How to manage mistimed new account linking
Hi! We’ve just started using YNAB, and have run into an issue. We’ve successfully connected checking and credit card accounts and synced. But, because of the timing, we have a card payment transaction (cash inflow) from the cc synch that doesn’t have the corresponding payment (cash outflow) from checking. How should we manage this while maintaining an accurate checking balance? Thanks!
This might be an option, but if you are a 'tidy' person, it might not work for you.
You can go ahead and do a reconcile of the checking account and credit card. It will ask you if your actual account balance is "X" and if yours doesn't match, it will either let you look for the transaction (which won't be there in your case) or it will do an "auto reconcile" which will make your YNAB balance match the bank/CC balance with either an addition or subtraction.
With the reconcile function on YNAB, you are no longer a slave to reconciling only when the bank or CC statements arrive. I sometimes do a reconcile in the middle of the month. :)
Anyway, this was just a thought. I think it would work but others may have a nicer, cleaner option. Good luck!
Hi Forest Green Yeti !
You'll want to change your starting balance to account for the mismatch. You can either add funds to your checking account balance, so you can include the payment to the credit card there, or you can adjust your credit card account starting balance to reflect the payment already being made and remove the actual payment transaction. Either way, you want your accounts to be up to date as of their current balances, so a quick reconcile wouldn't hurt. :)