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| Reconcilliation https://www.splasmstrands.com.splasm.com/viewtopic.php?f=3&t=678 |
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| Author: | lg.hinz [ Thu Jan 08, 2009 12:00 pm ] |
| Post subject: | Reconcilliation |
I am going to repost a question from some time back, the answer was e-mailed to the member and I have exactly the same question. Please help Larry I sent this email, which I am going to paste here. I am not sure I understand it at all and the HELP text is really bad. My bank statement has: Beginning Balance Deposits/Credits Checks Withdrawals/Debits Ending Balance Your software has: Account Balance: Resolved Balance Unresolved: Statement Balance: Resolved Balance: Unreconciled: OK, So Account Balance is my Beginning Balance for what I can see, but what is the Statement Balance, is it the Ending Balance? This is the first time I am going to reconcile and what it shows for Account Balance is the actual balance of my account at this moment, which looks correct and I understand. Then as resolved balance it shows what should be my beginning balance, which I would think is OK. Then in Unresolved balance has a figure that it makes no sense to me since everything should be unresolved and the amount does not reflect that, so where does it come from? Then in unreconciled the amount that appears is what should be my beginning balance. What is going on? Could you explain this process better? I think that this area is very poor on this software. I need help. Thank you very much. |
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| Author: | tzus [ Fri Jan 09, 2009 10:34 am ] |
| Post subject: | Re: Reconcilliation |
I tend to agree with you. See my earlier post on the topic. viewtopic.php?f=3&t=621 |
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| Author: | Randy K. [ Fri Jan 09, 2009 11:31 am ] |
| Post subject: | Re: Reconcilliation |
The amounts at the bottom of the reconcile tab are laid out as subtraction equations. The unresolved and unreconciled amounts are a result of subtracting the amounts from above. Account Balance: The balance of all your entries currently in CheckBook, whether they have cleared the bank or not. Resolved Balance: The balance of only those entries that have cleared the bank (entries which have had the 'resolved' checkbox checked) Unresolved: The difference between your account balance and your resolved balance. It should give you a total amount that has still not cleared the bank. ---------------------- Statement Balance: This is where you can input the balance you get off your paper statement or online from your bank. This is what the bank considers to be your balance at the moment. Resolved Balance: The balance of only those entries that have cleared the bank (entries which have had the 'resolved' checkbox checked) Unreconciled: This is the difference between your statement balance and your Resolved Balance. This total will give the amount of what your account is off by. This may include transactions you don't have recorded, a double entry, or even a mistake at the bank. To be reconciled up to the moment, you want the unreconciled amount to equal zero. In general, to reconcile you want to get a statement balance or a balance from the bank and input it in the statement balance field. Next you want to go down your statement and check the resolved box on any entries you see on your statement. After doing that, if there is still an amount not equal to zero in the 'unreconciled:' area, you are still have some work to do. You can peruse your statement for any entries you may have missed, or bank charges you don't have a receipt for. you may also have mistakenly entered something twice in CheckBook, or resolved something that actually hasn't shown up on a statement yet. |
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