The initial statement date presented by KMyMoney is typically 30 days after the more recent reconciliation for that account. The starting balance presented is the final balance as of the previous reconciliation. This is actually calculated as the sum of the amounts of all transactions in the account which are cleared or reconciled, up to the date of the previous reconciliation. The ending balance presented is the starting balance plus the amounts (added for deposits and subtracted for withdrawals) for all cleared transactions for the account since the previous reconciliation. (This also includes cleared transactions prior to the date of the previous reconciliation.) If the starting balance does not match the statement, then you need to confirm that the previous reconciliation was done correctly.

Theoretically, the ending balance at the time of the previous reconciliation should not be different from the starting balance at this time. However, KMyMoney does not prevent you from making changes to transactions prior to the most recent reconciliation. Edits of this type are the usual cause of such discrepancies. At some point, KMyMoney will probably be enhanced to make it much more obvious to the user if such an edit is made.

The statement date, starting balance, and ending balance can be found in your statement. Make sure that the figures match and click Next. If the starting balance does not match, see the previous paragraphs. If the statement date or ending balance does not match then enter the figures as listed on your statement and click Next.

If you are reconciling a bank account or any account with interest and/or charges or fees, then enter these values in the appropriate fields. Both fields are optional, but if they are used, then a category must be assigned for each amount entered. Note that these amounts may have already been entered if you import transactions either directly or via a downloaded file, in which case you should not enter them again here, or you will have duplicate transaction.

Click Continue to start matching your statement to what you have entered. Note that this completes the Reconciliation Wizard, but not the process of reconciliation. At this point, KMyMoney displays the Ledgers View for this account, but it changes the ledger display in two ways. First, it only shows transactions that have not already been marked as reconciled. Second, the line below the main ledger display shows the Ending Balance from the statement on the left, the cleared balance of the account in the center, and the difference between then on the right. As described below, you still need to clear transactions and then tell KMyMoney that the account is reconciled.

During the reconciliation, any transaction can be edited to make it match the statement, and new transactions can be created as usual. To mark a transaction as cleared, click the C column of the transaction in the ledger. You can also select the Transactions menu or right-click the transaction to bring up the "Transaction options" context menu, and then select Mark transaction as... → Cleared (Ctrl+Alt+Space); A transaction is considered cleared when it matches the transaction on your statement.

As you mark transactions as cleared, the Cleared and Difference amounts shown below the ledger will be updated.

Note, however, that as reconciliation is the process of matching the data in your account with that on a statement, the Cleared amount shown below the ledger is the cleared amount as of the date of the statement. Changes to any transaction with a date after the statement date you entered in the wizard will be saved, but will not have any effect on the cleared amount shown below the ledger display.