What is transaction status for. How to close the period, adjust the balance and reconcile accounts.
Each transaction can have one of three statuses: uncleared, cleared and reconciled. Uncleared transactions do not affect the balance and they are not included in other calculations. Changing the status of a transaction, we see how the balance and other amounts are updated in real time.
On the "Overview" tab, we see all uncleared transactions in the "Awaiting approval" group. Usually, these are planned transactions for which the exact amount or date is unknown. Here we can make all necessary changes and confirm the transaction. Or delete it, if the transaction wasn't needed.
Reconciled transactions are protected, when you try to edit such a transaction, the program will show a warning. This status can be set manually, but it is better to use a special tool for this: Reconciliation of accounts. From the main menu select Tools, then click Reconciliation. Reconciliation allows you to compare the transactions in the app with a bank statement, find differences (if any) and adjust the balance.
To adjust the balance, simply enter the current balance and the program will create a corrective transaction automatically.
Closing the period
After the reconciliation, the period is closed and all transactions become reconciled. If you try to change them or create a transaction before the reconciliation date, the program will show a warning. You can also enable reconciled balance displaying in the list of accounts.