Reconciling My Money accounts
Reconciling My Money accounts
When you reconcile (also called balancing) My Money account, you compare your Money records to your current bank statement and resolve any differences between the two—just like when you balance your checkbook manually.
As your bank statements come in, you should reconcile your bank accounts periodically to ensure that the transactions you have entered in Money match those from your bank’s records.
Before you start
When you reconcile your account for the first time, make sure you:
- Enter all transactions that have occurred between the date of your last statement and the date of your current statement.You should enter or download all deposits and withdrawals, including checks you’ve written by hand, electronic transactions, ATM transactions, and electronic transfers.
- Enter any transactions dated before the ending balance of your last statement that have not yet appeared on any statement. You should enter these transactions in your register even if they are dated before the opening balance transaction in your Money account.
Reconciling a bank account
- Have your account statement handy.
- Click the Account List icon in the toolbar.
- Click on the account you wish to balance.
- Under Account tools in the left pane, click Reconcile this account
- The Reconcile Dialog will request the date shown on the paper statement, starting and ending balances, bank service charges, and interest earned. Enter all of this information and then click Next.
- Ending Balance: If your statement balance is negative you will need to enter a negative number in the ending balance field. When you are reconciling liability accounts, such as Credit Card accounts, My Money makes an assumption that the end balance is negative and will negate the number automatically
- Use the balance screen to compare the transactions on your statement to the transactions listed in Money. As you locate each one, click in the S ("Status") column, to the right of the transaction to mark an item as cleared.
- As you are reconciling your account you will notice that already reconciled transactions will change their status icon changed to indicating your progress in reconciling the account. When the amount in the Difference field is zero, you have successfully balanced your bank account.
- Click Finish to complete the Reconcile Wizard.
Reconciling for more than one month
If you have used My Money for a number of months and have just decided that you want to reconcile, or if you used to reconcile an account and have not done it for several months, you need to go back and reconcile your account with the bank statements for each of the months you skipped before you start to reconcile the statement for the current month.
What’s the difference between C and R in the Status column?
- Status of C - short of Cleared is generally set externally, for example after some imports from Quicken or downloads from bank you may notice that imported transactions are set as Cleared.
You can manually "unclear" or "unreconcile" some transactions that you cleared or reconciled incorrectly.
Solving reconciliation problems
If the Difference this Statement amount is not zero, your account doesn’t balance for the current bank statement period. The cause is usually either an incorrect number of payment or deposit items checked off as cleared, or incorrect dollar amounts for some items.
If you click finish My Money will modify your account balance to agree with the bank’s by recording an adjustment transaction
Temporary Postponing Reconciliation
Sometimes it is necessary to postpone account reconciliation to be able to resolve a problem directly in the account register. You can press "Postpone" button whilst reconciling - this will save your reconciliation work and will return you to the main program window. Next time you start reconciliation process My Money will remember postponed reconciliation statuses and will set them to what they were. Please note that postpone function is transient in nature and limited to the current session only, once you restart My Money any information about postponed reconciliation statuses will be lost.