Hi All:
For the bank reconciliation to work, does each transaction need to have an actual cleared date, or just the cleared status? I can’t seem to get mine to reconcile, even though my numbers all match up with the bank.
Thanks!
If you leave “cleared date” empty, then it means transaction has been cleared on the same day as it was processed. User interface will need to make this more obvious.
As for why you can’t reconcile, why not? Where are you stuck? Bank reconciliation report will take you through reconciliation workflow until you reconcile so it’s not really possible not to reconcile.
Thanks @lubos. Maybe I’m just not understanding the workflow. I’ll go through it again today and see if I can get it to work.
I got two of my accounts to reconcile OK, but I’m not having luck with the credit card account. The account balance on a certain closing date is US$ 2,108.48, and the “Net movement” on the reconciliation report also shows US$ 2,108.48, but it will not reconcile. It seems to be asking me to enter a closing balance for a different date, but my credit card account does not provide running balances to determine what number to use.
Ya… Not having any luck. I’ve played around with various dates and amounts, can’t get it to reconcile. All the transactions and numbers match up with the credit card statement. Not sure what I’m missing.
Is your credit card set up to the Cash & cash equivalents control account, or did you create a custom control account for it to make it show as a liability? And are you entering charges on the card as positive or negative numbers? Are you doing so in Spend money transactions? Also, have you ever reconciled this credit card previously with your current chart of accounts setup?
@Tut Cash & Cash Equiv is an Asset account that I didn’t create, it was already in there. I created a “Credit Cards” control account per thet guide I read on setting up credit cards. I initially imported all the transactions from my online credit card account and then went through and categorized them all. When I enter new CC transactions I use “Spend Money”.
This CC account has never been reconciled before.
The trouble may be with your imported credit card statement. If you click on the Cleared Balance figure (or dash) for the credit card in the Cash Accounts tab, you should see a pattern of negative transaction amounts (except for refunds) and an increasingly negative balance until you get to recorded payment of the statement. That will be a positive amount and the balance should return to zero (if you totally paid the statement balance) or at least get less negative.
If you are seeing the opposite, that’s because your bank is reporting charges with opposite signs from what Manager expects. Edit those to reverse signs and things should be fixed. It is important to understand that when you enter a Spend money transaction, Manager treats it as a withdrawal from the cash account involved. Since a credit card typically starts out with no balance, the balance of the credit card account is usually negative (or positive when displayed on the Balance Sheet under the liabilities section, as is your case). Completely paying the statement gets it back to zero.
What this means during the reconciliation process is that you have to enter credit card balances as negative numbers.
Let me know if that works. Since your other cash accounts reconciled, I really think this will solve your problem. You seem to have the process down correctly.
@Tut – man, I feel really dumb right now. First of all, my CC account is showing exactly as you describe in your first paragraph, so it appears everything is importing correctly. Refunds are entered as “Receipts”, and CC payments are Transfers from Checking to CC account. Those initially imported as “Receipts”, but I deleted them and made them transfers.
So…The issue was that I was entering a positive value for the closing balance on the reconciliation report. After reading your explanation, I light bulb turned on. I changed that to a negative value and it reconciled immediately. DUH!
Thanks for the help! You guys are awesome!