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![]() ![]() A ll of your budget accounts should be reconciled regularly. I don’t need to reconcile my credit card.Instead, use the current cleared balance at the bank and ignore your statement. Statements are out of date as soon as they are sent. With YNAB, you’ll want to make sure your cleared balance matches the bank at this moment. Gold star for reconciling ever, but this isn’t your Grandma’s checkbook. I don’t want to reconcile right now because I need to reconcile to my monthly statement.Mark those pending transactions as uncleared, and make sure your cleared balance in YNAB agrees with the cleared balance at the bank. You can still reconcile if you have transactions pending because pending transactions don’t affect the cleared balances either place. I don’t want to reconcile right now because I have pending transactions.It will reduce loading times in the register when users hide reconciled transactions, prevent duplicate transactions from importing and reduce the need to make adjustments. It’s totally worth it because working through the reconciliation process does some work behind the scenes to make YNAB work more smoothly. Then it is quick and easy! Take 3 seconds to hit that reconcile button. I don’t want to reconcile right now because the balances already agree.The reconcile feature is how you make sure everything matches up and that your account balances agree with the bank. YNAB is designed so you can use any combination of direct import, file-based import, and manual entry to add transactions to your budget. Fun fact: direct import brings in transactions, not balances. I don’t need to reconcile if I use Direct Import/FBI/Manual Entry.This is an unnecessary hurdle – pick your battles! A balance adjustment will represent those missing or incorrect transactions for you and you can get right back to budgeting today. You might be tempted to go back, line by line, since you started budgeting in 2016 to find the source of your problem. When things still don’t agree, making a balance adjustment can feel like failure, but it is not. Other times you might need to double check your pending transactions. Sometimes things already gloriously match. If you hear yourself making any of these excuses, reconcile anyway! Like it does for going to the gym, your brain will come up with all sorts of excuses as to why it is a bad idea to reconcile. Maybe you think your budget or your accounts are an exception this rule – let’s dig in by debunking some common myths about our ol’ friend Reconciliation. Which is fine if you’re saving up for that coveted Park Place property, but not all that useful when it comes to making sure you have enough money for your actual mortgage payment. In other words: if your accounts aren’t reconciled, you might be budgeting Monopoly money. If your YNAB account balances are wrong, your budget cannot be trusted. We have to be able to believe our budget is telling us the truth and reconciliation is how we build that trust. You’ll find a rhythm that works for you! Why Should I Reconcile My Accounts?Īs YNABers, we check our budget to see if we have money available to spend, not our bank account. Or maybe reconciling your accounts every payday. If weekly feels too frequent, consider an every-other-week reconciliation routine. The more regularly you reconcile your accounts, the easier it is because there will be fewer transactions to review if there’s a discrepancy. We recommend that YNABers reconcile each Budget account weekly. (You can edit locked transactions if you need to, just be sure to re-reconcile after.) If it’s a green lock, it was cleared last time you reconciled and it was included in the reconciliation. The little green or gray “c” column will show you the status of each transaction. When you reconcile, the only uncleared transactions in YNAB should be those that are still pending with your bank, either because you manually entered them or they haven’t cleared your account yet. Once you’ve successfully reconciled, your cleared balance in YNAB will match the cleared balance of your bank accounts-to the penny. ![]() Reconciliation involves comparing your cleared balance in YNAB to the current/cleared balance with the bank. Setting the Record Straight About YNAB Reconciliation What is Reconciliation in YNAB? We want to clear up any misunderstandings about our buddy Reconciliation because we’ve noticed that those who reconcile regularly have fewer problems with their budget.Īnd as support team members, we want that for everyone. But in reality, it’s just a big word for a little task that can keep you out of financial trouble down the road. Does the word itself sound kind of boring or math-y? Sure. Here’s the thing-we know Reconciliation (both personally and professionally) and these allegations are undeserved. As members of the YNAB Support Team, we’ve noticed some…let’s say mistruths…about our good friend Reconciliation, who has a serious PR problem. ![]()
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