How to Balance Accounts in Budgeting For Dummies
The Balance Accounts option is available from the Accounts summary screen or by selecting the Account menu > Balance Accounts. This option allows the account transactions to be verified with a paper statement; each entry can be checked as it is reconciled. The balance account dialogue presents the transactions in two modes:
- Show All: This function shows all the uncleared, cleared, and reconciled transactions. If the transaction has been reconciled, its check box will be ticked.
- Show Unreconciled: This function shows only transactions that are yet to be reconciled. For example, these include uncleared and cleared transactions. The transactions won’t have their checkboxes ticked.
- Add Transaction: This function allows new transactions to be added to the account.
The user can check unreconciled transactions. Follow these steps:
- Choose Select All, which checks all the items.
- Choose Clear All to uncheck all the items.
- Choose Apply to mark all the items as reconciled in the database.
- Select Invert to mark the checked items as unchecked and the unchecked items as checked.
- Choose Close to close the dialogue.
The Balance Accounts option allows the account transactions to be verified with reconciled funds. As they’re processed for Account Transactions, Investment Transactions, and Scheduled Items, each transaction can be reconciled. As items become due, they should be set as being cleared — setting the Payment Cleared box on the account transaction and investment transaction dialogue for the selected transaction. To get an accurate cleared account balance, go to the view menu and select ‘Show Reconciled Funds’. Otherwise the balance will include uncleared items, such as scheduled items that aren’t yet due.
When adding scheduled items and not selecting the option ‘Add to Account Automatically’, instances of the scheduled item will be created in the account transaction as uncleared items. The number of items added depends on the setting in the options dialogue. If the option ‘Add to Account Automatically’ is selected when the scheduled item is due, an instance of the scheduled item is added to the account (the payment status selected for this transactions is set under the options dialogue). Items that have been added to the Schedule are shown in the Reminders window on the Accounts screen.
As you check transactions to be reconciled, the summary figures change to reflect your selection. The current balance increases and the remaining balance decreases. If you need to amend an entry, double click on it to go to the transaction dialogue.