I did for many years retain my receipts for credit card charges and match every one to the statement. Same with checks, etc. The banks so seldom make a mistake that I find it a waste of time. In recent years one of my banks has issued a correction. That's good enough for me.
On Fri, Mar 17, 2023 at 10:50 AM Michael or Penny Novack < [email protected]> wrote: > > > This is a philosophical point. > > There is group "M" who always enter every transaction first in their > > books and then use the bank documents to reconcile > > > > and > > > > There is group "K" who enter some things and use the bank download to > > keep their accounts. > > > > There are pros and cons to each method. Gnucash allows you to make your > > own choice. > > Well put, but more than a philosophical difference. > > The former group is "reconciling", confirming that their records match > those of the bank. Dealing with an errors or omissions. In my personal > experience, bank errors though rare do occur. Also rare but every now > and then, the error or omission at the books side. > > The second group is NOT reconciling anything. If the transactions in the > books came from a download from the bank it WILL match what the bank > bank statement. So the reconcile process in gnucash meaningless. Any > errors the bank might have made, say misreading a check, will not be > detected. We should also note that at any time the balance in the books > will be larger than the actual balance by the amount of the "float" > (checks written and sent but not yet cleared) > > Michael D Novack > > _______________________________________________ > gnucash-user mailing list > [email protected] > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > _______________________________________________ gnucash-user mailing list [email protected] To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
