Statement Reconciliation Work Around

As the Community has requested the statement reconciliation feature, which I believe is being worked and will be released but known when. There is a workaround that I have devised, and I would like to share. This is a two-step process for this workaround.

The first step is to enter each transaction that has it is recorded either manually or by a download from the bank or other institution. During this entry, I enter each transaction and assign a “purple” flag that denotes it is outstanding and a reconciliation candidate for the statement. I also scan the transaction document and then have it filed in a pocket folder for the month. This allows me to use the filter feature for all transactions or for transactions with the specific account. At the end of each of the Simplifi sessions, I scan for “no flags” to ensure that I have the flags set.

For when doing transfers (moving the monies) from saving to checking, checking to credit card, checking to loan payment, etc., I can readily see the link transactions or enter the transfer or credit card payment transactions. Of course, if there was a “link” icon, which has been requested, then this would work even better doing the work around statement reconciliation.

Then when the statement arrives, I go to the account and filter for “purple” flags. This brings up a list of these account transactions. This way, I can then search for the exact amount to match the statement. As I match each transaction to the statement, I mark the transaction as “reviewed” and change the flag to “green” so that I work down the list of transactions to be reconciled. This way, I can know when I get all the statement transactions reconciled and it only will leave the transactions that have been made after the statement closes or is not entered.

After I have done the Simplifi statement reconciliation, I perform the Quicken Classic reconciliation. Past two months, I have only found four transactions that were either recorded in Quicken Classic or Simplifi. Also, this allows for confidence to be established with Simplifi as the Quicken Classic replacement. I will continue to run the two programs until the end of the year with the exception that I will get more comfortable with Simplifi and see how I can better use Simplifi as the replacement.

So, this is how I have devised a work around for statement reconciliation until it is released on the web app.

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