On 2013.01.10 05:50, Allan wrote:
<snip>
And, to tell you the truth, I don't really understand the difference
between "cleared" and "reconciled". I think that "cleared" is just
an intermediate state which transactions could end up in if the
automatic reconciliation procedure hasn't been successful. Since I
never use this workflow I am not sure, though.
I've never actually looked for a definition, but my take on this is -
I'd say it works differently for different types of accounts.
1) manually enter transaction - unmarked.
2) download statement and if it tallies - cleared.
I often manually mark transactions cleared if I check the account
on-line, even if I don't download anything. I find this of most use to
follow which checks have not been cashed yet.
3) reconciled - reconciled.
This implies that your KMM account matches a statement received from
the bank or credit card company. I suppose you could reconcile to any
on-line balance, but it makes the most sense for accounts where you get
a regular statement.
While I do see this feature as being useful, I have few accounts that
would ever show 0+0 here. For my credit card accounts, by the time I
reconcile, it is two weeks after the closing date of the statement, so
if I have done an online update, I have transactions in that period
that are cleared, but won't be reconciled until next month. Even
stranger, the online balance is often a day old, so I download a
transaction from yesterday, but the online balance is from two days
ago. That last transaction is marked cleared, but the balance does not
match the online balance. For my checking account, I often manually
enter checks that I know won't clear for a long time - and I can even
reconcile the account with those transactions unmarked.
I have a whole conversation ready to discuss reconciling investment
accounts, but I'll leave that for a different time.
Jack
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