Reconcile accounts

Daniel Borowicz

when is the best time to reconcile I usually do it right before the payment is due, but I’ve had several out of balance conditions.

Windows 11 deluxe subscription

RalphC

I'm not sure what "…several amount of conditions." is, but I reconcile statements as soon as they are available.

splasher

I always reconcile the account as soon as I get the email stating that the new statement is available. If you wait any longer, you have to deal with transactions that are posted after the closing date and can just add to any confusion that might exist.

Daniel Borowicz

thanks do you use paper or reconcile to online?

splasher

Though there is no "paper" involved, I reconcile to the statement and not the online balance which effectively reconciles after EVERY download/import.

Since I do Web Connect .QFX file downloads only, I check to make sure that my balances agree during each download/import, but I don't do a reconcile, the import only turns the CLR status to C and not R.

NotACPA

I, also, only reconcile to the actual statement, not "Online Reconcile". But, sometimes, I'll view those statements online before I've actually received the paper.

Online transactions MIGHT not be complete. For example, restaurants will frequently post the initial charges (excluding any tips) but then update the charge with the amount including a tip. If I were to reconcile during that interim, it would be incorrect.

And, unlike @splasher, I use Direct Connect extensively. So my downloaded txn come in as "cleared". I don't find the existence of "post-statement date" txn to be a hindrance to my reconciling in the least. But, to each their own.