Reconciliation Wizard

[heidiasst]

Hello Mark,

I was trying to understand and use the Reconciliation Wizard.

BIG OOPS!

It looks like I brought in more data than I should have, Is there a way for me to exit out of Fun Manager without the Investment transactions automatically being saved so that I can get back to where I was before trying the Reconciliation Wizard?

I sure hope so!

[Mark]

Hi heidiasst,

The reconciliation wizard doesn't pull in any data. It compares what you have to a statement, but you have to manually make any edits to your data. So, using the reconciliation wizard shouldn't be able to "bring in" any data...

If you want to exit without saving any changes you can do so. Just turn off "Options / Save Investments on Exit" and "Options / Save Portfolio on Exit" and then exit the program. When prompted to save, just say "no".

[heidiasst]

Ok, so I figured out where I went wrong and was able to test this out on one Morgan Stanley account so far.

I am trying to see the benefit of using the Reconciliation Wizard vs. just making the entries required in order to balance the account to the statement.

The account I tested this on, the holdings coming through with the Reconciliation Wizard are wrong. The cash is way off. Perhaps you could explain the benefit for me?

[Mark]

Hi heidiasst,

The Reconciliation Wizard just tries to make it easier to spot any differences between your share balances in Fund Manager versus what broker's statement balances. It doesn't record any transactions, but just highlights any errors.

You could also reconcile by looking at a Portfolio Value report for example, and compare that manually to your statement.

Either way, if there are any differences you will have to manually make any corrections. You usually do this by editing incorrect transactions, deleting any duplicates, or recording any that are missing.