How to realign my checing account ?

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How to realign my checing account ?

Bob Alexander
As some of you have noticed I started using GnuCash a few weeks ago and
precisely June 16th.

I connected to my bank and jotted down my bank account balance on that
day and entered it as an initial equity with a transfer to my bank
account and from there onwards have entered all expenses.

For some days all was aok and the balance of my online bank account and
my GnuCash was precise to the (euro)cent !!!

Problems started trickling in when I received evidence of OLDER
transactions which I wanted to enter. For example I received my credit
card account which was prior to June the 16th.

Probably because of this, even though I have registered all of my
expenses, my bank account and my GnuCash account balance do not have the
SAME value :(

What is the methodology to redress this ?

Sorry if the question is confused but it duly reflects my state of mind
... confused.

TIA,
Bob
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Re: How to realign my checing account ?

Maf. King
On Thursday 30 Jun 2005 16:48, Bob Alexander wrote:

> As some of you have noticed I started using GnuCash a few weeks ago and
> precisely June 16th.
>
> I connected to my bank and jotted down my bank account balance on that
> day and entered it as an initial equity with a transfer to my bank
> account and from there onwards have entered all expenses.
>
> For some days all was aok and the balance of my online bank account and
> my GnuCash was precise to the (euro)cent !!!
>
> Problems started trickling in when I received evidence of OLDER
> transactions which I wanted to enter. For example I received my credit
> card account which was prior to June the 16th.
>
> Probably because of this, even though I have registered all of my
> expenses, my bank account and my GnuCash account balance do not have the
> SAME value :(
>
> What is the methodology to redress this ?
>
> Sorry if the question is confused but it duly reflects my state of mind
> ... confused.
>
> TIA,
> Bob


Hi Bob,

Not exactly sure what your problem is. (but the answer is probably to tweak
equity :opening balances)

Do you mean that since 16th June, there have been transactions posted to your
bank account, which you consider to have happened before your GC records
began?  Eg. you wrote out a check toy your credit card on 13th June, and it
only shows in the bank on 17th june?

Or is the confusion because your credit card statement has arrived with
transactions on it prior to GC data, and so the sum you are about to transfer
from your bank doesn't agree with what GC says your payment should be?

Or am I missing the point?

Cheers,
Maf
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Re: How to realign my checing account ?

Andrew Sackville-West
In reply to this post by Bob Alexander
I am assuming that the bank balance at the time (June 16) did not
reflect outstanding checks or charges that subsequently have come in? In
that case, you probably could just adjust that opening equity
transaction to balance it again. Then once you've reconciled a
statement, you should be good to go forward.

Perhaps though it would be better to actually recreate the whole month
of june by entering those prior transactions from the first of the
month. A little more work, but probably better accounting practice.

A

Bob Alexander wrote:

> As some of you have noticed I started using GnuCash a few weeks ago and
> precisely June 16th.
>
> I connected to my bank and jotted down my bank account balance on that
> day and entered it as an initial equity with a transfer to my bank
> account and from there onwards have entered all expenses.
>
> For some days all was aok and the balance of my online bank account and
> my GnuCash was precise to the (euro)cent !!!
>
> Problems started trickling in when I received evidence of OLDER
> transactions which I wanted to enter. For example I received my credit
> card account which was prior to June the 16th.
>
> Probably because of this, even though I have registered all of my
> expenses, my bank account and my GnuCash account balance do not have the
> SAME value :(
>
> What is the methodology to redress this ?
>
> Sorry if the question is confused but it duly reflects my state of mind
> ... confused.
>
> TIA,
> Bob
> _______________________________________________
> gnucash-user mailing list
> [hidden email]
> https://lists.gnucash.org/mailman/listinfo/gnucash-user
>
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Re: How to realign my checing account ?

Bill Wohler
In reply to this post by Bob Alexander
Bob Alexander <[hidden email]> writes:

> Problems started trickling in when I received evidence of OLDER
> transactions which I wanted to enter. For example I received my credit
> card account which was prior to June the 16th.
>
> Probably because of this, even though I have registered all of my
> expenses, my bank account and my GnuCash account balance do not have
> the SAME value :(
>
> What is the methodology to redress this ?

Your June statement has transactions from before the 16th, right? So,
ensure your Gnucash initial balance is the same as the initial balance
in your June statement (from Equity:Initial Balances). Then enter the
transactions from the statement that are missing from your register.

Now when you reconcile the June statement, you should be golden.

--
Bill Wohler <[hidden email]>  http://www.newt.com/wohler/  GnuPG ID:610BD9AD
Maintainer of comp.mail.mh FAQ and MH-E. Vote Libertarian!
If you're passed on the right, you're in the wrong lane.

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