I went to reconcile a new account and saw that it was short the previous month's interest so I entered the interest amount by using a Miscellaneous Transaction. Then I went back to the reconciliation and realized that it had been 2 months already with this account and I needed to enter the start date as a month earlier. Then I saw that the interest for that earlier month had already been entered. So I went back to Miscellaneous Transactions and wrote a reverse transaction. But then when I go back to my reconciliation, it does not balance. The three interest transactions show up correctly but the notes at the bottom show that the amount of the interest is Unresolved and there is a discrepancy.
That is, it shows:
Withdrawal:$8.61 (journal entry J1378)
Deposit:$8.61 (journal entry J1380)
With all the items checked off, one deposit should cancel out one withdrawal with would leave the $3500 plus the $8.61 for a balance of $3508.61. So, there should be no discrepancy....right? And why do BOTH Withdrawals for $8.61 have the journal entry 1378? When I print a report of the journal entries is shows only ONE withdrawal of $8.61 (J1378) and ONE deposit (J1380).
Maybe the interest had NOT already been entered so when I put it in and reversed it out, it is now short. But then, WHY do I see TWO interest charges in the reconciliation (with the same J #???). I can't imagine Simply Accounting being BROKEN, but it just doesn't make sense.
Under the Worksheet Tab, General Ledger Account it shows:
Opening Book Balance: -$8.61
Transactions Recorded in Account: $3508.61
Closing Book Balance: $3500.00
Any idea what is going on and how to Reconcile this account????
Which accounts were involved for J1378 and J1380?
To investigate click Reports>Journal Entries>All> Start=1378, Finish=1380.
J1378 is a Miscellaneous Transaction:
debit $8.61 interest expense
credit $8.61 Credit Card
credit $8.61 interest expense
debit $8.61 credit card
On the reconciliation J1378 is shown TWICE
but on a transaction report it only shows it once and therefore J1380 cancels it out
In the Reconciliation window putting a check marks on both J1378 and J1380 will cancel them out. When the payment clears in the account you will then put a check mark on the second J1378 and that should square things off. If it does not, it means that your previous reconciliation was not correct and you should wait for your next statement which will include the "overpayment".
Incidentally, when you have interest expenses for a credit card, rather that doing a miscellaneous transaction, you could enter it directly in the Reconciliation window under the Expense tab.
That is the way it should work I thought. But it doesn't. That is my problem.In the Reconciliation Window. I check off J1378 and J1380 to cancel them out. Which leaves me with another J1378 for $8.61 and the $3500.00. The opening balance is 0, the closing is $3508.61. Both amounts need to be checked off (cleared) which I do. I expect it all to balance out....but it doesn't!It says:Resolved $3508.61Outstanding: 0Unresolved: 8.61Discrepancy: -8.61 Where the heck is this unresolved $8.61? I have checked EVERYTHING off! So why does it say that there is still $8.61 unresolved? This doesn't make any sense. If everything is checked off, how can there be anything unresolved?
This is the first reconciliation so it can't be an overpayment from a previous statement.
PS Thanks for the tip on entering Interest!
PS ....how can you have 2 misc. transactions with the same number anyhow??
When I list all misc. transactions, only ONE J1378 shows up...making it look like the $8.61 cancels out with my reversal and no other interest charge is left. But in the Reconciliation Window TWO J1378 show up, so when one is cancelled with my reversal, one still shows up as being there (which is what it should) but in the Unresolved note at the bottom it says that amount is still unresolved? It doesn't make sense! If all that is left is $3500 + 8.61, and it started at zero and ended at 3508.61....should it not balance????
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