People have different methods for using Reconciled, but here is one way to manage it. For example, when you purchase an item, you will first record it on BudgetTracker as Unreconciled since it hasn't cleared your bank. The next day you check your online banking records and see that the Transaction has been entered in so you mark it as Cleared. Note that this could possibly be a pending Transaction that the bank is showing. At the end of the month, you receive your Bank Statement with all the Transactions for the month. You can then check off each Transaction that matches up with your Bank statement and mark it as REconciled to make sure you haven't cleared an item that didn't show up in your bank statement records. It's basically an extra optional step to verify the Banks records match your Records. When using the Reconciled feature, your reconciled balance should match up with your previous Bank Statement balance. When balancing your account however, we view cleared and reconciled as the same since both have shown up in your banking records online.
02/02/2008 17:55:57
Dan
User
Re:Reconciled/Unreconciled/Cleared
Can you expand on that? What is the procedure for using "Reconcile" versus "Cleared"?
02/02/2008 15:56:05
support
Administrator
Re:Reconciled/Unreconciled/Cleared
Cleared is for when you know the money has been entered into your bank. Most people will only use the Unreconciled and Cleared functions. Reconciled is for if you want to do a comparison against what your bank statement shows. When your bank statement comes in, you can then start marking off the cleared versus reconciled to make sure you have an accurate account of all your Transactions.
02/02/2008 14:26:35
Dan
User
Reconciled/Unreconciled/Cleared
I've read the definitions under Transactions Help, but I'm still hazy on the terminology. What is the difference between "Cleared" and or"Reconciled"? When I first post a transaction, it has the little "U" which in BudgetTracker means Unreconciled. When I see from my bank statement (either paper or online) that the transaction has cleared, I can click on the "U" to change it to a "C" for Cleared. To my mind, the only two possible statuses for a transaction are Cleared or Not Cleared. Then I go through the process of adding up the transactions that have not yet cleared the bank and adding that to the balance on the bank statement; if all transactions have been properly entered, then my account balance in BT should match my bank statement balance plus all transactions that have not cleared. That comparison process is what I consider "Reconciliation" or "Balancing." What does "Reconciled" mean in BT?
