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Reconciliation and Import from Bank

Reconciliation is a big word that simply means making sure your account record matches your bank’s. Some people call it “balancing the checkbook.” The end result of reconciling an account is the balance of the account in Savings matches your bank’s balance for that account.

By reconciling account, you make sure every transaction that shows up in your bank’s statement is a transaction you expect.

Cleared vs. Pending Transaction

Except in a cash account, all transactions you enter have a pending flag next to them. This flag means the transaction has not been cleared with your bank.

Mac
iPhone

When you see the transaction show up in your bank’s statement, you can click (or tap) the dot to clear the transaction – meaning, it is official.

The balance shown at the bottom of the account includes both pending and cleared transactions. To see the balance that include only cleared transaction, click (or tap) the balance label.

Manual Reconciliation

When you manually reconcile an account, you clear transactions in Savings that you see in the bank’s record, and add any transaction missing in Savings. You repeat this process until the cleared balance in Savings matches your bank’s balance. Sometimes if the difference is small and hard to spot, you can just add a transaction to adjust the balance.

As for what bank record you use, it’s up to you. You can reconcile once a month using the statement you receive from your bank, or reconcile more often using your bank’s online banking activity view.

Automatic Reconciliation (Import from Bank)

If an account has lots of transactions, it can be difficult to balance it by hand. Savings solves that by allowing you to import transaction activity file downloaded from your bank’s web site. (Note: this feature is currently Mac-only.)

When a transaction activity file is imported, Savings automatically matches and clears pending transactions found in the activity file. Furthermore, any transaction that you did not enter are added as new transactions. New transaction have blue dots next to them, ready for you to confirm and assign them categories.

Tip

Always check the imported transactions to make sure they look right before making any edit. If something looks wrong, you can select Edit > Undo from the menu to undo the import. After you make any edit, the import cannot be undone!

Undo Matched Transactions

Savings matches pending and imported transaction by their amount. 99% of the time the match is right. But from time to time, you may notice the match is not what you want. You can undo a match by clicking the disclosure button in the transaction edit view, and click the Undo button.

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