Transfers and reconciliation of transactions.
Posted: Thu Jan 22, 2015 1:48 pm
Grateful to hear comments about reconciliation of bank statements where there have been transfers between accounts.
I am new to Money Manager EX, having previously used Quicken. In Quicken, when I made purchases with a credit card they would be recorded as expense transactions under their appropriate categories and when I subsequently paid a credit card statement at its due date that transaction would be recorded as an inter-account transfer from my current (or checking) bank account to my credit card account. I would then reconcile each institution's account statement as it was issued against my Quicken records, marking the matching transactions as reconciled.
However if I replicate this procedure in MME and record a payment from my bank account to the credit card account as a transaction type "Transfer", the problem arises that if I mark that transaction as "reconciled" in one account it is automatically marked as reconciled in the other as well.
As I have several accounts with different financial institutions whose statements are issued at differing intervals and on on widely different dates, this means that reconciling my MME entries against statements issued by one bank will result in transfer transactions appearing to have been reconciled in an account where the statement for that account will not in fact be received until some future date and cannot therefore be reconciled against that account.
I would expect the reconciliation of amounts transferred from one account to another to be independent of each other, because each account will have its own statement against which that account's transactions should be reconciled at its statement date. Am I missing something?
sibri
I am new to Money Manager EX, having previously used Quicken. In Quicken, when I made purchases with a credit card they would be recorded as expense transactions under their appropriate categories and when I subsequently paid a credit card statement at its due date that transaction would be recorded as an inter-account transfer from my current (or checking) bank account to my credit card account. I would then reconcile each institution's account statement as it was issued against my Quicken records, marking the matching transactions as reconciled.
However if I replicate this procedure in MME and record a payment from my bank account to the credit card account as a transaction type "Transfer", the problem arises that if I mark that transaction as "reconciled" in one account it is automatically marked as reconciled in the other as well.
As I have several accounts with different financial institutions whose statements are issued at differing intervals and on on widely different dates, this means that reconciling my MME entries against statements issued by one bank will result in transfer transactions appearing to have been reconciled in an account where the statement for that account will not in fact be received until some future date and cannot therefore be reconciled against that account.
I would expect the reconciliation of amounts transferred from one account to another to be independent of each other, because each account will have its own statement against which that account's transactions should be reconciled at its statement date. Am I missing something?
sibri