Reconciliation

donald miller's Avatar

donald miller

26 May, 2022 07:00 PM

We have been using Money Dances for sometime now along with another accounting package (Quicken). Until now we have been using the reconciliation function from Quicken. We have discontinued using Quicken and have switched entirely over to Money Dances. Now when I try to run the MD reconciliation, it automatically brings forward the current running account balance as the previous month beginning balance. Is there a function that provides the opportunity to enter a different beginning balance?

Thanks for any help you can provide
Don

  1. 1 Posted by Stuart Beesley ... on 26 May, 2022 07:14 PM

    Stuart Beesley (Mr Toolbox)'s Avatar

    Nope. It’s always worked that way. The important thing is the new closing balance.

  2. 2 Posted by dwg on 26 May, 2022 11:00 PM

    dwg's Avatar

    I'm a fellow user.

    The opening balance is a calculated one it is defined as the Initial balance + cleared deposits - Cleared payments.

    Given this formula it should result in this number being the same as the last statement closing balance. If it is not it mean there is something wrong in the account. If it is just that a cleared status has been changed then that will be apparent when you do the next reconciliation, if it is something else there is a problem to find and correct. Without taking any action it would never be possible to reconcile the account i.e. arrive at the same balance as the bank has.

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