Bank Reconciliation

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ewebb10
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Bank Reconciliation

Post by ewebb10 »

I'm new to MMEX having used Microsoft Money until now. Unfortunately had to buy a new pc and can't install that on it. I'm therefore wondering how to carry out the bank rec function that I relied upon in Money on my new MMEX. I've looked at the help file but it only shows how to show that a transaction has cleared the bank (reconciled) but doesn't actually explain how to balance the account. Can somebody help?
dkweb182
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Re: Bank Reconciliation

Post by dkweb182 »

I have this same question. Previously used Quicken; new to MMEX...is there a reconciliation function? A saw a previous post that said: right click on account; click edit; click statement. However it looks like just a place to keep track of the reconciliation date.
Janet
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Re: Bank Reconciliation

Post by Janet »

I reconcile my monthly statements by
first checking that the initial balance for the month is the same as on the statement; which it will be as it's the same as the previous month's final balance.
Then I check the statement final balance against the balance for the same date in MMEX.
If not the same, I verify that all transactions have been entered, and done correctly.
Then I mark each transaction on the statement as reconciled in MMEX.
If by chance, I'm tired or pressed and the final balance is not the same, I adjust the Initial Balance entry in Edit Account (such a cheat, but it's only for so WTH).
Hope this is of help.
benquan
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Re: Bank Reconciliation

Post by benquan »

Also new to Money manager EX, and coming from MS Money. This MMEX has great features, but I am also looking for an easy way to reconcile accounts like in MS Money. Is there an easy way to do it?
paulcroft
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Re: Bank Reconciliation

Post by paulcroft »

benquan wrote:Also new to Money manager EX, and coming from MS Money. This MMEX has great features, but I am also looking for an easy way to reconcile accounts like in MS Money. Is there an easy way to do it?
There is no shortcut to reconciling your statement with MMEX, you've got to get down and dirty and do it yourself - but it's not rocket science :-) All you need to do is make sure that every entry on the bank's statement matches every entry you've added to your MMEX database and, as long as they do, the Balance on each will be the same. If there's a discrepancy you need to find out why and, over the last many years that I've been doing this, those discrepancies I have found have almost all been errors by me where I've wrongly entered a number or, sometimes, just mislaid a receipt and/or forgotten to enter it. The one and only exception was in my favour when a restaurant's bill never came through but at least I knew why the two 'bottom lines' did not agree.

With practice reconciling statements will take you no more than a few minutes per statement once a month and I would suggest will give you peace of mind knowing your finances are under control.
Paul, MMEX user since April 2010
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