Reconcile Transactions
under review
S
Swati
Sometimes some of my transactions from my bank are not imported properly, for whatever reason. This puts the balance out of whack.
I need to be able to reconcile this balance instead of haphazardly updating it -- need to figure out which transactions were imported and which were not. This is a very tedious process right now :(
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P
Paul
Hi,
I am new here, and I just imported all transactions from my accounts. While this is not a 'permanent' fix, just one I would suggest as an Accountant -- as this is how I am using within my own budgeting processes.
On the home page (overview) and on the account page itself the most up-to-date account balance is available from your last sync. Say it shows $1,500.
To verify your transactions are 100% entered, go to Finance>transactions, then filter on this account for 'all time'. Within the search there is a result for the filtered total. Say it shows $325 (it will be negative for credit accounts).
So for my situation, I know there would be a "starting balance" missing to prop up this ending balance to reconcile with the bank's number assuming all my newest transactions were entered correctly. This start value would be $1,175. Double check against your old bank statement to ensure this date period had that as its balance -- reconciled your "day zero".
I have created a category (9-None) as income, excluded from budgets(optional), and excluded as totals.
Make a Payee named "Start Balance".
I enter the $1,175 on my day zero.
Alternatively, you can add a special tag as "OPEN". However, I am seeing this as a lesser robust feature for this situation.
The aspect here is that you now have a listing of transactions to always total your current statement.
The singular opening transaction created is not additive to your budget nor is it displaying as actual income/spending.
J
Jordan Schelew
At first glance this appears to be the single most frequently used missing feature when compared to business accounting software I've worked with in the past. Would love to have reconciliations here!
J
Jojo
Jen from Lunch Money FYI, in case you are soon starting working on this feature, as it is marked "under review".
Suggestion for a workflow I enjoyed from YNAB:
You can choose to reconcile an account. You enter the current account balance. If it matches what Lunch Money calculated, then all transactions are marked as reconciled.
The reconciliation marker could be implemented as a third status option. So on import, a transaction would be unreviewed, then I mark it as reviewed, then it is reconciled. In the transaction list, you could keep the unreviewed-reviewed toggle, since you would only expect the reconciled status to be set through the reconciliation process, not manually.
If the entered balance does not match, I see a list of all unreconciled transactions. The assumption is that previously reconciled transactions should be correct, so I only need to look at those that have not yet been reconciled.
I see the difference between what Lunch Money calculated and what I entered, which helps me spot potential duplicates. If I can't find anything wrong, I have the option to fix the balance (in YNAB by adding a reconciliation transaction, but in Lunch Money it could also be adjusting the account balance). Then all transactions from this account are marked as reconciled.
It is also important to me to see the date of the last reconciliation for the account so that I can export the correct time range from my bank to prevent unnecessary duplicates.
P
Paulo Bechara
Jojo +100 to this!
Jen from Lunch Money
Merged in a post:
Transaction based reconciliations
z
zed
Would be great to have a support for a reconciliation workflow (Nominate new account balance -> write a reconciliation transaction)
The current balance editing process is "lossy", in that it doesn't leave a reconciliation record, it would be great to have it in the history for the event =)
Jen from Lunch Money
under review
Jen from Lunch Money
Merged in a post:
Accounts need a starting balance
M
Matthew Davis
When I view all transactions for an account, the total should equal the balance. To accomplish this, there needs to be a non-transaction starting balance.
Jen from Lunch Money
Merged in a post:
Account Reconciliation
J
Janette M Watson
There appears to be no way to verify the Linked Account balance (Bank & Credit Card) are reconciled to the current balance. There could be duplicate or incomplete transaction history.