Is it necessary to reconcile transactions?

majesticoj

I used to use the accounting software, Xero. My acc't balances were almost always off. I think this was due to the 'start dates' for each account being different. Matched transactions between different accounts created inaccurate account balances within the software.

I don't want to run into this problem again with Quicken. I mainly use Quicken for the budgeting feature anyway. Therefore, is it necessary for me to reconcile transactions? What problems could it create if I do not reconcile?

Thoughts?

Thanks in advance!

NotACPA

You don't need to reconcile if your want to ALWAYS be uncertain as to what your Q account balances SHOULD be.

Errors are caught thru reconciliation.  IF the errors are OK with you ... no need to reconcile.

NotACPA

You don't need to reconcile if your want to ALWAYS be uncertain as to what your Q account balances SHOULD be.

Errors are caught thru reconciliation.  IF the errors are OK with you ... no need to reconcile.

majesticoj

@NotACPA Okay...... Thanks.