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After import account balance is correct but beginning statement balance is incorrect

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Daniel Shapiro

Feb 11, 2022 @ 09:10 PM

Hi,

I've imported my account data from QIF. The account balance is correct, but the bank statement opening balance is not correct. If I adjust the beginning balance, then the bank statement opening balance is correct, but the account balance is wrong.

How can I fix this?

1. 1 Posted by dwg on Feb 11, 2022 @ 09:30 PM

   

   I'm a fellow user.

   By what you are saying I'm assuming you are talking about when you try to reconcile the account through taking the menu option Account --> Reconcile.

   The beginning statement balance that Moneydance shows is a calculated value nd is defined as:

   Initial Balance of the Account + Cleared Deposits - Cleared Payments

   In your situation you are saying that the account balance is correct which implies that the initial balance is also correct.

   This is likely to mean that there are some deposits or payments which should be marked cleared but are not. This is not the end of the world.

   What you can do is enter you statement balance which will take you into the reconcile screen, the goal on this screen is to get to a difference of zero. You can mark off transactions from your current statement, then you are likely to find some are left so you may have to go to previous statements to mark these off.

   If on the other hand you are satisfied that all of the transactions are correct you could just mark off all the trasactions as cleared apart from any that have not been processed by the bank yet e.g unpresented cheques, transactions after the end date of the statement.

   • Edit

2. 2 Posted by Daniel Shapiro on Feb 11, 2022 @ 10:08 PM

   

   Thank you! I found the uncleared old transaction. Once marked as Cleared, all the balances were correct.

   Thank you again!

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3. System closed this discussion on May 13, 2022 @ 10:10 PM.