
Reconciling an Account
It's easy to reconcile an account. Simply click Reconcile in the toolbar. MoneyWell will transform the transaction list and graph into a reconcile panel. The top portion is your transaction list color-coded to assist your reconciliation. Gray transactions are out of your statement date range, blue transactions are reconciled, and red ones are still open. You can reconcile transactions with dates earlier than your statement date range and MoneyWell will include them in your reconciled total without affecting the transaction date.
The transaction list is fully functional as well: You can add, change, or remove transactions without leaving the reconcile mode or switching to another window.
To reconcile an account:
- Click Reconcile on the toolbar
- Select a statement or click the plus (+) button to add a new statement
- Enter the starting and ending dates of the statement
- Enter the starting and ending balance amounts for the statement
- Check or uncheck individual transactions until your Difference is zero
- If all the transactions in the statement date range total up to the Statement Total, a green graphic will appear letting you know you can click Check All to finish your reconciliation with one click
- Click OK or Reconcile on the toolbar to exit reconcile mode.
A large green check mark will appear below the OK button when your statement is reconciled. You never have to worry about saving a partial reconciliation: MoneyWell will do that for you. Use the minus button (-) to remove any statements that you don't want. There is no need to finish reconciling a previous statement prior to doing the current one. MoneyWell is flexible enough just to let you jump around and finish your tasks as you have time.
If you have a reconciled statement, but you still see transactions marked as red (open) on the list, you know that these are invalid transactions or valid transactions that need to have their dates changed (a common problem with checks that aren't cashed in a timely fashion).