Topic: Account reconciliation

Hi,

I miss the function of account reconciliation. The typical (at least for me) behaviour is typing the transactions during a month. After end of this month, I take the (monthly) account statement and reconcile the account = I verify whether all transactions from the account statement are entered correctly into the system. This is the way to find missing trasanctions (forgotten to be entered earlier) or wrong amounts.

  • Slavik
  • Slavik
  • Administrator
  • Offline

Re: Account reconciliation

I confess, I didn't understand quite well this problem. My wife also records all transactions during a month. After the end of the month she obtains an account statement from the bank and she sets in the program just two filters:

  • the date filter to the optional month

  • the account filter to the optional account

Then she can reconcile all transactions in this months for the account with the bank statement (paper or electronic). If the final amount is not the same, she need to compare each transaction in program with the statement. Easy and quickly.
Or am I wrong?

3 Reply by slasza (edited by slasza 2014-10-03 19:14:04)

Re: Account reconciliation

This workaround generates following problems:
1. Convinience: how the set the OK mark for the verified transaction in the system (more convinient = stays for ever) or on the electronic statement)?
2. Type errors (in general: convinience): the transaction is for 135 EUR, you typed 153 EUR. As long you compare the transaction by your eyes, such errors are difficult to found (you do the work in the evening = you are often quite tired at his time). Should you have an option to compare the final balance (turnover would be as well ok) in the system and on the statement, such type of errors are easy to find = balance / turnover doesn't mach. (There is in the system the monthly turnover [transaction sum], but on the different screen - not convinient to work with).
3. Card transactions: Card transactions (e.g. for a debit card) are booked on account few days later = in the system you have currency date, but on the statement the booking date. This means, the card transactions from the last 3-7 days of the month are missing on the statement = they will come on the next-month-statement. It forces you to modify the date of aech transaction and the amount will charge the budget target of the next month.

  • Slavik
  • Slavik
  • Administrator
  • Offline

Re: Account reconciliation

Perhaps you are right, slasza, but nowadays I have not got such free time (and also power) to improve program in bigger range. I code in my free time only and the ToDo list is still longer. My health has priority (always). I hope you understand me.