What is reconciliation? What does it mean to reconcile a transaction? When you reconcile transactions, you double-check that the transactions you have in MoneyWiz match the ones you see on your bank. This can help you find accounting errors or fraud. This guide will teach you how to reconcile transactions.
To begin, enter the account you wish to reconcile, click on the Edit account button next to the search box and select "Reconcile mode". You can pick from two modes of reconciling transactions: simple and advanced. To switch between them, click on the up/down arrow on the left.
In this mode, you simply tap on the transactions that you wish to reconcile in order to put a tick on them. Once you finish, exit the reconcile mode using x on the right. There's no opening/closing balances/dates in this mode -- you just confirm the presence or absence of transactions.
In this mode you also check off transactions from your bank statement but MoneyWiz also helps you make sure everything balances out. When you launch this, MoneyWiz will show and automatically populate some fields for you:
Opening balance: is automatically set to your account balance before the first transaction to reconcile.
Opening date: for credit accounts, it's automatically set to the beginning of the current statement period; for all other accounts, it's automatically set to the 1st of the current month.
Closing balance: is automatically set to your account balance after the last transaction to reconcile.
Closing date: for credit accounts, it's automatically set to the end of the current statement period; for all other accounts, it's set to the last day of the current month.
Your goal here is to verify the opening and closing balances with your bank, then click on transactions to tick them off, confirming that they are present on the bank statement. Once done, you should end up with the progress bar completed, in green color and the "left to reconcile" label set to 0.