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Questions tagged [reconciling]

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GnuCash: Should I Record Fraudulent Charges?

I'm catching up on reconciling my checking account in GnuCash, discovered a fraudulent charge on the February 2023 statement, and noticed another fraudulent charge pending. Should I enter the ...
Eric Turner's user avatar
1 vote
1 answer
107 views

A client paid a non-business debt into my business bank account. How to handle in Xero?

I purchased some groceries for my neighbour, and he reimbursed me by depositing funds into my business bank account (I have done some work for him occasionally), which automatically fed through to ...
Highly Irregular's user avatar
-3 votes
2 answers
150 views

Is the "Sum of the Squares" equation used to reconcile bank accounts?

One thing I always found to be a pain when using Quicken is to be able to figure out what checks/transactions have / haven't been reconciled yet. It always makes my balance look like it's off. Do ...
leeand00's user avatar
  • 1,110
1 vote
1 answer
114 views

Reconciliation uses different number than entered

I'm doing a year-end reconciliation of one of my expense categories. In the reconcile-setup window, I enter the amount $36,387.59 for the ending balance: However, the amount shown in the subsequent ...
Ken Williams's user avatar
1 vote
1 answer
185 views

How to reconcile a checking account against bank statements?

My first thought on this matter, is that if the balance is off by a certain amount, one or more missing transaction should add (withdrawl or deposit) to the missing amount. The software I am using for ...
leeand00's user avatar
  • 1,110
2 votes
2 answers
162 views

Gnucash: Default reconcile date to today?

When I begin reconciling an account in GnuCash, the statement date field is populated with a value that seems to be random. Is there a way to make it default to the current date?
Tony's user avatar
  • 207
1 vote
1 answer
2k views

Help reconciling credit card with Amazon

I use Amazon a lot for business purposes, and so have a pretty large number of orders. However, matching credit card transactions against this is a nightmare. I guess amazon charges your card when ...
Fraser Orr's user avatar
1 vote
4 answers
1k views

How to reconcile loan statements when balance doesn't add up

I'm helping a friend enter her student loan payments into GnuCash and I've come across something I've never encountered before. Apparently Discover Student Loans are calculated with Daily Simple ...
TTT's user avatar
  • 47.2k
1 vote
1 answer
1k views

Xero - How to reconcile a transaction when the period has been locked

I use Xero for my consultancy company's book-keeping. My accounts from a couple of months ago are locked (due to submitting a VAT (UK sales tax) return). I have an unreconciled bank transaction within ...
Daniel Winterstein's user avatar
1 vote
0 answers
101 views

Quickbooks credit card reconciliation

When I put a payment into Quickbooks through the enter bills section and then pay it, when I go to reconcile the account the payment does not show up. Why would this be and how can it be placed in the ...
Rosa Delgado's user avatar
3 votes
2 answers
984 views

Why doesn't GnuCash auto-reconcile non-bank accounts?

I use GnuCash for the sole purpose of keeping track of my personal finance. When I do my monthly reconciliation on my checking account, savings account, and credit card account and everything is all ...
AnonymousArmadillo's user avatar
0 votes
1 answer
709 views

correct usage of "R" field, esp. with respect to credit card account type

Using GnuCash to track where my money goes and what comes in. I have as assets my bank account and "cash in wallet", and many expense accounts for food, gas, water, electricity, clothes, transport/...
user avatar
1 vote
0 answers
351 views

How do I reconcile a pre-payment on a credit card in Quickbooks?

I have two payments to credit card for the same period. One is tied to last month's reconciliation but the other one is just a prepayment because I wanted to charge the account over my limit, so I ...
Jenny H's user avatar
  • 11
2 votes
2 answers
2k views

How to reconcile a credit card that has an ongoing billing dispute?

I currently have an ongoing billing dispute/inquiry on my American Express Business Charge Card that is causing me problems when reconciling this account in Quickbooks. Since my statement balance ...
Brian David Berman's user avatar
9 votes
4 answers
13k views

When bookkeeping, which transaction date should I use from my bank statement?

When reconciling my bookkeeping with my bank statement, should I use the date the transaction occurred or the date the bank processed the transaction? Also, which date should I use when transferring ...
Mark Northrop's user avatar
3 votes
1 answer
244 views

How important is reconciling accounts for a small LLC (Quickbooks)?

We are in our first year of starting a small LLC. We are using Quickbooks Online and things are going well. The only exception is that, due to our lines of credit and bank accounts being personal (...
Brian David Berman's user avatar
19 votes
2 answers
20k views

What's the difference between 'cleared' and 'reconciled' in my financial accounting software?

Been using GNUCash for the past four years, and I'm slowly learning the more advanced features over time. Until now I've never needed to bother with future dated transactions, but recent large ...
jldugger's user avatar
  • 7,437