5 minutes to reconcile all my accounts

I just reconciled all my accounts (6 accounts across 3 institutions) in 5 minutes. I know people seem to struggle with this so here is what I do. Hope it helps (btw nothing magical here, sorry).

 

EVERY transaction is entered as it occurs. I even got my hubby on board to do this.

Scheduled transactions set for things that happen automatically in my accounts like mortgage, preauthorized payments, etc. Our paycheques are also set up as scheduled transactions as we are on salary and for the  most part, the paycheques are the same every pay period.

Import often (sorry for those in countries that can't do this). I do this daily (or sometimes more often)

When you import, everything that is already entered (either manually or as a scheduled transaction) gets matched up with a link symbol. I accept those.

When you import, sometimes little things sneak through. Like someone (not saying who) forgets to enter a transaction. Or something comes through that you didn't enter (like bank or credit card interest). As the import happens, deal with it. There may be instances where the amount entered didn't exactly match the actual amount. YNAB lets you match these in a single step (no editing required unless the transaction has split categories).

Now we get to the reconciling. About once a month or so, I sit in front of the actual computer and reconcile (I don't think you can reconcile on the app). Click the reconcile account and it asks if the amount is correct. If it is, say yes and you are done. If it is not, say no and enter the correct amount. Then go clear the items that didn't get cleared (which is usually why it doesn't match the reconciled amount but the overall account balance is correct).

In a rare case, something goes wonky and a bit of investigation is required but I would say that happens less than 3 times a year (and even that seems more often than it really is).

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  • This is great, MXMOM !

    I hope your post encourages people to reconcile and reconcile often. We could definitely be doing more to show YNABers why and how to reconcile—and mobile reconcile is something I hope we can introduce at some point.

    Hope your next reconcile is just as quick and easy!

    Like 3
  • I can’t import yet. The only way I can avoid spending hours at the weekend looking for the elusive €46.79 (or whatevs) is if I reconcile everyday.  I “lost” €450 in August  because I didn’t do it every day  for a week or so and I’ve just spent 3 days playing catch up. And I still can’t find the €450. So I’ll have to latch it onto a habit I already have every day - eat dinner, reconcile. Clean teeth reconcile. 

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      • lindsay_g
      • Beige_Banjo.3
      • 1 yr ago
      • 3
      • Reported - view

      nisnwot I input every thing manually and have  spent the occasional half hour searching for 3.23 . Once I got so frustrated searching for 85KD (about 200 British pounds !!! I actually gave it up and reconciled it away. 
      Funnily enough I found it in my sock drawer last weekend.

      Actually the really funny (in a YNAB way) thing was... I found this cash in a box and thought ‘I bet I’ve got a massive reconciliation for this somewhere’, and sure enough, there was. Win. Sort of . 😄

      Like 3
  • I manually input everything, there is no 5 minute anything.  It is usually pretty fast until I get to...the Amazon purchases.  I hate the Amazon purchases.  Sometimes I will admit to spreading purchases out over multiple days so as to avoid the dang "as shipped" transactions.  It's really irritating to put in one transaction and then later have to break it up into 3 separate transactions because they all shipped separately.  

    Like 1
    • Technicolor Cheetah a possible route: load up your Amazon gift balance with the transaction amount and purchase with that gift balance. Only a single transaction hits your account (unless you've got that gift balance on budget, I suppose).

      Like 1
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