[GNC] Matching/reconciling transfers from different banks

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[GNC] Matching/reconciling transfers from different banks

brainwash
Hello,

I've set up GnuCash to work with two different banks and their respective
online systems. However, I can't get transfers between two accounts (at
different banks) to match. The problem is that both their description and
date do not match. Bank A transfers amount X at date D with a description of
T1. Bank B receives amount X at date D+2 with a description of T2.

I would normally just delete one of the transactions in a ledger and keep
the matching one, but, I want to keep the original description and date.
This is in case I get some tax audits later - but also for my sanity. If the
transaction date changes then the GnuCash ledger will not match the paper
trail (e.g. "Balance" will be different).



I could create a third virtual account which will receive payment from bank
A at date D and transfer the same amount to bank B at date D+2.

Right now the best option seems to leave everything against "Imbalance" and
make a mental note to check the description. However, I regularly go over
the imbalanced entries and move them to the right category, this will make
my job a little harder. It will also "hide" the traceability of funds when
doing reports.
Any suggestion is appreciated.



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Re: [GNC] Matching/reconciling transfers from different banks

John Ralls-2


> On Aug 8, 2018, at 4:19 PM, brainwash <[hidden email]> wrote:
>
> Hello,
>
> I've set up GnuCash to work with two different banks and their respective
> online systems. However, I can't get transfers between two accounts (at
> different banks) to match. The problem is that both their description and
> date do not match. Bank A transfers amount X at date D with a description of
> T1. Bank B receives amount X at date D+2 with a description of T2.
>
> I would normally just delete one of the transactions in a ledger and keep
> the matching one, but, I want to keep the original description and date.
> This is in case I get some tax audits later - but also for my sanity. If the
> transaction date changes then the GnuCash ledger will not match the paper
> trail (e.g. "Balance" will be different).
>
>
>
> I could create a third virtual account which will receive payment from bank
> A at date D and transfer the same amount to bank B at date D+2.
>
> Right now the best option seems to leave everything against "Imbalance" and
> make a mental note to check the description. However, I regularly go over
> the imbalanced entries and move them to the right category, this will make
> my job a little harder. It will also "hide" the traceability of funds when
> doing reports.
> Any suggestion is appreciated.

For the most part you can ignore the problem: You’re keeping your books, not either bank’s, so you can post the transfer when you give the banks the instructions to effect it, just as you would do when you write a paper check. In general if the money doesn’t leave your control the tax folks don’t care about it.

There might be a case where you really do need to track the exact balances in the bank accounts. In a situation like that you can create a “suspense” account. When the money leaves Bank A you credit Bank A and debit the suspense account, and when it turns up in Bank B you credit the suspense account and debit Bank B.

Regards,
John Ralls

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Re: [GNC] Matching/reconciling transfers from different banks

brainwash
Thank you for the reply.
The last suggestion (suspense account) is basically the "virtual" account
which I also suggested. Sorry for not getting my vocabulary right, this is
all pretty new to me.

Regarding paper trail vs. GC - most of the banks here are moving now away
from paper and more into PDF or CSV. Actually tis is the first year that I
sent my accountant the CSV exported from GC and an incomplete paper trail.
This was enough for him to work with. However I fear that having small
imbalances might make his/her job harder.

If I leave the payments alone and do not assign them they end up in
"Unbalanced". Which, again, is not a big hassle, just thought there was a
way to synchronize (match? reconcile?) two transactions without changing
their description and date.

Kind regards



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Re: [GNC] Matching/reconciling transfers from different banks

David Carlson-4
To automatically direct certain transactions to a 'suspense' account
instead of to the other asset account, catch them during the import process
and re-direct them then.  then the Bayesian matching should kick in and do
more of them automatically.

David C

On Thu, Aug 9, 2018 at 9:01 AM, brainwash <[hidden email]> wrote:

> Thank you for the reply.
> The last suggestion (suspense account) is basically the "virtual" account
> which I also suggested. Sorry for not getting my vocabulary right, this is
> all pretty new to me.
>
> Regarding paper trail vs. GC - most of the banks here are moving now away
> from paper and more into PDF or CSV. Actually tis is the first year that I
> sent my accountant the CSV exported from GC and an incomplete paper trail.
> This was enough for him to work with. However I fear that having small
> imbalances might make his/her job harder.
>
> If I leave the payments alone and do not assign them they end up in
> "Unbalanced". Which, again, is not a big hassle, just thought there was a
> way to synchronize (match? reconcile?) two transactions without changing
> their description and date.
>
> Kind regards
>
>
>
> --
> Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html
> _______________________________________________
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Re: [GNC] Matching/reconciling transfers from different banks

John Ralls-2
In reply to this post by brainwash


> On Aug 9, 2018, at 7:01 AM, brainwash <[hidden email]> wrote:
>
> Thank you for the reply.
> The last suggestion (suspense account) is basically the "virtual" account
> which I also suggested. Sorry for not getting my vocabulary right, this is
> all pretty new to me.
>
> Regarding paper trail vs. GC - most of the banks here are moving now away
> from paper and more into PDF or CSV. Actually tis is the first year that I
> sent my accountant the CSV exported from GC and an incomplete paper trail.
> This was enough for him to work with. However I fear that having small
> imbalances might make his/her job harder.
>
> If I leave the payments alone and do not assign them they end up in
> "Unbalanced". Which, again, is not a big hassle, just thought there was a
> way to synchronize (match? reconcile?) two transactions without changing
> their description and date.

Do you mean “Imbalance-CUR” where “CUR” is the three-letter code for your currency (e.g. USD, GBP, EUR, etc.)? If that’s the case it’s due to your not assigning a destination account for the transaction in the import matcher.

Yes, "paper trail” is becoming metaphorical, like “dialing” a “phone”.

When everything’s done there shouldn’t be any imbalances. If you transfer 1000 from bank a to bank b either you end up with 1000 in bank b or you book any fees that the banks charge for the transfer to an expense account.

Regards,
John Ralls
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