[GNC] Help with downloading transactions.

[Simon Roberts]

I feel compelled to add my agreement with Alan. This kind of crime is on
the rise and we're all vulnerable. Credit card companies insist on giving
many fiscally prudent folks much higher credit limits than they actually
use, and that just adds to the risk. Debit cards are worse since the
protections are far weaker (at least in the U.S.). I check my data twice
monthly with downloads.

On Sat, Mar 18, 2023, 03:05 Alan A Holmes <gnucash at alanaholmes.me.uk> wrote:

> I'm afraid I would disagree Phyllis. Having been scammed, through no fault
> of mine, I ALWAYS reconcile my accounts each month.
>
> 1. Banks do, and have made mistakes. Usually down to human error, though
> sometimes masked as being a computer error.
> 2. More importantly is fraudulent transactions. I've had 3 occasions where
> my credit card details have been scammed. If I hadn't checked my credit
> card statement against my receipts I would never have found 2 of the 3
> scams.
> a) The first occasion was in the days when you had to swipe the card,
> before chip and pin. Somehow the machine had been doctored and it made
> multiple transactions.
> b) The second scam was when my card details were used at exactly the same
> time to purchase things at locations over 100 miles apart. The bank called
> me and after investigation found that my details had been stolen by a phone
> agent when I'd made legitimate transaction, and then used to buy something
> for themselves.
> c) The third occasion I found a transaction I didn't recognise on my
> credit card statement and reported it to the bank. They investigated and
> found the transaction was at exactly the same time as another transaction
> at a Motorway Service Station when I'd paid by tapping my card. They found
> the cashier had their own machine under the counter so as I passed my card
> over the genuine machine it had also triggered the 2nd machine.
> In all 3 cases the offenders were caught and prosecuted, my card was
> stopped and replaced to prevent further thefts, and I was refunded. Had I
> not checked my statement every month the first and third scams might not
> have been picked up as quickly or even at all.
>
>
>
> Alan A Holmes
>
> -----Original Message-----
> From: gnucash-user <gnucash-user-bounces+gnucash=
> alanaholmes.me.uk at gnucash.org> On Behalf Of Phyllis Bruce
> Sent: 17 March 2023 21:17
> To: stepbystepfarm at comcast.net
> Cc: gnucash-user at gnucash.org
> Subject: Re: [GNC] Help with downloading transactions.
>
> 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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