Reconcile Account

jason.groff's Avatar

jason.groff

03 Jan, 2021 12:18 AM

I have a couple weird reconciling issues happening. On one of my credit cards, it's tracking the wrong beginning balance now. Because of that, it's showing a difference in the account that isn't accurate (when compared to the balance in the ledger, which is accurate). Not sure how to fix that. Also, on a difference account, whenever I reconcile it, the "As of" date doesn't advance like it does on other accounts. So it automatically defers to the original date that I opened the account.

  1. 1 Posted by jason.groff on 20 Feb, 2021 04:23 PM

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    I might have input something wrong on the account that had the wrong beginning balance. However, the newest credit card I added still resets to the first month of starting it after each reconciliation, meaning it's still back in 2019.

  2. Support Staff 2 Posted by Ethan on 20 Feb, 2021 10:02 PM

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    Hello,

    The beginning statement balance is a calculated value, and cannot be manually changed:

    Beginning Balance = Initial Balance of the Account + Cleared Deposits - Cleared Payments

    If the beginning balance is not what you expected it to be, that means something in that equation must have changed since your last reconciliation, such as you making another transaction as cleared, or deleting a cleared transaction. More details and an extended list of possible reasons for the beginning balance to chance can be found at: https://infinitekind.tenderapp.com/kb/register-and-transactions/rec...

    Ethan
    Infinite Kind Support

  3. 3 Posted by jason.groff on 20 Feb, 2021 10:06 PM

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    Hi Ethan, disregard the beginning balance issue. I think that I was reading the statement wrong.

    The only issue I have right now is that a credit card that I added in 2019, every month when I go to reconcile, The “As of” date is also set to 12/07/2019. Every other credit card usually goes to the current date, which I reduce downwards to the statement date. I am not sure why this one doesn't

  4. Support Staff 4 Posted by Ethan on 20 Feb, 2021 10:40 PM

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    Great, glad to hear that's (mostly) sorted out.

    Do you by chance have an uncleared transaction in this account around 12/07/2019? That's one of the most common reasons the program will default to a date.

    Ethan
    Infinite Kind Support

  5. 5 Posted by jason.groff on 21 Feb, 2021 01:02 AM

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    Well, there is a transaction with a weird circle in it. See screen shot. I don’t see that on other transactions.

  6. 6 Posted by jason.groff on 06 Mar, 2021 03:19 PM

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    Hi Ethan, I wanted to check in and see what I am supposed to do about that circle. I guess that must be the issue you are talking about.

  7. System closed this discussion on 05 Jun, 2021 03:20 PM.

  8. jason.groff re-opened this discussion on 13 Jan, 2022 04:30 AM

  9. 7 Posted by jason.groff on 13 Jan, 2022 04:30 AM

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    I wanted to check in on this also since it was never replied to, is still an issue, and only noticed it was closed.

  10. 8 Posted by dwg on 13 Jan, 2022 05:06 AM

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    I'm a fellow user.

    The forum software closes a discussion after about 3 months of no activity.

    An open blue circle next to a transaction means that the transaction was downloaded (either by an automatic download or a file download and import) and that the transaction has been confirmed. That is all it means.

  11. 9 Posted by jason.groff on 14 Jan, 2022 03:29 PM

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    I never sync’d or did a file download on this account. Maybe that is what is causing the system to always have the wrong date?

  12. 10 Posted by Burt on 14 Jan, 2022 03:37 PM

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    This is not a double entry accounting program, so modifying a reconciliation beginning balance should be possible. Please let me know how to do it without beginning a new account.
    If that is not the case, please suggest an alternative to trying to reconcile almost 10 years of data.
    Thank you in advance for your help.

  13. 11 Posted by dwg on 14 Jan, 2022 09:13 PM

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    I'm a fellow user.

    Burt you have hijacked someone else's thread, not the greatest idea.

    Moneydance DOES follow double entry principles so it does follow accounting practices.

    It is not possible to change the starting balance in a reconciliation because the software calculates it based on the data that is in Moneydance. This balance is defined as:

    Initial Balance of the Account + Cleared Deposits - Cleared Payments

    So if this does not match with previous closing balances it means data has been changed in the register.

    The following article describes what could have happened:

    https://infinitekind.tenderapp.com/kb/register-and-transactions/reconciling

    Changing the initial balance would not allow you to reconcile the account properly it would only mean that the problem is being hidden.

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