Microsoft KB Archive/129259

Date of Bank On-Line Transactions May Cause Reconciling Error

PSS ID Number: Q129259 Article last modified on 03-19-1998

3.00

WINDOWS

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The information in this article applies to:

 == Microsoft Money version 3.0 == 

= SYMPTOMS =

When you use both Pay On-Line and Bank On-Line services, some Epay transactions may incorrectly appear as cleared during the reconciliation process. This occurs when Bank On-Line records an Epay, which was paid prior to the bank statement, as cleared, but it did not clear the bank until after the statement date.

= MORE INFORMATION =

Epay transactions are entered with the date the check is written. When an Epay transaction clears, Bank-On Line marks the transaction as an Electronic transaction, with an E in the cleared field. Bank On-Line does not update the date to indicate the date the transaction cleared.

When you reconcile your account, Money changes each E transaction within the date range covered by the bank statement to a C. These transactions are considered cleared in the reconciliation process.

If a transaction dated prior to your statement date clears the bank after your statement date, but is recorded as cleared by Bank On-Line before you reconcile your bank statement, your account will not balance.

For example:


 * 1) An Epay transaction of $500 is paid by Pay On-Line. It is recorded in your account book as check #101 with a date of January 1, 1995.
 * 2) Check #101 clears the bank on January 17, 1995.
 * 3) You call Bank On-Line on January 19, 1995. Check #101 is marked with an E in the account book. The date remains January 1, 1995.
 * 4) On the January 20, 1995, you receive your bank statement. The statement date is January 15, 1995. You decide to reconcile your account in Money.
 * 5) During the reconciliation process, Check #101 is marked as cleared, with a C. (It is within the statement date range and has been marked with an E.)
 * 6) The reconciliation will show a difference of -$500 and the account will not balance.

= RESOLUTION =

When you are in the reconciliation process and discover that an Epay has been marked as cleared (C) when it does not appear in your bank statement, you can click the C with your mouse. This returns it to an E and the amount shown in the balance difference section of the reconciliation changes.

Bank On-Line does not change dates of cleared transactions. The only time that the transaction date would be entered as the cleared date would be for a transaction without a matching transaction in the account book.

NOTE: Money versions 4.0 and 5.0 for Windows 95 take into account the date the bank says the transaction cleared.

Additional query words: w_money reconcile balance balancing 3.00 on line online ====================================================================== Keywords : kbdta kbonline Version : 3.00 Platform : WINDOWS ============================================================================= Copyright Microsoft Corporation 1998.