Fwd: Newbies, account setup and manual reconciliation

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Fwd: Newbies, account setup and manual reconciliation

Jeffrey B. Ferland-2
Forgot to reply all....

Begin forwarded message:
Date: November 15, 2005 3:59:25 PM EST
To: Jeff Smith <[hidden email]>
Subject: Re: Newbies, account setup and manual reconciliation

Another late thought that might clear this up a bit more for you:
The statement from your bank serves to reconcile your payment to the credit card.
The statement from your credit card serves to reconcile each individual charge made against it.

You don't actually enter them into GnuCash a second time, but when under tools -> Reconcile, you do check off transaction as per the receipt from the bank / credit card company. In the end, your reconciled balance should match what you get on the statement.

-Jeff
SIG: HUP

On Nov 15, 2005, at 3:22 PM, Jeff Smith wrote:
Jeff Smith wrote:
>> In the future, should I be flagging these redundant transactions as
>> "reconciliation" records, or just ignore them completely? Does it
>> matter which way I go?

Andrew Sackville-West wrote:
I'm not sure what you mean by this. I assume you are manually entering a transaction when you pay your bill. Then later, when you download transactions, you get a duplicate of that transaction. Either one of these could be deleted. Reconciliation is unrelated. when you reconcile, you will mark whichever of these transactions is left. That is, when you  check off the transaction on your statement, you will check off the matching one in the account in gnucash. that's all there is to it. what am I missing in your question?

Actually, I don't do manual entries. At the end of each month, I download the transaction records from my bank. Each month includes a record of a payment to a credit card. (Call this the bank's record.) Then, I download a set of transactions from my credit card company. 2 or 3 days after my bank shows the payment, my credit card company shows a corresponding receipt of funds, which I will call the card's record. (Why they don't show up on the same day is a matter for banking politics.)

So now I have two records of the same transaction, from both sides of the fence. I was thinking that card's record should be treated simply as a reconciling entry to match against the bank's record. Or am I missing something?

-- 
Jeff Smith
Computer Science Dept.
University of Saskatchewan
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