reconciling for the first time
Joshua Vendig
I am trying to reconcile my checking account for the first time after transferring data from Quicken. I have gone through the statements to identify transactions, without success. I thought I could independently put in a beginning balance (went to accounts>edit>initial balance) as of the date I opened the account in MD and a ending balance of known date on my bank statement. This would allow me to go through once again and see which transactions are missing, not cleared, .... but the beginning balance again changes when I go to reconcile. help
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1 Posted by -Kevin N. on Jan 25, 2013 @ 04:20 PM
Hi Joshua,
The Beginning Statement Balance (BSB) is a calculated value.
It is derived from the 'Initial Balance' of the account + the sum total of all 'Cleared' (green check-mark) transactions in the account's register.
Knowing this, if your BSB is incorrect, then:
A) Your 'Initial Balance' is incorrect.
B) You have transactions in the register that are not marked as 'Cleared' (green check-mark) but should be.
C) You have transactions in the register that are marked as 'Cleared' (green check-mark) but should not be.
TIP: If you are downloading or importing from your financial institution, try clicking on the 'Balance' in the lower right-hand corner of the register. A number of balances will be displayed. If the imported data provides for it, the 'Ledger Balance', is your bank's balance. Your 'Cleared Balance' should equal the 'Ledger Balance'.
HTH -Kevin N.
2 Posted by josh Vendig on Jan 27, 2013 @ 05:53 AM
They do not match
what are meaning of
confirmed balance?
cleared balance?
ledger balance?
unconfirmed total?
In quicken I see a list of transactions that have not been cleared as well as all transactions up to the statement date. This allows me go through and edit, add or clear transactions up to a certain date leading to a balanced account and clear understanding of what is out standing. I am not understanding your terms from above and I am not clear when I have a gap difference on my reconcile account where I am to look for errors. between what dates on a statement should I look? why would I not have a reconcile tool that states as of 1/1/13 you account balance was $1000 and today 1/26/13 your balance is $2000 go through your ledger and clear transactions.?
Where is your manual on glossary of terms for MD?
you help menu leads to discussions, does it not lead to areas in a manual to find out how to do things? I go to discussions and it feels overwhelming because I have to weed through someone else's description of problem to find the answer for mine.
Help
josh
the
then do I have to unclear the transactions from date of cleared
3 Posted by josh Vendig on Jan 27, 2013 @ 06:02 AM
Another question:
When I down load transactions from my bank. they are place in front of my cleared transactions even if chronologically they are older then the cleared transaction. Is this correct? does it get correctly placed once cleared?.. it is confusing.
4 Posted by -Kevin N. on Jan 27, 2013 @ 02:34 PM
Hi josh,
You can download the 2012 Moneydance User Guide here:
http://help.infinitekind.com/kb/documentation/documentation
Look to pg. 20 for a description of the 'Balance' box terms.
Look to Chapter 6 for more information on Reconciling.
Tip: If you prefer to segregate your unconfirmed txns from the register, click the 'Split Window' icon in the upper right-hand corner of the register. (next to the 'New Transaction' button)
For chronological sorting, right-click (CTRL-click for Mac) any txn and choose 'Sort By' then 'Date'
HTH -Kevin N.
5 Posted by josh Vendig on Jan 28, 2013 @ 06:13 AM
kevin,
I would like to use your product but i am finding it difficult
the link that you gave me to the users guide leads me to a blank page after clicking on "2012 user guide here" nothing happens…..
what is happening????
josh
6 Posted by josh Vendig on Jan 28, 2013 @ 06:21 AM
your down load stalls with fire fox but works with safari pain
don't get it I have the manual.
josh
7 Posted by josh Vendig on Jan 28, 2013 @ 06:27 AM
No sorry again!!!
the down loaded pdf can not be saved onto my mac for reference.
it is is corrupt or a file that cannot be read by current programs on iMac. bought 2 wks ago.
josh
8 Posted by josh Vendig on Jan 28, 2013 @ 06:56 AM
Kevin
This is what I would like to do with reconciling
I would like to have the initial balance as stated under my account to be the beginning balance
then I am I would like to use reconcile using the end statement value throughout out the history of the account until I ge to the present day
for example:
Intial balance on 10/13/10 is $1000
statement end balance as 11/13/10 is 1500
I review the transactions in that period and add/edit as needed .
then I proceed to the next month period
beginning balance as of 11/13/10 is 1$500
end state balance as of 12/13/10 is $1000
This will help look at the statements add/edit transactions and I believe help understand how the damm program works
Is this possible.?
Additionally,
the description of the balances is not clear, as well as why I would look at each one in particular. what is Target Balance?. That is not explained.
Josh
On Jan 27, 2013, at 10:27 PM, josh Vendig <[email blocked]> wrote:
>
9 Posted by -Kevin N. on Jan 28, 2013 @ 03:21 PM
Hi Josh,
Try this when downloading the User Guide, right-click (CTRL-click for Mac) on the link. Depending on you browser, there should be an option to 'Save the Target' or 'Save the link' or something similar which will allow you to Save the file to the disk before opening it.
From what I've read on these forums, the issue that you are having with downloading the User Guide is that your browser is attempting to open the file before it is completely downloaded.
Your description of the reconcile process in Moneydance is accurate. The Target Balance should equal your bank's statement End Balance.
If as you said, your Beginning Statement Balance is accurate, then enter your bank's end statement balance into the introductory reconcile window, click OK
In the resulting Reconcile widow, click on each Payment and Deposit that coincides with your statement so as to designate each txn as 'Reconciling' (yellow diamond in the 'C' column) Doing so should allow you to reach the 'Target Balance' and a 'Difference' of 0.00
HTH -Kevin N.
10 Posted by josh on Jan 28, 2013 @ 08:19 PM
I press "here", it opens up the users guide, I go to Safari file and say save to desk top. i see the file on my desk top. I click to open. "could not open file" it is damaged or uses a program that preview does not recognize"
Initial balance is not currently used by reconcile... it has picked a different number. How can I make it go to the initial balance that is on the account?
11 Posted by -Kevin N. on Jan 28, 2013 @ 09:52 PM
Hi Josh,
The 'Initial Balance' is a component of the 'Beginning Statement Balance' which is displayed on the introductory 'Reconcile Account' screen. The other component is the sum total of all cleared txns in register. Together they compile the 'Beginning Statement Balance'. (see screenshot)
If you need to edit the 'Initial Balance', open Moneydance to the account in question.
From the Menu bar, click on Account > Edit Account.
In the resulting form, you can edit the 'Initial Balance'.
I will yield to the Moneydance Support Staff to offer assistance with downloading the User Guide. I'm not familiar with the workings of the Safari browser. I'm sorry that I couldn't be of more help with that.
HTH -Kevin N.
Support Staff 12 Posted by Ethan on Jan 30, 2013 @ 02:19 PM
It's still not clear if you are correctly following Kevin's advice about saving the user guide to your desktop. The following is a direct link to the user guide: http://help.infinitekind.com/help/assets/81e66e8161ba2ed699c487c2c8...
Do not simply click on that link. Right click or CTRL+click on the link and chose to save it to the desktop. When the download is complete, open the file on the desktop.
Ethan Tupelo
Moneydance Support
13 Posted by jvendig on Jan 31, 2013 @ 06:33 AM
Ethan,
To be clear, in the web address bar I highlight the link, then go to file,
"save as" to desk top.
An icon appears on my desk top.2012.3_user_guide.I double click on it.
"Could not open.it may be damaged or use a file format that preview
doesn't recognize.
Call me and walk me through.
Josh 760 920 2630
Connected by DROID on Verizon Wireless
14 Posted by -Kevin N. on Jan 31, 2013 @ 02:53 PM
Hi Josh,
Attached is a screenshot of the result of when I right-click (CTRL-click for Mac) on the link that Ethan had provided. Note the 'Save link as...' option in the context menu. Most modern browsers should have a similar option.
Clicking on 'Save link as...' will open an Explorer window allowing you to Save the file to your disk. Allow the file to completely download before attempting to open it.
HTH -Kevin N.
15 Posted by jvendig on Jan 31, 2013 @ 03:31 PM
Did that.have icon on desk top.can not open.
Connected by DROID on Verizon Wireless
Support Staff 16 Posted by Ethan on Jan 31, 2013 @ 03:43 PM
Please right click on the file on your desktop and select "get info". How large is the file? It should be about 6.1MB. If it is not this size, that would indicate that you are still not downloading the file correctly. If it is that size, that would indicate that the program you are using to try to open the file isn't working correctly, and we can explore alternatives.
Ethan Tupelo
Moneydance Support
17 Posted by josh Vendig on Feb 01, 2013 @ 06:16 AM
ethan and kevin,
You are not on a mac. it appears. Maybe you could use the a mac and explain it. Generally mac users do not use Explorer. This program is intended for Mac user right?
1) I highlight the link and control-click. I do not have the"save link to" option
2) I double click the link and fire fox opens to a blank screen
30I open the link in safari and click save file to desk top- file is only 4k and can not be opened
What is the story?????
where is phone support for your product? . If it is as simple as you claim you probable could explain it to me in a few minutes.
thank you
760 920 2630.
Josh
T
18 Posted by -Kevin N. on Feb 01, 2013 @ 01:18 PM
Hi Josh,
Do not 'highlight' the link.
Position your cursor over the link and control-click. You should then be presented with a context menu that offers some sort of 'Save' option.
HTH -Kevin N.
19 Posted by josh Vendig on Feb 01, 2013 @ 02:23 PM
kevin,
It worked by down "down load pdf"
then go to finder and search link.
Please make a note of it. For the novice user, if the language is different, or a step is gone. (then look in finder for the downloaded file), frustration will be high.
There is no phone support for Money dance?
Josh
Support Staff 20 Posted by Ethan on Feb 01, 2013 @ 02:32 PM
Hello Josh,
That doesn't sound like the way we were describing to download the file, but if you've got it working now let's be happy about that just move on.
We are not able to offer phone support at this time. Posting to this forum is the quickest way to get support.
Please let me know if I can be of further assistance,
Ethan Tupelo
Moneydance Support
System closed this discussion on Mar 31, 2015 @ 03:53 PM.