[GNC] Reconciliation question

[Maf. King]

On Monday, 23 September 2024 22:40:12 BST Boniforti Flavio wrote:
> Hi Maf.
> 
> I understand reconciling the "Fund Out" - I compare the right part of the
> window with what's stated on the credit card bill.
> I have a hard time understanding the reconciliation of the "Funds In" part:
> when I reconcile the right part, I do have the old "Funds In" on the
> right... the one I used for reconciling the previous month...
> 
> So to me it feels like some sort of "delayed" reconciliation. First I agree
> on the "Funds Out" comparing the credit card bill of this month. Then the
> next month I will reconcile again the Funds Out with the credit card bill -
> but at the same time I have to reconcile the "previous" "Funds In"?
> 
> Sorry, but maybe this is a lack of accounting knowledge on my end :-(
> 
> F.
> 


No problem.

if i understand your flow correctly:

You made various transactions in Dec 2023 (the opening balance) and recorded 
detailed transactions in Jan 2024.

on (say) 20th Jan, You were sent a statement, which reconciled OK.

on say 21 Jan, you pay that bill.
Then you spend more during late jan & feb

On Feb 20 you get a bill, and reconcile.  Since the last statement, you have 
sent the CCard bank the payment for the Jan statement, so that is shown on the 
feb statement as a transaction which happened after the previous bill was 
sent?

Does that explain why both sides get reconciled, even though the "bill 
payment" feels like you are seeing it a month late?

or am I misunderstanding your question?

Maf.