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Money 2004 Balance Issue RRS feed

  • Question

  • Hi all,

    This has been a nagging issue for a few years now, although it seems trivial, but I would like to fix this if possible.

    I have a checking account that shows a discrepancy of only 20 cents after I balance the account. The problem is, the corrected balance is wrong (that is, is doesn't match that bank's balance). The only way I can fix things (on a monthly basis) is to let Money 2004 make a balance adjustment of 20 cents, and then delete it.

    Somewhere along the way, I created this error by either balancing the account incorrectly, or when I imported the data into a new file to replace an old one that became bloated or possibly corrupted.

    Any suggestions will be appreciated.


    Regards

    Wednesday, September 18, 2013 8:13 PM

Answers

  • I'm bumping an old thread here, but the problem fixed itself after I exported the data via Loose QIF and importing them into another Money file. I don't know how or what happened, but the problem appears to be solved.

    Regards

    • Marked as answer by rustyfender04 Tuesday, April 15, 2014 10:52 PM
    Tuesday, April 15, 2014 10:52 PM

All replies

  • Don't delete the adjustment and you should not have an issue at the next statement.
    Wednesday, September 18, 2013 10:57 PM
  • Don't delete the adjustment and you should not have an issue at the next statement.

    But the account will be out of balance by 20 cents if I don't delete the adjustment.

    Regards

    Friday, September 20, 2013 1:57 AM
  • You said the account balance was off by 20 cents and then you let money make the adjustment.  After the adjustment, doesn't Money's balance mathe the statement's?
    Friday, September 20, 2013 6:30 AM
  • You said the account balance was off by 20 cents and then you let money make the adjustment.  After the adjustment, doesn't Money's balance match the statement's?

    The statement is due any day now. I will post back shortly.

    Regards

    Saturday, September 21, 2013 2:58 AM
  • You said the account balance was off by 20 cents and then you let money make the adjustment.  After the adjustment, doesn't Money's balance mathe the statement's?

    If I let Money adjust the balance, then my account is off .20 at the bank's ledger. I'm at a loss to figure this out.

    Regards

    Sunday, October 13, 2013 2:35 AM
  • On my version of Money, balancing an account requires me to enter the statement date, statement balance, and then mark the appropriate ledger entries as reconciled or cleared.  According to your original message, when you do this there is a 20 cent difference between the statement balance and the ledger balance.  You then let Money create a 20 cent adjustment.  At this point, your statement and ledger should show the same balance.  There is no other purpose for the adjustment.  If this is not the case, then you are going to need to provide some specific data so we can see what is really happening.

    Alternately, you could create a 20 cent transaction, create a fictitious bank statement with the same balance as the last statement you balanced, balance the account with this "statement" as if the 20 cent transaction were the only one reported.  When the next statement arrives, you should be back in sync.

    Sunday, October 13, 2013 10:40 AM
  • On my version of Money, balancing an account requires me to enter the statement date, statement balance, and then mark the appropriate ledger entries as reconciled or cleared.  According to your original message, when you do this there is a 20 cent difference between the statement balance and the ledger balance.  You then let Money create a 20 cent adjustment.  At this point, your statement and ledger should show the same balance.  There is no other purpose for the adjustment.  If this is not the case, then you are going to need to provide some specific data so we can see what is really happening.

    I wish I could provide some specific data, but I don't even know where to start. Money insists that the balance is off by .20 after I balance the account with the bank statement, but ledger is actually off by .20 with the statement unless I delete the adjustment.


    Alternately, you could create a 20 cent transaction, create a fictitious bank statement with the same balance as the last statement you balanced, balance the account with this "statement" as if the 20 cent transaction were the only one reported.  When the next statement arrives, you should be back in sync.

    Pardon my ignorance, but is this not the same as letting Money create a .20 adjustment?


    Regards

    Monday, October 14, 2013 10:54 PM
  • What is the closing date and balance shown on your most recent statement?  What is the balance in your Money account as of the same date?  When your next statement comes, when you start to balance, make absolutely sure the previous balance matches the previous statement, the date and current balance match this statement.  Reconcile the items in the ledger in accordance with the statement.  Does the new balance match the statement?  If so, you are done.  If not, let Money create the adjustment (which by definition must make Money's balance match the statement).  In either case your ledger should now match the statement.  Don't delete anything.
    Tuesday, October 15, 2013 12:59 PM
  • Pardon my ignorance, but is this not the same as letting Money create a .20 adjustment?


    It should be very similar. I made it a point to date the compensating adjustment to a point where it would maximize the range of dates in the register where the running register balance was in sync with the statement balance. You could effect the same thing by changing the date on the Money-generated adjustment.

    Yet in rustyfender04 experience, with the Money-generated adjustment it did not work. I am mystified as to why the Money balancing process made an unneeded adjustment, unless it was given some wrong info. If the balance already matches reality, then my process, with no adjustment, should get him back in good shape.

    Tuesday, October 15, 2013 3:59 PM
    Moderator
  • What is the closing date and balance shown on your most recent statement?  What is the balance in your Money account as of the same date?  When your next statement comes, when you start to balance, make absolutely sure the previous balance matches the previous statement, the date and current balance match this statement.  Reconcile the items in the ledger in accordance with the statement.  Does the new balance match the statement?  If so, you are done.  If not, let Money create the adjustment (which by definition must make Money's balance match the statement).  In either case your ledger should now match the statement.  Don't delete anything.

    Today's paper statement lists the starting balance at 249.24 (Money's starting balance is 249.44). However, the running balance in Money is in sync with the bank's web site balance of 132.24.

    If I let Money make an adjustment, then the running balance is off by .20 cents.

    How can I fix this issue without messing up the running balance? This is blowing my mind.


    Regards


    Thursday, October 17, 2013 12:14 AM
  • What is the closing date and balance shown on your most recent statement?  What is the balance in your Money account as of the same date?  When your next statement comes, when you start to balance, make absolutely sure the previous balance matches the previous statement, the date and current balance match this statement.  Reconcile the items in the ledger in accordance with the statement.  Does the new balance match the statement?  If so, you are done.  If not, let Money create the adjustment (which by definition must make Money's balance match the statement).  In either case your ledger should now match the statement.  Don't delete anything.

    Today's paper statement lists the starting balance at 249.24 (Money's starting balance is 249.44). However, the running balance in Money is in sync with the bank's web site balance of 132.24.

    If I let Money make an adjustment, then the running balance is off by .20 cents.

    How can I fix this issue without messing up the running balance? This is blowing my mind.


    Regards


    Why the difference?  I expect that there are transactions that the web balance takes into account that the paper statement does not reflect.

    I know what I would do: declare my account balanced!

    ================================

    If you wish to start fresh and declare an account balanced, you can
    mark all entries balanced.  Select to show only unreconciled
    transactions.  Sort by date, and go to the oldest transaction.
    Hold down Cntl+Shift+M and let auto-repeat work thru the
    transactions until none are left showing.  Do not change the
    starting date or starting balance.  The starting balance is the sum
    of the transactions that have already been marked as reconciled.
    Then balance making the ending balance match the known balance.
    Choose the balance date to be the day after your last transaction.
    This is not the normal procedure.  It starts you with an amnesty
    for former balancing.

    Thereafter, follow the normal procedure if you like.

    During the normal procedure, you are presented with the list of
    transactions that are not reconciled.  In the left column will be
    the starting, and ending balances you entered as you started
    balancing.  There will also be a difference amount.  As you click
    on the C column for a transaction reflected on the statement, that
    space in the C column will change to a C.  If you mark an
    transaction cleared that has not actually been reflected on the
    statement, you can click the C column again to toggle the cleared
    status.  The difference should move toward zero.  As you continue,
    you should eventually get the difference to zero.  If you can not,
    you can click next.  Money will offer some choices.

    ===================Bonnie Synhorst said=======================
    |Balancing can be frustrating.  ..  My rule of thumb is to avoid
    |changing the starting statement balance that it asks for.  If you
    |do this, it will try to make an adjustment that you may not have
    |needed to make (if you were balancing months out of order, for
    |instance).  I recommend balancing month by month starting from the
    |earliest date after you are sure that nothing is marked with an R.
    |
    |Just remember, the opening balance it asks for is a calculation of
    |the opening account balance plus or minus any reconciled
    |transactions.
    ==========================================

    Thursday, October 17, 2013 12:33 AM
    Moderator
  • I give up.

    From now on, I will change the starting balance to match the bank statement. Money gives me a starting balance discrepancy warning, but I ignore it and account balances out. However, I will have to do this same procedure each month from now on.


    Regards



    Thursday, November 21, 2013 2:53 AM
  • I'm bumping an old thread here, but the problem fixed itself after I exported the data via Loose QIF and importing them into another Money file. I don't know how or what happened, but the problem appears to be solved.

    Regards

    • Marked as answer by rustyfender04 Tuesday, April 15, 2014 10:52 PM
    Tuesday, April 15, 2014 10:52 PM