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Improvements for Reconcile Mode - Advanced Reconciliation

Hi, 


Please feel free to share your ideas on what the best feature set for really cool reconciling features that you would like to see in MoneyWiz.


10 people like this idea

I really would like to be able to enter an "Ending Balance" and be able to see what my current reconciled balance is as I check off transactions as Reconciled.  Once the current reconciled balances equals the "Ending Balance", my account can be considered reconciled.


By the way, in what ways has Reconciliation been implemented in MoneyWiz for Mac?  I don't see this feature at all in my Mac app.


Thanks,


Andrew


2 people like this

I agree with Andrew Locke, here. Jonathan Kratzke also sums it up perfectly here (http://silverwiz.freshdesk.com/support/discussions/topics/307680)

I (we?) simply want to see a running reconciled balance and the ability to check off transactions against a periodic statement with the aim of reducing the differential between opening and closing balance to zero, then closing the reconciliation process and committing the statement 'transaction' to the database (or backing out/cancelling the reconciliation if so desired). That way, I know I have captured all of my transactions in MoneyWiz and I truly know where my finances are. As bonus feature, the ability to postpone the reconciliation until a later time, coming back where you left off. I appreciate that I'm basically describing the way MS Money works, which revolves around the statement delivery, but that has worked very well for me for many years. MW2 as it stands, is too prone to error and then makes it very difficult to track the error down or back out of the reconciliation process.


I bought MoneyWiz 2 on the (mis)understanding that it handled reconciliation (advanced reconciliation as you guys at SilverWiz like to call it). I'm really, really keen to transition from an ancient version of MS Money to MoneyWiz, but I can't make the leap until this feature is implemented. I appreciate and understand the pressure you all at SilverWiz were under to get MW2 out and then to stabilise it (I'm in the software business as well), but this feature has been in the plan for at least a year. Given that the current version has concepts of 'cleared' and 'reconciled' transaction status in the current version, you already have the underpinning data model, so it's just a matter of adding the concept of a statement and a user interface to reconcile against that statement, and some extra integrity checking/control to ensure that reconciled transactions stay that way. Easy ;-) 

(of course, I'm saying this tongue in cheek, as I'm deliberately simplifying the task at hand, but I think the requirements are relatively straightforward).


I think the product is fantastic, but I really need this killer feature to be able to get rid of MS Money once and for all! Please, please prioritise this feature as I suspect there are many others out there thinking the same. 


3 people like this

I don't want to suggest anything that would delay reconciliation being added, so this is just an idea that might be nice someday. Once you've reconciled to a statement, all reconciled entries have their amount "locked" and perhaps the checkmark locked and faded so that you don't accidentally "un-reconcile" it later.


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That said, I think the main thing that a true reconcile mode needs is a running reconciled balance, and secondly, for those who reconcile to their bank statements, it would be nice to be able to enter in the statement balance and reconcile down to zero. But I'd settle for something as simple as just being able to see the reconciled balance and then visually compare that to my statement balance

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Additional suggestions: being able to add bank charges or deposits (for example my savings account gets interest monthly). Now I could add that in as a new entry, but since I only ever see it when reconciling, it could be nice to have it just part of the reconciliation mode. This would reflect Quickbooks reconciliation mode, I just think it's a nice touch–not necessary in any way. 


Thanks! Really, other than reconciliation being really tough once a month, MoneyWiz (the software, the platform) is great and I applaud what you have already done. Keep up the good work! 


1 person likes this

Really enjoying MoneyWiz2 but was disappointed to find that it doesn't have statement import and reconciliation capabilities.  Yes you can add transactions via file import which is fine but there is a bit more needed to be able to reconcile statements. This appears to be a fairly basic feature for this type of package not to have and it will make reconciling to bank or cards harder work than it should be.  


Basically we need to be import statements, match transactions to those already added or add those that are only on the statement and then to agree a closing balance as of a specific date.


I see that the Advanced reconciliation feature is "Planned" but it would be great to get some feedback as to the scope and potential release dates (usual caveats will obviously apply!).


Keep up the good work.

I was told soon after I purchased MW that a reconcile to statement balance was imminent. I cannot see any use for this app without this function. If its not available to me I would like a full refund by return please - I have been waiting 6 months and been lied to 

PLEASE ACTION

Malcolm,


Just after MoneyWiz 2 was released we have published a list of the new features as well as our roadmap for the future free updates. In that roadmap we have clearly stated that improved reconciling, investment accounts and tags are our top priorities but also that we cannot release new features until MoneyWiz 2 for Android and Windows are released. Therefore I do not think we have said that the feature would be implemented immediately after the release.


Those features remain our priorities and we are already actively working on them, most likely for 2.1 update.


If you would like to claim a refund for MoneyWiz, please see our refunds policy: http://moneywizapp.com/support/refunds-policy/


Please note that if refund is granted you will not be able to use or re-purchase MoneyWiz, even after we introduce the feature. This is due to how Apple App Store works.

I would like to see the following features in advanced reconciliation:

Bank account reconciliation

Ability to enter Opening Balance, Ending Balance and Statement Date. Ending Balance from previous reconciliation to be carried forward as Opening Balance, if available. New Statement Date entered automatically calculated from previous reconciliation statement date, if available.

Ability to enter any service charges or interest earned, as shown on the bank statement, with transaction date and category. Transaction dates entered automatically calculated from previous reconciliation corresponding transaction dates, if available.

Having entered the above, to only show unreconciled transactions in two columns (for payments and deposits) with ability to tick each transaction as shown on the statement. To also show running balance of cleared balance, statement ending balance and difference. 

Ability to click on any transaction and go to the register to edit it, then return to the reconciliation.

Ability to add any missing transactions in the register, then return to the reconciliation.

Once reconciled to a zero balance, the ability to permanently save the reconciliation tick on all reconciled transactions so that it cannot accidentally be unticked.

Credit card account reconciliation

Ability to enter Charges/Cash Advances, Payments/Credits and Statement Date. New Statement Date entered automatically calculated from previous reconciliation statement date, if available.

Ability to enter any finance/interest charges as shown on the statement, with transaction date and category. Transaction dates entered automatically calculated from previous reconciliation corresponding transaction dates, if available.

Having entered the above, to only show unreconciled transactions in two columns (for charges and payments) with ability to tick each transaction as shown on the statement. To also show running balance of cleared balance, statement ending balance and difference.

Ability to click on any transaction and go to the register to edit it, then return to the reconciliation.

Ability to add any missing transactions in the register, then return to the reconciliation.

Once reconciled to a zero balance, the ability to permanently save the reconciliation tick on all reconciled transactions so that it cannot accidentally be unticked.


2 people like this
I love the idea of locking a reconciled transaction or at least a adding a warning notification requiring a click the confirm to unclear to avoid accidental changes to the status. I am nervous about all of the requests for a more involved bank reconciliation process. The feature of seeing the reconciled balance at the bottom and toggling between the current balance and reconciled is great and the ease of reconciling any day of the month is a big win for me (this is coming from a CPA who works with # all day long and frequently reconciles to my bank throughout the month rather than on a strict month end schedule to a bank statement). I fear that if a feature is added to satisfy the ending balance requests then the simplicity and quick wins already provided will be taken away (I.e. Requiring a screen outside of the transaction register to complete a recon I read of integrating the reconciliation clicks within the register). If there is a way to keep the best of both worlds that would be great. Some other quick win features could be helpful such as filters to view uncleared (pending) transactions to aid during reconciliation while still in the transaction register, etc).

Here's a preview of the Advanced Reconcile feature coming in MoneyWiz 2.1 on Mac (we'll submit it to Apple by the end of this month /July 2015/).



Great to see the Advanced Reconcile feature! When is it likely to appear for Android? - I'm seriously thinking of moving away from MoneyWiz as this is a feature I really need now.

Hi Peter,


For now we're only doing it for Mac. Once we get feedback and see what adjustments we need to make, we'll make them and then consider porting Advanced Reconcile for iOS and Android.

I just started using Moneywiz on IOS and was disappointed with the lack of account reconciliation - but the developments seem very hopeful. In reality how soon do you think this will be available on iPads? I am currently running MS Money 2000 on an old laptop so desperate to move to Moneywiz

Hi Dave,


As mentioned above we can't give exact timeframe when this will be available for iOS. I would expect sometime in September though. I can tell for sure though that it will be available for Mac in the first week of August (assuming Apple doesn't delay the update approval).

But iOS does have reconciliation it's just simpler version of it... you can go to the list of transactions (for the account you want to reconcile), tap the button on the top right corner (the 3 dotted button) and then select "Reconcile".


I hope this helps :)

Hi Iliya, thanks very much I shall wait for the September release. I have seen the existing reconcile features but what I would need (similar to other posts) is a ledger balance and a reconciled balance. This is how MS Money and other accounting systems work, whereby you enter the bank balance (ie. Reconciled balance) and then 'tick' back against the ledger entries that have cleared through the bank. The result is you can see what is has not gone through the bank and therefore what is left to clear. It sounds like the developments will do this. Thanks for your response again and I understand the release cycle, I shall be patient and await the Sept release
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