In Chapter 4, you entered some transactions in your checking account. In this chapter, we will add more transactions and then reconcile them. So, let's get started by opening the gcashdata file you saved in the last chapter. Your chart of accounts should look like this: FIXME:insert chartaccts2.png
This image shows the Checking Account Register.
Open the Savings account and enter an opening balance transaction for $1000. To do this, you will enter the transfer account as Opening Balances and the $1000 in the Deposit column: FIXME:insert savings.png
This image shows the Checking Account Register.
Now open the Checking account from the main window. In the last chapter, you entered some paycheck transactions as deposits into Checking. Now we will enter another kind of deposit - a transfer of money from Savings into Checking. On a blank line, enter a transaction to transfer $500 from Savings to Checking. Your Transfer account will be Savings, since you are in the Checking account. Your Checking account should now look like this: FIXME:insert transferin.png
This image shows the Checking Account Register.
Now let's write some checks on this account. First, write a check to HomeTown Grocery for $75. Your transfer account is Groceries, since all of this money is going to buy groceries. Next, write a check to ABC Hardware for $100, and split this amount between two expenses: Household $50 and Tools $50. You will need to create an expense type account for each of these, then enter splits for them. Your checking account should now look like this; FIXME:insert checkexamp.png
This image shows the Checking Account Register.
Suppose you now need to withdraw some money. You don't have a cash account set up in your chart of accounts, so you will need to create one. Cre are exe root 0000000 0000000
5.4. Reconciling Your Accounts ./usr/share/gnome/help/gnucash/C/gnucash-guide/cbook_together1.html 0000644 0000000 0000000 00000017504 10200332311 025413 0 ustar root rootGnuCash makes reconciliation of your bank account with your monthly bank statement much easier. Section 4.6 gives instructions on how to reconcile your transactions with the monthly bank statement. This is the main reconciliation task that should be done every month.
But what about all those other accounts you created? Should those be reconciled too? If you receive a statement for the account, then you should consider reconciling that account. Examples include the checking account statement, the savings account statement, and the credit card statement. Credit card statements and credit card transactions are covered in the next chapter, so if you are interested in tracking your credit cards in GnuCash, take a look at the instructions provided there.
Income and expense accounts are usually not reconciled, because there is no statement to check them against. You also don't need to reconcile cash accounts, for the same reason. With a cash account, though, you might want to adjust the balance every once in a while, so that your actual cash on hand matches the balance in your cash account. Adjusting balances is covered in the next section.