[GNC] I just don't understand reconciliation

[ToddAndMargo]

On 6/18/19 5:00 PM, Adrien Monteleone wrote:
> To add on one more tidbit for an anticipated question:

What ??? Me???  I realize I can be thick as a rock at times.

> It isn’t very likely that a charge will take more than 24 hours to settle. (business sales charged on delivery with long lead times would be different of course) You might have a few that will be charged at the end of one period and not clear till the next. But those aren’t included on that statement, so they might be ‘cleared’ but not ‘reconciled’ till the next statement because they aren’t part of that ending balance calculation. That is perfectly normal. The Sun has continued to rise every day despite this fact.

It just took a bit to sink in.  Knowledge has a hard time
passing through rock.

> Long delivery times make tracking charges/clearings more cumbersome, but not impossible. Reconciliation isn’t concerned with that though.
> 
> The *purpose* of reconciliation is not to reconcile the transactions, it is to reconcile the ENDING BALANCE as of the statement date.

I am going to ignore that as it throws me back into a state of confusion.

I will just think I can't "Finish" the reconcile until
it appears on my statement, even if it is a month late
arriving.

Part of this is that I am involved in computer security.
I do not do any on line banking as I has seen the
result.  (By the way, use a charge card, not a debit card.
You have no protection with a debit card and if it gets
hacked, they have your bank account too.)  So you
are expecting me to know my statement in "real time",
not once a month.

Just out of curiosity, when you don't balance and
you know the bank is right and you are wrong, but
can find your mistake, can you use that spurious entry
as an "adjusting journal entry"?