Michael
T.
Edwardes

    mte@users.sourceforge.net

2005-07-09
0.8

# Reconciliation

## What is reconciliation

At some point you will want to reconcile the transactions you have entered with the transactions listed in a statement, be it a bank statement, credit card statement, loan statement or any other statement. Reconciliation involves matching what you have entered with what the statement lists. If any discrepancies are found then either you or the person who created the statement have made a mistake.

To reconcile an account click on the Reconcile Ledgers icon in the account selector, choose your account from the drop down list and then click on the Reconcile button.

## The reconciliation wizard

This will open the reconciliation wizard with the first page informing you of what will happen briefly. Click on Next to actually start the wizard.

Reconciliation wizard Reconciliation wizard

### Statement details

The statement date, starting balance and ending balance can be found in your statement. Make sure that the figures match and click on the Next button. If the figures do not match then enter the figures as listed on your statement and click on the Next button.

Reconciliation wizard Reconciliation wizard

### Interest

If the statement reconciliation is on a bank account or any account with interest and/or charges then enter these values in the required fields. A category can be assigned to the transactions.

Reconciliation wizard Reconciliation wizard

Click on Finish to start matching your statement to what you have entered.

### Clearing transactions

To mark a transaction as cleared click on the C column in the list view. A transaction is cleared when it matches the transaction on your statement. The command frame lists the statement amount and the cleared amount. When the difference is zero then the account is reconciled and you can click the Finish button to save the transactions. To postpone the reconciliation to a later time click on the Postpone button. During the reconciliation any transaction can be edited to make it match the statement and new transactions can be created as usual. After clicking on the Finish button the transactions are marked as reconciled and the C column changes to 'R' to reflect the change.

Reconciliation wizard Reconciliation wizard