The advanced reconcile feature is used to reconcile the transaction within any account in MoneyWiz with a real bank statement for this account.
This feature is used to reconcile your MoneyWiz account and transactions within it, with your real banking account and its transactions. Usually people receive their paper bank statements (or they can generate such statements in their online banking account) once a month and they would like to reconcile the transactions in MoneyWiz against the transactions in bank statement. So the reconcile feature allows them to put checkmarks on each transaction in MoneyWiz and they do the same on each transaction on the statement. Once everything in MoneyWiz and on the paper is check-marked, the reconcile process is done. Reconciling helps you detect frauds and unwanted charges. If you don’t do reconciling for any reason, you can simply ignore this feature, or you can regularly mark everything as reconciled. Whether a transaction is reconciled or not doesn’t affect the final balance of the account.
Please note that this Advanced reconcile feature is not yet available on iOS and Android. However there is still a way to reconcile on these platforms. In the end of this guide you can find out how.
In this guide we’ll cover the following areas:
The screenshots in this guide are made from a Mac. Whenever there are differences between the platforms where MoneyWiz is available, these will be described. Please, do not hesitate to contact us in case you have any questions.
Using Advanced Reconcile
To access this feature please open MoneyWiz and proceed to the account you wish to reconcile. On the top right corner of MoneyWiz screen you will see a scales icon. By clicking it you will enter the Advanced Reconcile mode.
Once you entered Advance Reconcile mode you will be presented with a new view. This means that, if your transactions were displayed in a List View mode, after you access Reconcile mode they will become displayed in Table View mode (but once you quit Advanced Reconcile mode, the app will bring you back to List View mode). In addition you will find some new fields here:
- Opening date – in this field you set the start date of your bank statement
- Closing date – in this field you set the end date of your bank statement
Please note that, when you enter Reconcile mode, MoneyWiz by default sets the Start Date as the date of the last Reconciled transaction + 1 day, while the End Date is 1 month later. This means that if the date of your last reconciled transaction in this account is 19th of October 2015, MoneyWiz will automatically set the Start Date of reconciling as 20th of October (a day after last reconciled transaction) and the End Date as 19th of November 2015 (1 month from the last reconciled transaction).
- Opening balance – in this field you enter the start balance of your bank statement
- Closing balance – in this field you enter the end balance of your bank statement
Basically MoneyWiz already should know the opening and closing balance and set it automatically for you, but it never hurts to check. Plus, if the balance that MoneyWiz suggests is different than your statement balances, that could be a reason for concern and you should carefully reconcile to find that reason for this discrepancy.
Please also note that MoneyWiz will show unreconciled transactions from the previous statement periods as you may find it useful to make sure there are no missed transactions between the current and the previous statement.
- Reconciled/Unreconciled – these numbers show how many transactions there were reconciled (check-marked), and how many are left to reconcile.
- Left to reconcile – as you put check marks in front of your transactions, you will see this figure changing (it can increase or decrease depending on which transactions – incomes or expenses you are check-marking). Ideally, when the reconcile process is done, there is 0.00 left to reconcile.
- Show reconciled/Show un-reconciled – by selecting/deselecting these options you can tell MoneyWiz whether to show reconciled transactions or not, and whether to show un-reconciled transactions or not.
After you finished reconciling you simply click Done and that’s it. After this you will find your reconciled transactions in the account register all check marked (you can only see it in Table View mode).
How to reconcile on iOS and Android
In order to access reconcile mode on iOS and Android please access the account you wish to reconcile. On the top right corner you will see 3 vertical dots button. Click on it and choose Reconcile Mode. You can currently compare the opening and closing balance from the statement with the one on MoneyWiz by looking at the Running balance entries for the same date and see if they match (on an iOS and Android devices you need to enable the Running Balance option from Settings > General > Show Running Balance).
If the balances match, you can just set all transaction within the period as reconciled by taping 3-dots button again and choosing option “Set all as reconciled”, if not you have to go though all transactions and compare them one by one, side by side with those on the statement, unless the difference is a single transaction. Once you are done with reconciling click on the same button as before and click “Exit Reconcile Mode”.