Reconciliation to date on statement - not possible?
I used ynab4 and recently reupgraded to the app.
in ynab4 reconciliation, i used to be able to reconcile my account to a certain date. For example, my bank statement shows transactions thru the 20th of the month. I get their statement mailed a few days later. On the 24th, I reconcile account and I could set the reconciliation balance date back to the 20th. Same for my credit card statement.
In the app, unless I missed it, I see no way to backdate my reconciliation, which is a regression in functionality for those of us who still want to balance against a printed statement or pdf statement.
Have I missed something or can you reconcile accounts only to the current date? thanks.
I have no idea how to reconcile properly without this functionality. Can someone explain to me what to do if I'm forced to reconcile today's date but I still have pending transactions waiting on my account? I put $8 in ynab but the pending transaction for gasoline is often just $1 because its a credit check. This throws off my total balance and I have no way to fix this as far as I know. I'm still on a trial and wading through the mess to get it so my wife and I could share a budget was time consuming enough. This is going to be a deal breaker if there's not some way to handle this that I am not thinking of. It's hard enough to get my wife to use the software, much less with these kinds of complications.
I would like a reconciliation date feature as well. My accounts are linked to my bank and are imported automatically. However, when I reconcile over the weekend some transactions don't get imported (since they're in pending status on my bank account). The following week, these records that were in pending status get imported (after I've reconciled my account), but these newly imported records are backdated. So I have to reconcile it again - and YNAB adds another reconciliation record again!!
I like the date feature since I reconcile it with my statement ending balance and date. All transactions should have cleared and imported to YNAB by the time it's the end of the statement date.
I would really like to see this feature return to the app. Sure it works great when the bank sync is reliable (US only) but for many non-US YNAB customers, reliable bank sync is a long way off. Manual imports can often lead to missed or duplicated transactions which throw off the reconciliation process.
Whenever I couldn't reconcile to 'today's date' I used to go through historical statements in bitesize chunks, say 1 week at a time until I found the rogue / missing figure - added it and watch everything subsequent to that fall into place nicely.
I'm not stupid. Yet without this figure I have not been able to reconcile my accounts since July - I've never had enough time to go through all of the data. This is seriously making me contemplate abandoning YNAB.
Make sure the download window is a few days before the most recent locked transaction. This will ensure there are no misses. There should not be any duplicates because of matching or prior import signatures.
If you are seeing duplicates, then you should make a bug report.
Obligatory "Yes I filed a feature request"
Wow it's kind of amazing this hasn't been implemented yet. I used the old YNAB and not being able to do a proper reconciliation in the new version is a head scratcher. Do we not understand what reconciliation means?
If I've reconciled a transaction, I've confirmed my records match the bank records, and I don't have to worry about it anymore. Even YNAB by default hides reconciled transactions. So when I get my statement from the bank, I reconcile the transactions in the statement to my records. If everything matches, I can file the statement away and never worry about it again. If there is ever a discrepancy between my records and the bank's, I know that discrepancy came in since the last statement. This is all pretty basic stuff, and worked correctly in the old version - and it was very easy: enter in the statement date and the amount, and most of the time YNAB would correctly reconcile the transaction list to the info, and hide the reconciled transactions (who needs to actively track them anymore?).
With automatic transaction imports, YNAB is assuming the transaction downloaded from the bank is the information to reconcile, but I don't think anyone who has used online banking for long would consider that to be the case. If you have a discrepancy with your bank, they're going to go to your statements, not your online banking portal.
Please fix this, YNAB. I have 27 days left on my trial.
Sea Green Octopus said:
for long would consider that to be the case. If you have a discrepancy with your bank, they're going to go to your statements, not your online banking portal
Not in my experience. They would rather know if an issue as soon as possible -- potential fraud -- and waiting possibly another 4 weeks for a statement increases their risk.
Sea Green Octopus said:
Please fix this, YNAB. I have 27 days left on my trial.
Don't hold your breath. There are issues that have existed since launch over 4 years ago.
Still, you won't find a better tool, IMHO. The tedium / workarounds are still better than using any available alternative.
I just started a YNAB trial. Thinking about moving up from YNAB 4. I am amazed that after all this time, the new version of YNAB doesn't have this most basic feature. I receive monthly bank statements and I expect to be able to reconcile to the monthly statement.
Its just stunning that such a simple functionality is not available, and I can see that it has been discussed for a long time. This web-based version of YNAB has been up and running for years now. It's not like it would be difficult to implement, or that people aren't wanting this feature.
J Canter said:
Not everyone reconciles their accounts every month
This lack of reconciliation to a statement and the experience of wading through hundreds of transactions is why I reconcile every few days in my main account. It takes mere minutes and avoids the potential of the sneaky error or missed transaction. However as an accountant it doesn’t give me the same satisfaction as the tick and bop of a good statement reconciliation.
If I were wed to reconciling to a statement, here’s what I’d do. This is a revision because previous explanations have assumed you would still like to be able to see cleared transactions as they happen. But as I think about it, if someone is really hardcore about reconciling to a statement, all transactions are “pending” until the statement comes, just like they always were in the days before online banking. So you don’t need a mechanism to “re-clear” transactions which happened after the statement. Leave them uncleared.
- YNAB will hide previously reconciled transactions. So make sure that filter is on, by selecting it in the upper right hand corner of the register.
- Then, if you have been using direct import or for some other reason you have traansactions marked as cleared, select all visible transactions and use “edit” to change them all to uncleared.
- Now, compare your transactions line by line, manually clicking the “c” to turn it green as you verify that the transaction that is in YNAB is on your statement.
- At the end of this procedure, your cleared balance should match the statement, and if it does not, you’ll need to scour the transactions again looking for input errors in YNAB.
- When the balances match, click “reconcile” and accept the reconciliation. This will lock the transactions, and enable you to more easily use the filter next month.
Note that there is no step 5a where you have YNAB automatically enter a transaction. As far as I am concerned, that feature shouldn’t be there. Find the error and fix it yourself.
[3...] verify that the transaction that is in YNAB is on your statement.
A little clarity here is warranted, I think. You should go line by line down the statement, looking for a match in YNAB. (Do NOT look for a match on your statement.) There are three possibilities:
- If you find it in YNAB, clear it and move to the next line on the statement.
- If it's not an exact match on the amount entered into YNAB, but you found one that you're sure is supposed to be the same transaction, edit the amount, clear it, and move to the next line on the statement. (If you've imported transactions, there may be near-duplicates, and you may wish to "Manually Match" the one you entered to the imported. This uses the imported amount and the other fields are taken from the version you entered.)
- If you cannot find it in YNAB at all, then enter the transaction, clear it, and move to the next line on the statement.
Only a single pass is needed and eliminates step #4. In step #2 (the near match case), if you have a receipt which verifies your originally entered amount, put the original amount on the memo (for reference) and initiate a fraud claim.