ReconciliationTable of Contents
Reconciliation is the process of assuring that your records for an account agree with the records of the institution for that account. This is done by matching the transactions you have entered into KMyMoney with the transactions listed for that account by the institution. This is most commonly done with the list of transactions in a statement, be it a bank statement, credit card statement, loan statement, or any other statement. It can also be done against an on-line listing of the account, although this is less common. If any discrepancies are found, then either you or the person who created the statement have made a mistake.
Completing the reconciliation process for an account says that you are sure that the records for that account, up to the date of the reconciliation, are correct. This is most commonly done for accounts at institutions like banks or stores, but some users choose do to this for other accounts, such as cash. In that case, it means that you are sure of the records up to the reconciliation date, and are certain you will not find any further cash receipts, and that the balance of the account in KMyMoney is the same as the actual amount of cash in your pocket.
Reconciliation is not required for any account, but by reconciling an account on a routine bases, such as monthly, you will have fewer records to examine if you do find a discrepancy.