Reconcile and Transfer in Cash Organizer

[MoSoft PR]

Could anybody please describe the concept of "Reconciling" and "Transfering transaction" in Cash Organizer ? (like what the meaning of the activities, when will we use them ?)

thanks

[alien rider]

Hi,

I am a huge fan of Cash Organizer but no expert but having used it for the last 6 months let me explain what my understanding these terms you have asked about.

Transferring Transaction: Lets say you have a cheque account and Visa account and you paid £1000 from your cheque account to your visa card. Technically as far your net value is concerned you haven't gone up or down you have simply transferred funds between your assets/accounts. When you do a transferring transaction you indicate to Cash Organizer that this is a money movement between accounts and it can therefore calculate your net value (the sum total of all your assests and liabilities/debts) correctly.

Reconciling: This is used for comparing what is in Cash Organizer to what your Bank sends you as a record. So when the bank sends you a statement you would compare what you had in Cash Organizer to the Bank Statement and see if they agree. If they do you can ask Cash Organizer (I think) to reconcile those transactions. If they don't you can either try to find the discrepancy or tell Cash Organizer that it is out by a certain amount and Cash Organizer will (again I think) reconcile the transactions but include a balancing tranasaction to square up the books.

As I said I am no expert, but this is my understanding of those terms and I hope they are of use.

Kind regards,

B

[MoSoft PR]

Hi, B
thanks for your detailed description that's make me more clear about the issue.