In Decent Budget, we enter all transactions manually. This introduces a problem: if you miss one transaction, your balance shown in Decent Budget won’t reflect your real bank balance.
Transactions reconciliation is a way to keep your balance in sync with your bank account(s). It utilises simplest amount-based method, where you compare account balances with Decent Budget’s and look for mistakes if amounts do not match.
Doing reconciliation is easier if number of unreconciled transactions is small. We recommend reconciling every 10 days, but depending on your habits, you can discover time interval that works best for you.
- Open transactions page.
- Click on a “Reconcile” button (it’s above new transaction button).
- In transactions reconciliation page on the left enter your current balance of all accounts that you track on Decent Budget.
- Note the difference. If it’s equal to 0.00, that means that total balance of Decent Budget matches balance sum in your accounts. Click “confirm reconciliation” and you’re done. If difference is not 0.00, see next section.
When difference amount is not 0.00, it means that either you haven’t created all transactions, or some of your transaction amounts are incorrect. You’ll need to go through all transactions and compare them with your bank account statements.
To make this procedure easier, below unreconciled transactions table you’ll see your last reconciled transactions. Find those in your bank statement and you’ll have a starting point from which you need to do comparisons.
You can add new transactions (“Add transaction” button above) and edit/delete transactions (simply click on a transaction).
Amount based reconciliation is not perfect: if you had exact amount of expenses and income that you haven’t added to Decent Budget, difference will be zero and reconciliation will be considered as correct. While these type of situations are very unlikely, we recommend to compare transactions with your bank statement if in doubt.