On 12/27/21 9:54 AM, Mahon Finbar wrote:
Thanks all,
"Un-reconciling doesn't delete anything. I'm not sure what you are
describing there"
- I am describing an obvious error, such as an entry in the wrong a/c,
it happens.
Unreconciling shouldn't be expected to delete a transaction. You can of
course delete it if it is erroneous and then proceed with
reconciliation. (or assign the proper account, which will move, rather
than delete the transaction, though it may disappear from the
reconciliation window accordingly.)
"If ALL transactions are reconciled that doesn't mean your balances are
0.00, it just means that whatever the balance happens to be, you have
verified it to be correct"
0.00 means for me, in the, in the difference column, that I have checked
the data I have entered against the bank a/c, for example. If I have
sorted out all the invoice sent out against the receipts. and don't have
0.00 maybe someone hasn't paid, or deducted a discount, or....
Okay, I understand now where you expect to see 0.00. And that would be
what you would see if every transaction that you've entered in that
period matches your statement.
If you are using the business features, lack of payment or other
adjustments should *not* be reflected when reconciling a bank account.
There is no reason for them to. They haven't been entered yet. (they
exist in the AR/AP accounts, not the Bank accounts)
If for example, you entered a payment as received, but the Bank
Statement isn't showing it, then it hasn't 'cleared' yet, and so you
would not mark it reconciled.
If someone didn't even send you payment yet on an invoice you issued
them, none of that would in any way affect the bank account or the
process of reconciling it and so would not even factor into the
'Difference' value. That value shows you the variance between what you
*have* marked as reconciled and what *should* be marked reconciled to
reach a particular Closing Balance when beginning at a particular
Opening/Starting Balance.
I am aware of what reconciling is supposed to do. My question is what is
the meaning of 'unreconcile selection' in the context of trying to reach
0.00 instead of
It removes the reconcile flag from that transaction or transactions.
If you haven't marked *every* transaction that matches the Bank
Statement, then the total amount will be added/subtracted BACK to the
'difference' so you'd be moving farther away from Zero, not towards
it.(±based on if the transactions in question were debits or credits)
If you had already 'over reconciled' transactions which you have in your
file, but the Bank Statement doesn't show then un-reconciling will get
you closer to Zero Difference.
for example, in the difference column, as I presume is what reconciling
is supposed to achieve. I gather from the replies it doesn't mean much.
Reconciling to zero difference means you have verified that you have all
of the same transactional data which accounts for a balance on a
specific date as the statement from the financial institution. You may
have additional transactions not-yet cleared the institution. You would
not want them to be marked 'reconciled'. (yet)
I assume that un-reconciling a suspect transaction such as a transaction
in the wrong column should show up as an anomaly. But what about a
'selection' ?
A transaction in the wrong column means you entered a debit rather than
a credit or vice versa. Simply edit the transaction to fix it, then
reconcile it. If more than one transaction has that problem, edit each
of them.
The term 'selection' is used because the feature can operate on more
than one transaction at a time if you want it to. So every transaction
you have selected(highlighted) at that moment when you click the button,
will become 'un-reconciled'.
The other issue is one that has been well aired in these columns,
opening balances that don't look right. I can appreciate why this is
untouchable, but it is, to, me, always a suspicious matter.
"Opening Balance" would come from your last reconciliation closing
balance. If it is wrong, your most immediate reconciliation is wrong.
(or you've been reconciling to the wrong balance for some time, but then
each period would have been off and you should have caught and fixed
this sooner.) If you ever encounter this problem, you'll need to
investigate backwards to find the source of the error and then
re-reconcile to get the next Opening Balance correct.
(or just enter a correcting entry, reconcile it, and move on)
Regards,
Adrien
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