Reconcile An Account in Moneydance
Hi there,
How can I change the "Beginning Statement Balance" when reconciling an account? This is an easy option in any accounting software, including Quicken, but Moneydance doesn't allow it. Because of that, I am always having issues reconciling an account in Moneydance.
Please allow the end user to enter the Beginning Statement Balance when reconciling an account. That would make our life much easier.
Thank you.
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1 Posted by -Kevin N. on 23 Mar, 2025 09:43 PM
Hi Jay,
The Beginning Statement Balance is a calculated value. This is why you can't just change it.
Look to the following Moneydance KB article for reasons why the BSB might not match your bank statement.
https://infinitekind.tenderapp.com/kb/register-and-transactions/rec...
-Kevin N. (not a member of Moneydance support)
2 Posted by dwg on 23 Mar, 2025 09:57 PM
If you were able to enter both opening balance and closing balance off the statement, then all you would be doing in the process is matching specific transactions between the statement and the Moneydance register. You would not be reconciling the account as a whole which means ensuring the register balance in Moneydance aligns with the bank balance after allowing for unreconciled transactions i.e transactions that have not yet been cleared by the bank.
3 Posted by Jay on 24 Mar, 2025 12:01 AM
Hi,
Thanks both.
Yes, dwg, I understand that if I could enter the initial balance, I would only match transactions from the Moneydance registry with the bank statements. That is the point: Everything would be okay if the Moneydance registry transactions match the bank statement. I used this method with Quicken for two decades, and there was never an issue. For example, I would balance the statement for February, aware that I may still have transactions I need to enter for March. Note: I always enter my transactions manually.
Kevin, thanks for the link, but none of the points listed are valid for my situation. My Moneydance registry balance is correct, as it matches my online banking balance today, March 23. My statement balance is also accurate, as it matches my balance 10 days ago, March 10, the statement's end date. I have only 11 transactions pending reconciliation, all dated after the statement was issued. Still, the "beginning statement balance" is incorrect as it should match my last bank statement, but it doesn't and has never done so in the past. If I had missing entries or changes to the initial account balance, etc., my Moneydance registry would not match my online banking balance.
Thank you.
4 Posted by dwg on 24 Mar, 2025 12:35 AM
When the Moneydance beginning balance does not match the bank's opening statement balance it generally means that something has been changed in the Moneydance transaction register.
If the end balance matches it implies that perhaps the cleared status of one or more historic transactions is potentially wrong.
5 Posted by Jay on 24 Mar, 2025 01:07 AM
Ok, dwg. I will double-check again. Thanks