (in
> > > > the
> > > > past), *not* as of ’the day you happen to perform the
> > > > reconciliation.'
> > > > 
> > > > Regards,
> > > > Adrien
> > > > 
> > > > 
> > > > 
> > > > > On Dec 13, 2018, at 11:13 AM, Finbar Mahon <
> > > > > mahon.finbar at neuf.fr>
> > > > > wrote:
> > > > > 
> > > > > Thanks, Michael, I have been trying that using end March of
> > > > > this
> > > > > year as the last 'OK' date but doing it up to latest balance
> > > > > seems
> > > > > to catch other errors, so I  was wondering if  I could 'stage'
> > > > > the
> > > > > process.
> > > > > 
> > > > > Looks like D's reply indicates I could do it by varying the
> > > > > closing
> > > > > balance to coincide with one I am happy with. Maybe a slight
> > > > > problem if the closing balance is duplicated elsewhere? Maybe
> > > > > unlikely.
> > > > > 
> > > > > In fact by a combination of the two replies I can go back to
> > > > > the
> > > > > last 'good' situation and use the closing balance there as a
> > > > > starting point?
> > > > > 
> > > > > I'll give the ending balance a try.
> > > > > 
> > > > > F
> > > > > 
> > > > > On 11/12/2018 17:56, Michael Hendry wrote:
> > > > > > > On 11 Dec 2018, at 16:40, Finbar Mahon <
> > > > > > > mahon.finbar at neuf.fr>
> > > > > > > wrote:
> > > > > > > 
> > > > > > > Hi,
> > > > > > > 
> > > > > > > My reconcile is a bit erratic. So, I thought of trying to
> > > > > > > find
> > > > > > > the error by reconciling for different periods. If I put in
> > > > > > > the
> > > > > > > date for the last statement for the period I want to check,
> > > > > > > can
> > > > > > > I just put in an amount as the ending balance that
> > > > > > > coincides
> > > > > > > with the starting period and that way check on a period by
> > > > > > > period basis?
> > > > > > > 
> > > > > > > I know it sounds complicated but I cannot think of a better
> > > > > > > way
> > > > > > > of doing it.
> > > > > > > 
> > > > > > > Thanks
> > > > > > 
> > > > > > Afternoon, Finbar.
> > > > > > 
> > > > > > As a user of GC since 2010 for my personal accounts, I would
> > > > > > advise that you step back from this precipice before you jump
> > > > > > over it!
> > > > > > 
> > > > > > I urge you go back far enough in your accounts to get to a
> > > > > > bank
> > > > > > statement that is in exact agreement with your accounts, then
> > > > > > work your way systematically forward from that date,
> > > > > > correcting
> > > > > > any erroneous entries in your accounts as you go.
> > > > > > 
> > > > > > Ideally, you should mark everything beyond the reconciliation
> > > > > > date as “unreconciled” and go forward from there - it’s very
> > > > > > easy
> > > > > > to click on a duplicate transaction and mark it as
> > > > > > reconciled, or
> > > > > > to miss digit transpositions and other typing errors.
> > > > > > 
> > > > > > Best of luck!
> > > > > > 
> > > > > > Michael
> > > > > > 
> > > > > > 
> > > > > > 
> > > > > 
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