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Reconciliations

This feature allows you to combine multiple transactions into one. The perfect tool for keeping your budget accurate when you get paid back. Check it out!

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You and three of your friends go out to dinner at The Cheesecake Factory. When the check comes, you decide to put down your card and will request your friends for their share later. The next morning you send out the requests and each of your friends pay you back. Sounds pretty straightforward, right? Well, your budget doesn't agree. It incorrectly shows that you spent $120 at dinner and received $90 in income ($30 from each of your friends).

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In reality, you only spent $30 at dinner and your budget should reflect that. This is where reconciliations can help. Simply select the -$120 charge at the Cheesecake Factory to bring up the "Group or Reconcile" button.

Click it to allow you to select the corresponding transactions...in this case, it would be the three Venmo payments from your friends as well as the original transaction to The Cheesecake Factory.

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You will now see a list of your transactions associated with dinner. You can then select the original transaction (the $120 for dinner in this example). Selecting the correct original transaction is important because your budget will reflect that transaction's expense category. For this example, we want to see "Restaurants" as opposed to "Income" because this reconciliation is for dinner.

Click reconcile to combine all four of these transactions into one to accurately reflect your share of dinner.

Before reconciling, your budget was off by $180. A $90 overstatement on your dining out expense as well as a $90 overstatement of income from the three $30 Venmo payments. After reconciling, your spending plan now reflects the true amount you spent for dinner. This is just one example of how reconciliations can help keep your budget accurate!

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