Subaccount Reconciliation

[Matthew Arnold-3]

Hi folks,

I've been using KMyMoney2 for a long time and really enjoy it, but
I've been very frustrated in properly reconciling subaccounts. Here's
my situation. I've got one savings account at the bank, but I wanted
to create a virtual account for a rainy day fund. My savings account
was already set up in KMyMoney2 so, I just created a subaccount called
"Rainy Day Fund." So far, so good.

Obviously, though, my bank knows nothing of this subaccount, so I just
get a statement for the savings account itself. How can I
simultaneously reconcile the main savings account and the sub account.
I just updated to 1.0.2 and things are kind of messed up. If I add the
balances of the main account and the sub account, they agree with the
bank, so that's OK. But other things are messed up. Basically I had
started the reconciliation in the main account and then as I was
reconciling, I chose the sub account from the drop-down menu and
cleared those items too. Unfortunately the ones in the sub account are
just marked as cleared, not reconciled. Obviously, that's not the
right thing to do.

I'm really confused here. Any help would be appreciated.

Matt

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[Thomas Baumgart]

Hi,

on Tuesday 06 October 2009 Matthew Arnold wrote:

> Hi folks,
>
> I've been using KMyMoney2 for a long time and really enjoy it, but
> I've been very frustrated in properly reconciling subaccounts. Here's
> my situation. I've got one savings account at the bank, but I wanted
> to create a virtual account for a rainy day fund. My savings account
> was already set up in KMyMoney2 so, I just created a subaccount called
> "Rainy Day Fund." So far, so good.
>
> Obviously, though, my bank knows nothing of this subaccount, so I just
> get a statement for the savings account itself. How can I
> simultaneously reconcile the main savings account and the sub account.

The short answer: not at all. The long answer: though the sub-accounts are
summed up in the accounts view under the parent account when the hierarchy is
collapsed, the reconciliation only works on a single account - being parent or
child doesn't matter.

We once had a user trying to achieve something similar to what you try to do.
AFAIR, he ended up to create an investment account and virtual stocks in it.

> I just updated to 1.0.2 and things are kind of messed up. If I add the
> balances of the main account and the sub account, they agree with the
> bank, so that's OK. But other things are messed up. Basically I had
> started the reconciliation in the main account and then as I was
> reconciling, I chose the sub account from the drop-down menu and
> cleared those items too. Unfortunately the ones in the sub account are
> just marked as cleared, not reconciled. Obviously, that's not the
> right thing to do.

Nothing's messed up. Since you cannot reconcile using the reconciliation
wizard, you will have to do it manually. Here's what I would do:

a) mark all transactions as cleared in each sub-account by checking that the
transactions can be found on the statement of your bank account.
b) check that no non-cleared transactions are left
c) check that the sum of the ending balances equals the ending balance of the
statement
d) Select all cleared transactions - one account at a time - and mark them as
reconciled. Voilà.

> I'm really confused here. Any help would be appreciated.

Hope that helps.

The idea is to support some sort of umbrella account which we don't have right
now.

--


Regards

Thomas Baumgart

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[Jack-160]

On 2009.10.06 12:22, Thomas Baumgart wrote:

> on Tuesday 06 October 2009 Matthew Arnold wrote:
>> I've been using KMyMoney2 for a long time and really enjoy it, but  
>> I've been very frustrated in properly reconciling subaccounts.  
>> Here's my situation. I've got one savings account at the bank, but I  
>> wanted to create a virtual account for a rainy day fund. My savings  
>> account was already set up in KMyMoney2 so, I just created a  
>> subaccount called "Rainy Day Fund." So far, so good.
> >
>> Obviously, though, my bank knows nothing of this subaccount, so I  
>> just get a statement for the savings account itself. How can I  
>> simultaneously reconcile the main savings account and the sub  
>> account.
>
> The short answer: not at all. The long answer: though the  
> sub-accounts are summed up in the accounts view under the parent  
> account when the hierarchy is collapsed, the reconciliation only  
> works on a single account - being parent or child doesn't matter.
>
> We once had a user trying to achieve something similar to what you  
> try to do. AFAIR, he ended up to create an investment account and  
> virtual stocks in it.
>
>> I just updated to 1.0.2 and things are kind of messed up. If I add  
>> the balances of the main account and the sub account, they agree  
>> with the bank, so that's OK. But other things are messed up.  
>> Basically I had started the reconciliation in the main account and  
>> then as I was reconciling, I chose the sub account from the  
>> drop-down menu and cleared those items too. Unfortunately the ones  
>> in the sub account are just marked as cleared, not reconciled.  
>> Obviously, that's not the right thing to do.
>
> Nothing's messed up. Since you cannot reconcile using the  
> reconciliation wizard, you will have to do it manually. Here's what I  
> would do:
>
> a) mark all transactions as cleared in each sub-account by checking  
> that the transactions can be found on the statement of your bank  
> account.
> b) check that no non-cleared transactions are left
> c) check that the sum of the ending balances equals the ending  
> balance of the statement
> d) Select all cleared transactions - one account at a time - and mark  
> them as reconciled. Voilà.
>

This will keep your records accurate, but it set the "Last reconciled"  
flag and banner that shows up in the register.  To get this, you could  
(after doing what Thomas suggests) is to use the reconciliation wizard  
on each of the accounts separately for the parent and sub accounts -  
using the correct balance for each.

Jack

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[Jack-160]

(correction)
On 2009.10.06 13:17, I wrote:

> On 2009.10.06 12:22, Thomas Baumgart wrote:
> > on Tuesday 06 October 2009 Matthew Arnold wrote:
> >> I've been using KMyMoney2 for a long time and really enjoy it, but
> >> I've been very frustrated in properly reconciling subaccounts.
> >> Here's my situation. I've got one savings account at the bank, but  
> I
> >> wanted to create a virtual account for a rainy day fund. My savings
> >> account was already set up in KMyMoney2 so, I just created a
> >> subaccount called "Rainy Day Fund." So far, so good.
> > >
> >> Obviously, though, my bank knows nothing of this subaccount, so I
> >> just get a statement for the savings account itself. How can I
> >> simultaneously reconcile the main savings account and the sub
> >> account.
> >
> > The short answer: not at all. The long answer: though the
> > sub-accounts are summed up in the accounts view under the parent
> > account when the hierarchy is collapsed, the reconciliation only
> > works on a single account - being parent or child doesn't matter.
> >
> > We once had a user trying to achieve something similar to what you
> > try to do. AFAIR, he ended up to create an investment account and
> > virtual stocks in it.
> >
> >> I just updated to 1.0.2 and things are kind of messed up. If I add
> >> the balances of the main account and the sub account, they agree
> >> with the bank, so that's OK. But other things are messed up.
> >> Basically I had started the reconciliation in the main account and
> >> then as I was reconciling, I chose the sub account from the
> >> drop-down menu and cleared those items too. Unfortunately the ones
> >> in the sub account are just marked as cleared, not reconciled.
> >> Obviously, that's not the right thing to do.
> >
> > Nothing's messed up. Since you cannot reconcile using the
> > reconciliation wizard, you will have to do it manually. Here's what  
> I
> > would do:
> >
> > a) mark all transactions as cleared in each sub-account by checking
> > that the transactions can be found on the statement of your bank
> > account.
> > b) check that no non-cleared transactions are left
> > c) check that the sum of the ending balances equals the ending
> > balance of the statement
> > d) Select all cleared transactions - one account at a time - and  
> mark
> > them as reconciled. Voilà.
> >
> This will keep your records accurate, but it set the "Last reconciled"

Sorry, this should have said "but it will not set the ..."

> flag and banner that shows up in the register.  To get this, you could
> (after doing what Thomas suggests) is to use the reconciliation wizard
> on each of the accounts separately for the parent and sub accounts -
> using the correct balance for each.


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