Reconciling

Andrea Salisbury's Avatar

Andrea Salisbury

17 Feb, 2024 07:47 PM

How do I reconcile my account for the first time? When I try, it shows my beginning balance as $0.

  1. 1 Posted by dwg on 17 Feb, 2024 11:25 PM

    dwg's Avatar

    The beginning balance is calculated by Moneydance, the formula used is:

    Initial balance + cleared deposits - cleared withdrawals

    A 0 balance means you have none of these yet. This is typical of a new bank account that has never been reconciled before. So on the surface I am not seeing an issue.

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