0

Troubleshoot Reconciliation Issues | Getting Started with YNAB | Lesson 6.4


(upbeat music) – There are a few reasons
why your balances in YNAB may not match your bank’s balances. But, don’t panic. We’re gonna go over some tips and tricks so you can fix those balances, and once again, trust your budget. Before you reconcile, you can look to see if your
cleared balance in YNAB matches your bank’s cleared balance. It’s important to understand
that some banks vary in how they report their current balance. If a transaction is included
in that balance at the bank, you wanna make sure to
mark it as cleared in YNAB. If the transaction is
not yet being included in that number because,
maybe it’s still pending, then you’ll wanna leave
it as uncleared in YNAB. You may also need to add
transactions that are missing. I’ve got my bank pulled
up on my other monitor and I’m comparing the
transactions that I’ve cleared, and I notice that I forgot
to add an Amazon purchase from earlier this month, so
I’ll go ahead and add that here, it happened on the 12th. That’s gonna come out
of my Gifts category, and it was for $35.15. And since I know that purchase occurred and has cleared my bank, I can go ahead and mark it
as cleared here in YNAB. Now some other reasons
why your YNAB balance may not match your bank’s balance include things like inverted numbers. I can see over on my other monitor that the Kohl’s purchase
I made was for $135.75, but I put it in here as $135.77, so I can go ahead and fix that, and mark that one as cleared. Also, entering a transaction as an inflow instead of an outflow is a really common thing that can happen. I seriously doubt the
movie theater is paying me to go see them, so I’ll just swap that, that $35 to the outflow column here, and again mark that one as cleared. Also, it’s possible you’ve got
some uncleared transactions that you can just not see right now. I’ve got one down here, it looks like it happened on
the 17th at the grocery store, but it’s hidden by all these
reconciled transactions. So one way to get all those
uncleared transactions together is to sort by cleared, and just
click on that C at the top. And so there’s that
purchase from last month. Now I noticed that the reason why this one didn’t get cleared is because it actually
happened on my Visa card, not in my checking account. So I can go ahead and just
move this entire transaction over to my Visa account. Now we’re gonna look
for any of these errors between now and the last
time that we reconciled, and again, those reconciled
transactions are easy to spot, they’re marked with that
cute little green lock. Your account balances are a sum of the
transactions in the account, so if any one transaction is incorrect, say, your bank account
accidentally pulled in the incorrect starting balance, well then your account
balance will be off. So, even those YNABers
who link their accounts, still need to reconcile and
actively manage their accounts. Direct importing transactions is only one component of budget accuracy. Using the reconcile feature is a big part of actively
managing your budget. If your balances are still different after checking your transactions and any of those common errors
that I mentioned before, after you click on Reconcile, and, you’ll see that it
lists today’s balance. If that’s not correct, you just select No, and then you enter the balance that your bank is telling you. If the balance should be negative, you can include a negative
indicator before the amount. The difference between the two balances is gonna be shown at the top
of your account register. So I actually have a
balance of $3,722.60 today. Now if there is a difference
between your bank statement and your YNAB records that you can’t find, you can just create that
adjustment transaction and move on, get back to budgeting and decision-making. My personal rule is that
if it’s less than $5, I just go ahead and create
that adjustment and finish. Now if you realize you made
a mistake while reconciling, and you notice right away, you can use the Undo
button to un-reconcile. You see those little green locks go away, you can put it right back if
you change your mind as well. Otherwise, there are a few options to get things squared away. If the balance adjustment or any reconciled
transactions is incorrect, you can just edit it like
any other transaction, you can actually click on these and change them if you need to. If you’d rather delete the
transaction, you can do that. YNAB will ask if you’re sure, but, you can confidently delete it
knowing you’re correcting it, or, you could re-reconcile and create another balance
adjustment if needed. If you still can’t quite figure out why your budget’s numbers
don’t match your bank’s, just remember, the budget can make an
automatic adjustment for you, so you can move forward.

Bernard Jenkins

Leave a Reply

Your email address will not be published. Required fields are marked *