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Account Reconciliation & History

This screen is accessed through the pull-down menu "Account - Account Reconciliation & History." You may also right-click on any transaction (with an account assigned) and select "View Account Details/Reconcile."

This screen is used to reconcile your account against the bank statement or credit card statement.

You need to read the help topic How to Use Accounts before using this screen.

Bank Accounts
At the top of the screen (on the Detail page) is account balancing information. The "Starting Balance" is last month's bank statement's ending balance. It should also be this month's beginning balance.

Go through the statement from the bank, starting with the first transaction listed, and check the "X" box for the corresponding transaction in the grid. As you check the box, the line will be shaded and the "Marked Total" at the top will be changed. When all of the items on the statement have been marked, the "Statement Balance" at the top of the screen should match the bank statement's ending balance amount. If it does not, you have missed something and will need to start over. Watch out for interest paid; you will need to exit the screen and make an income entry for this.

Checking the "X" column does not automatically save the checkmarks. You must click the Save button before exiting or moving items to history.

When the Statement Balance matches the bank statement, click the Move marked items to history button. This will remove the marked items from the screen and update the totals at the top for next month's statement.

Credit Cards
At the top of the screen are credit card balancing fields. It starts with your credit limit, subtracts the balance forward (from the last time reconciled) adds in the total charges (debits), and subtracts the credits to show you the current balance available. The Balance Available field should match the statement's available credit line. If it does not, you are missing transactions.

When you receive your credit card statement, go through and mark off the matching transactions by checking the corresponding "X" box on the screen. This will update the Marked Total at the top of the screen. If you discover that you are missing transactions, you will need to save your changes, exit the screen, and input the necessary debits (or credits) that are missing.

Checking the "X" column does not automatically save the checkmarks. You must click the Save button before exiting or moving items to history.

If you have an interest charge on your statement, you will need to:
  • Save your changes
  • Exit back to the Records page
  • Make an expense entry for the interest amount charged and tie it to this account
  • Come back to the reconcilation screen and checkmark the interest transaction

    (Note: Special credit card transactions are explained in the How to Use Accounts help topic.)

    When items match the statement, the Marked Total should match the credit card statement's new items' total. (Your statement should have a line item for the new charges. It may be listed as "Purchases, Advances & Other Debits" or something like that.)

    Save your changes if needed. When you are ready to make a payment to the credit card company, you will need to:
  • Exit back to the Records page
  • Make an income entry for the payment amount and tie it to this account
  • Come back to this screen and checkmark the payment transaction
  • Click the Move marked items to history button