[GNC] Help with downloading transactions.

[Phyllis Bruce]

I did for many years retain my receipts for credit card charges and match
every one to the statement.  Same with checks, etc.  The banks so
seldom make a mistake that I find it a waste of time.  In recent years one
of my banks has issued a correction.  That's good enough for me.

On Fri, Mar 17, 2023 at 10:50 AM Michael or Penny Novack <
stepbystepfarm at comcast.net> wrote:

>
> > This is a philosophical point.
> > There is group "M" who always enter every transaction first in their
> > books and then use the bank documents to reconcile
> >
> > and
> >
> > There is group "K" who enter some things and use the bank download to
> > keep their accounts.
> >
> > There are pros and cons to each method. Gnucash allows you to make your
> > own choice.
>
> Well put, but more than a philosophical difference.
>
> The former group is "reconciling", confirming that their records match
> those of the bank. Dealing with an errors or omissions. In my personal
> experience, bank errors though rare do occur. Also rare but every now
> and then, the error or omission at the books side.
>
> The second group is NOT reconciling anything. If the transactions in the
> books came from a download from the bank it WILL match what the bank
> bank statement. So the reconcile process in gnucash meaningless. Any
> errors the bank might have made, say misreading a check, will not be
> detected. We should also note that at any time the balance in the books
> will be larger than the actual balance by the amount of the "float"
> (checks written and sent but not yet cleared)
>
> Michael D Novack
>
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