Reconciliations

Lorenzo Messina's Avatar

Lorenzo Messina

21 Apr, 2017 06:19 PM

The opening bank balance is usually the starting point. The calculated balance per the Moneydance reconciliation procedure is a problem. Can a change be made that would allow the opening bank balance to be inserted and the closing bank balance inserted to be saved for future reconciliations?

  1. Support Staff 1 Posted by Henry on 22 Apr, 2017 03:59 AM

    Henry's Avatar

    Hi Lorenzo,

    To change the Beginning Statement Balance, you'll need to adjust one of these variables. To change the Initial Balance of the account, open the account register and go to Account->Edit Account. You can enter mathematical equations in the Initial balance field in the credit card account to calculate the amount it should be. For example if your current credit card balance is 1476.62, and the balance shown in Moneydance is 27.65, then enter 1476.62-27.65 (use the minus sign) in the Initial Balance field and hit enter. Moneydance will automatically calculate the proper Initial Balance.

    Henry
    Infinite Kind Support

  2. 2 Posted by Lorenzo Messina on 22 Apr, 2017 04:23 PM

    Lorenzo Messina's Avatar

    Hi,
    Thanks for getting back to me so quickly. My bias is that I am an
    accountant. What I have been used to doing versus what Moneydance is
    programmed to do. In order to adjust the balance, I have to force the
    opening balance to produce the correct balance.

    Thanks for your help.

    Lorenzo

  3. 3 Posted by dwg on 22 Apr, 2017 10:10 PM

    dwg's Avatar

    In my opinion Inserting balances to be remembered for future reconciliations is just potentially covering up problems that exist in the Moneydance register, the way Moneydance works will show if there are problems with transactions.

    The initial balance should be the closing balance of the account prior to the first register entry in Moneydance, if you change it away form this it suggests to me that there is a problem somewhere.

    If later on the reconciliation is out it implies that something has been changed or something has occurred which needs to be attended to. The following article outlines likely issues:

    http://help.infinitekind.com/kb/account-basics/im-trying-to-reconci...

    Personally I do not subscribe to the solution of entering an adjustment transaction, why bother reconciling if you are just going to add an adjustment transaction. I prefer the purist option of finding the offending transaction and fixing it.

  4. System closed this discussion on 22 Jul, 2017 10:10 PM.

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