[GNC] I just don't understand reconciliation

[Maf. King]

On Tuesday, 18 June 2019 10:45:17 BST ToddAndMargo wrote:
> On 6/18/19 1:54 AM, Maf. King wrote:
> 
> Finish will be greyed out until you get the "difference" to 0
> 
> 
> 7 is what it suppose to ber!
> 

No it isn't.   

the £7 is either on you bank statement or is not (yet, because the bank 
haven't processed it (- perhaps they never will & you'll get lucky!))

You "reconcile" ie. "check that you agree with each transaction that appears 
on" your bank statement, and ensure that the bank haven't made a payment twice 
or got some digits wrong.  that does not mean that the bank know all about 
every transaction you have made instantly that you make it.... you are 
checking the bank is right in what they have done, but not that they have done 
everything.  Also, they are not checking that you are right.

I suppose it is a bit of a hang-over from pre-electronic transaction days - 
where cheques could sit for days in the post or on someone's desk.   You know 
that you've written that check (hence spent the money), but the bank may take 
days or weeks to catch up with your better knowledge of what transactions you 
have made.

 Things these days are generally much more instant, although sometimes not as 
instant as we might like.

HTH,
Maf