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Reconciling and Downloading Transactions

SteveDC's Avatar

SteveDC

29 Nov, 2011 06:07 PM

I still struggle with what is the best practice to reconcile my checking and credit card accounts when I download transactions during the month. My logic says when a transaction has cleared the bank, it is cleared. When it has reconciled with the monthly statement, it is reconciled. Moneydance seems to work somewhat differently.

If I download and merge transactions, Moneydance can "Mark Transactions as Cleared When Confirmed" (Preferences, Network). This will merge my manual entry with the bank entry and place a green check mark (cleared) on the transaction, which seems to make sense. However, when I try to reconcile with the bank statement, I have to remove the green check mark from all transactions that are not on the statement, even those beyond the End Statement Balance date, to get a correct beginning balance.

If I don't allow Moneydance to "Mark Transactions as Cleared When Confirmed", they merge without any indication that this transaction has already cleared the bank. I can try to remember which ones just cleared and mark them as reconciling with a diamond (or convert all new checks to diamonds), but that seems awkward.

Can someone give me a recommended best practice procedure to handle downloading transactions during the month and still easily reconcile a monthly statement at the end of the fiscal month? It would be helpful if I could tell what transactions have cleared during the month, but if that doesn't fit with the Moneydance process, I can adjust. I just want to use the product in the most efficient manner.

Respectfully,

Don Stevens

  1. 1 Posted by SteveDC on 29 Nov, 2011 06:15 PM

    SteveDC's Avatar

    My checking account doesn't support downloading transactions, so I manually mark cleared transactions with a diamond (reconciling) throughout the month. When I go to reconcile my monthly statement, the Beginning Statement Balance is correct, cleared transactions appear the reconciliation window, and clicking Done marks all reconciled transactions with a check mark (cleared). It works slick, easy, and intuitively.

  2. 2 Posted by -Kevin N. on 29 Nov, 2011 06:37 PM

    -Kevin N.'s Avatar

    Hi SteveDC,
    The Preference to 'Mark Transactions as Cleared' is there for those that don't bother to Reconcile at the end of the month. The thinking, is that if the user has downloaded the txn, looked it over and Confirmed it, there is little reason to reproduce those steps at the end of the month. Clicking the 'Balance' in the lower right-hand corner of the register will produce a number of balances that can be checked against the financial institution at any time.

    they merge without any indication that this transaction has already cleared the bank

    It would be helpful if I could tell what transactions have cleared during the month

    Look to the right side margin of the 'Description' field for a small italicized ' i '. This is an indication that the txn was imported from your financial institution and therefore 'Clearable'.

    HTH -Kevin N.

  3. 3 Posted by SteveDC on 29 Nov, 2011 07:01 PM

    SteveDC's Avatar

    Kevin:
    Thank-you. That is very helpful. As I reconcile to the monthly statement, the "Mark Transactions as Cleared" isn't for me. The small "i" is a useful indicator that the transaction has been downloaded and they will remain unmarked (cleared or reconciling) until the monthly reconciling. Manually marking them with a diamond (reconciling) isn't really much of an advantage.

    Thanks again.
    Don

  4. SteveDC closed this discussion on 29 Nov, 2011 08:15 PM.

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