Balancing Your Accounts

To balance (reconcile) your account, from the account screen touch the "Balance" button in the upper left. The accounts will display the balance icon on the left and additional information regarding the last statement balance. Touch the account you want to balance to display the balance screen. The balance screen displays a table with 3 sections.

To balance (reconcile) your account, touch the balance icon in the upper left of the account. The balance screen displays a table with 3 sections.

Section 1: Statement information. The first row is the statement date which defaults to today or the date of the last balance; touch it to change the date. The second row is the statement amount; touch it to enter the amount from your bank statement. The last row is the balance icon and the current offset amount. The offset amount will change as you change the statement balance or as you check off transactions.

Section 2: Withdrawal Transactions. A list of the withdrawals that have not been balanced.

Section 3: Deposit Transactions. A list of the deposits that have not been balanced.

How To Balance An Account

Adjust the statement date and amount fields to match your bank statement. Touch each transaction that appears on your bank statement.

When you and the bank agree the balance indicator will be level and the offset amount will be zero. You can then touch the "Balance" button in the upper right to actually record the balance operation. When you do, checked off transactions will be removed from the lower sections and marked as balanced in their respective envelopes/accounts.

Touching the "Accounts" button in the upper left returns you to the main screen without balancing the account.

Example of Balancing An Account

We will use a checking account for this example, but the process is the same for a credit card account.

1. Enter the statement date and balance as shown on your bank statement in the top section. Remember, the statement balance for a credit card must be entered as a negative number if you owe money to the credit card company.
2. Touch each deposit and withdrawal that the bank has received (shown on your statement). This indicates that the item has cleared the bank. The totals for all items checked will be displayed in the section header. As you touch each transaction the balance indicator icon and amount at the top center will change. When your account is balanced the indicator will be level with an offset amount of zero. If this is not the case, recheck each item. Ensure that each item agrees with the bank statement. Also ensure that each item on the bank statement is shown in the list and checked.
3. Once all the items are accounted for, click the "Balance" button in the upper right. This will remove all checked items from the lists and place a balance icon next to each transaction in their corresponding envelope history windows. This reconciles your account.

If the balance icon is tilted down on the left side, that usually means that you think you have more money in your account than the bank does. Look for withdrawals in your bank statement that have not been recorded into Budget. If the balance icon is tilted down on the right side, it usually means that you think you have less money in your account than the bank does. Look for deposits in your bank statement that have not been recorded into Budget.