The purpose of reconciling an account is to ensure that neither you nor your bank have made a mistake in recording transactions.
Reconciling accounts in Moneydance is akin to balancing a paper checkbook.
You can also choose to reconcile your account manually, or have all transactions which you have downloaded/imported from your bank automatically marked as cleared.
You can amend this within your Network Preferences. Select the option to “Mark Transactions as Cleared When Confirmed”.
To begin, highlight the account in the left sidebar, then Account --> Reconcile.
You will be shown a non-editable Beginning Statement Balance.
The Beginning Statement Balance on the reconcile window is a calculated value, which is-
Initial Balance of the Account + Cleared Deposits - Cleared Payments
You will be asked to enter an Ending Statement Balance, usually the balance listed on your most recent bank statement, or on your bank’s website.
The "As of" date is only enabled if you download transactions for that account online. If this box is selected, then all transactions that were downloaded/imported on or before the date chosen will be marked as reconciling.
The Reconcile Accounts window lists all transactions in the account which are not cleared. You can change the order of transactions in this window by clicking on any of the column headings - Date, Check#, Description, C (cleared), and Amount.
Payments are listed in the left-hand column and deposits are listed in the right-hand column. Each column shows a Cleared and Uncleared balance, which will change as you click on transactions to toggle them between Reconciling and Uncleared.
The Current Balance displays the effects of your reconciling thus far on the Beginning Balance, and the difference between Current and Target Balance as Difference.
If you have marked all the transactions from your statement as Reconciling and the Current Balance and Target Balance are now the same, you have successfully reconciled your account.
Click Done to exit the reconcile window. The transactions marked as Reconciling will now be displayed as Cleared in the account register.
If you select "Finish Later", transaction which are marked as Reconciling will display this status in the account register.
Select "Unmark All" to mark all transactions as Uncleared and return to the account register.
If a transaction in Moneydance does not seem to match with your bank’s records, the error may be in your entry. Click on the appropriate transaction and use the Edit button to change its value in your account’s register.
If you suspect the error is on the bank’s end, you'll need to contact them to change their records.
If you reconciled last month, and this month the beginning statement balance does not match the ending statement balance from last month - there are a limited number of possible causes.
Is it possible that you have actioned any of the following since the last reconcile? -
- Modified the amount of a transaction that was already marked as cleared.
- Deleted a transaction that was already marked as cleared.
- Manually cleared a transaction in the intervening time.
- Deleted a category that contained cleared transactions.
- Deleted an account that had transfers to or from the account you are reconciling.
- Changed the "Initial balance" on the account under Account --> Edit Account.
- Manually marked a cleared transaction as uncleared.
If you have done anything from the list above, it can be quite tricky to track down the cause of the change in the cleared balance.
The only way to fix such a problem is to go over the register and your old bank statements, to see if you can find anything that has changed.
If the discrepancy is relatively small it might be simpler to enter a new transaction (categorize it "reconcile discrepancy") and then clear that transaction.
Some Moneydance customers find it helpful to enter a dummy transaction with a zero amount. Then enter a description stating what the cleared balance was on this date, as a marker they can refer back to later.
- Archive - Moneydance 2017 license keys and upgrade policy
- Archive - Upgrading to Moneydance 2017 from Moneydance 2012, 2014 and 2015
- Archive - Upgrading to Moneydance 2017 from Moneydance 2011 or earlier
- Archive - Changing colours and theme in Moneydance 2017
- Archive - Sharing data using the Moneydance 2017 syncing engine
- View all (15 more)
- Archive - Moneydance 2015 license keys and upgrade policy
- Archive - Upgrading to Moneydance 2015 from Moneydance 2012 and 2014
- Archive - Upgrading to Moneydance 2015 from Moneydance 2011 or earlier
- Archive - How to restore from a checkpoint in Moneydance 2012 and 2014
- Archive - Opening a backup file in Moneydance 2015
- View all (3 more)
- Archive - Does Moneydance allow for assigning 'classes' to transactions?
- Archive - How do I get the Register to auto fill todays date instead of the last entered date?
- Archive - How do I move a transaction to a different account?
- Archive - How do I enter my Paycheck?
- Archive - How do I create a split transaction?
- View all (2 more)
- Archive - Syncing Moneydance 2015 with your Mobile Device
- Archive - Syncing Moneydance 2012 and 2014 with your Mobile Device
- Archive - How to sync with Moneydance 2008, 2010, and 2011
- Archive - How do I delete a transaction on the iPhone, iPad, or iPod touch?
- Archive - How to sync one data file with multiple iOS devices using different Dropbox accounts
- View all
- Archive - Creating a budget using the 'Newer' format
- Archive - Creating reminders (automatic repeating transactions or notes)
- Archive - Creating a budget using the 'Mixed Interval' (Older) format
- Archive - What's the difference between a General and Transaction reminder?
- Archive - How do I have a reminder automatically entered into my register?
- View all (1 more)
- Archive - Setting up VAT/GST
- Archive - Can you change the word "Check" to "Cheque" anywhere in the programme?
- Archive - How can I enter the exact amounts on both sides of a foreign currency transfer?
- Archive - My household/country/company uses a fiscal year instead of a calendar year. Can I do this in Moneydance?
- View all
- Archive - How do I add Securities to a new Investment Account?
- Archive - How can I import security, stock or mutual fund prices?
- Archive - Entering your current holdings
- Archive - Creating a new investment subtype
- Archive - Fixing mismatched securities from downloads in investment accounts
- View all (6 more)