YNAB Reconciling Tutorial: How & Why To Reconcile Accounts
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- เผยแพร่เมื่อ 5 ธ.ค. 2019
- Reconciling your accounts in YNAB is easily one of the most confusing aspects of budgeting and something I get asked about constantly. Many of you have waited a long time for my YNAB reconciling tutorial and it's finally here!
In this video, I talk about the importance of reconciling, how to do it for both manual and automatic entry, troubleshooting your accounts, and how often you should be reconciling. Make sure to pay special attention to the troubleshooting section where I go over the checklist I use when I can't find the mistake between YNAB and my bank.
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Quick Jump Sections
0:40 - What reconciling is
0:53 - Why you should reconcile your accounts
1:37 - Cleared, Uncleared, and Working Balances
4:04 - What the cleared column means
5:05 - Reconciling Example: Manual Entry
7:50 - Reconciling Example: Automatic Import
11:20 - Troubleshooting when YNAB won't match your bank
19:00 - How often you should reconcile your accounts
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Quick Jump Sections
0:40 - What reconciling is
0:53 - Why you should reconcile your accounts
1:37 - Cleared, Uncleared, and Working Balances
4:04 - What the cleared column means
5:05 - Reconciling Example: Manual Entry
7:50 - Reconciling Example: Automatic Import
11:20 - Troubleshooting when YNAB won't match your bank
19:00 - How often you should reconcile your accounts
Great work, Nick! So glad you did this one. I think a lot of folks will benefit from it! ~BenB
Hey Thanks Ben! Yes, this one's been on the to do list for a long time haha! Hopefully it wil help.
I can't imagine waiting a week to reconcile. I reconcile daily. Really like to stay on top of what's going on with my money.
Love it Brian. I definitely go through periods where I'm reconciling daily, and I know tons of people who do it daily as well. Big fan of the more often the better.
Thanks for watching man!
Came here 3 years after this video is made. Started to reconcile properly. Still not doing transactions manually myself but found out that ynab is adding the transactions without tips and tips, probably becuase I import almost daily. Good explanations!
You have completely sold us on this budgeting program. I feel like I’m watching a Skillshare class. 🤙🏽
Geez...it took me about 30 minutes, but I finally found the problem. Thanks for the helpful tutorial, Nick!
Thanks man, so glad it helped
Thank you SO SO much for this video. My main credit card and checking account balance were way off of my YNAB balance, and I had no idea how to go about fixing it. Nick, without your videos, I wouldn't know how to use YNAB. That would be very sad, because YNAB has been incredible for helping me take control of my finances.
Agreed fully!
Thank you for all the videos on ynab! If it wasn't for you, I'd never use it cause their official tutorial is just horrible and makes no sense but the system itself is great and works for me like a charm!
I just ran in this reconcile button today before your video was out and my ballance obviously didn't match and I didn't understand what is it and what's wrong. But now that you explained it, it's such a useful tool! Especially for someone who tends to lose track of money (aka me) and then just doesn't understand why my wallet doesn't match my budget.
Thanks again, Nick! You made my life so much more stable financially and less anxious. God bless you!
Hey! Thanks so much for your kind words. That means so much to me. I'm really glad to hear that the videos have been helpful and that the reconciling tutorial cleared some things up for you - pun intended ;)
Really appreciate you taking the time to comment.
Have fun YNABing!
I reconcile on the 1st and the 15th every month when I get paid. I paid off all my consumer debt and credit cards, so that eliminated a lot of the fiddling around.... But my grocery category is like a nagging, crying little baby that needs constant adjusting. I manually enter every single transaction, it's the only way to know whats going on.
Another awesome video that breaks down what it means to reconcile and I love that you provide real world situations.
I had no idea how to do the adjustment if numbers don't match. I gave up and just started a new budget because it was so many transactions to figure out.
Hey thanks Paul! Super glad that the video was helpful for you. Reconciling definitely is a lot to learn at first. Just keep on keeping on my friend!
I highly recommend two things:
1) watch out for transactions for 'general' things like "Amazon" getting auto categorized
2) following directly from #1 - not sure how to do it on apps, but on PC, under your my budget menu right up top, go to manage payees. Here you can combine multiple payees into a single one (do you shop at two similarly named grocery stores (Jewel Osco #3235 and Jewel Osco #3634) and want them combined? You can do that. You can also tell ynab to categorize anything containing "jewel osco" as groceries. You can also tell ynab "hey, never automatically assign a category to x store" (for me, I shop at costco, and also get gas there. It's easier for me to manually assign gas vs. groceries than it is to have to manually change it - especially when a good number of my in store purchases really fall under other categories)
(And you can mix and match those - I still have all of my Amazon transactions merged into one Amazon payee, but itemize each transaction individually.)
Thanks for this video - and all them man - I’ve had one account recently that was off and this helped out big time. Also, funny - pre Covid - I would never manually input transactions. I would normally just wait until the posted transactions imported. But do to a lack of income - needing to know where every dollar is at right now - and with YNAB updating their direct import feature - I’ve been getting pretty hardcore with manually entering anything that hasn’t posted just so I can be on top of everything and 100% up to date in YNAB. Thanks again for all of your videos - they’re very helpful. Jeff.
Thank you thank you so much for great informational videos! As a new YNABER I am so happy to come over and learn what I don't know or understand. Because what you don't know, you don't know, its hard to Know what to do!
This was so incredibly helpful. Thank you so so much for all of your videos!
Awesome Selina, so glad it helped!
Nick, this is super helpful brother. Have a happy new year!
So glad it helped Avery! Happy new year to you as well.
Wonderful video Nick, thank you! Not reconciling often enough causes people to give up on YNAB. They think it is like balancing a checkbook, but it's much easier!
Totally! It's a big pain point for folks. Thanks so much for commenting Harrison, glad you liked the video!
Nick! Thank you for the wonderful movie. I watch your videos with a great pleasure. Earlier I kept my budget in EXEL, but after your videos I discovered the best financial instrument.
Well thanks Dmitrij, so glad that you enjoy the videos. Thanks for taking the time to comment!
Just wanted to say THANK YOU. I know this video is old but it just saved me from restarting my budget. There was an $18.09 different between YNAB and my account. I ended up having to unclear all my transactions and go all the back through, but I fixed it. Woo hoo!
Thanks so much. This helped me a lot!
You should really partner with YNAB. These videos are super helpful.
Thanks Sir Gildo! Glad the videos are helpful!
I'm new to YNAB and this was very helpful. thank you!
No problem! So glad to hear that :)
Your tip on reviewing the actual bank statement just saved me! Found a transaction on my statement for 67.20 that for some reason had not shown on my list of transactions on my credit card phone app!!
Thanks for a great explanation. I had given up on YNAB, but thanks to you I'm thinking of giving it another try.
Glad to hear Mercedes. I’m happy that the video was helpful for you :)
Great video man concise and not too confusing. People over complicate the transactions in YNAB. It can make the whole process frustrating. Thanks for creating this video. You gained a sub :)
Thanks man, glad it helped!
absolutely amazing!!! Especially grateful for the "Command F" for searching (how have I lived my life without knowing that?????) Thank you Nick!!!!
Haha awesome Aisha, so glad that was helpful for you!
You're a great teacher. Ty for your videos. Enjoying them. I subbed.
Hey thanks so glad they've helped
YNAB is the much smarter version of my checking register excel spreadsheet I made and kept updating for the first 6 years of working full time in 2000. I like this much better!
Great video Nick! I stumbled onto your channel because of your RV stuff. And was intrigued by your YNAB videos so I kept watching and watching and watching until I used your link to get me a 60 day trial. Your videos are awesome and I really hope the people at YNAB know that. I'm 40 days in and I am saving better than I have ever saved in my life. So much so, I will have no problem buying my subscription to YNAB. Not only will I have the money but I know it is totally worth the money thanks to your videos. Thank you for leading me to a budgeting tool that not only works but I use. Keep up the great work!
Hey thanks dude! This means so much to me. Seriously, I'm super happy to hear that they've been helpful for you and that you're saving money and getting ahead. That's amazing, and congrats to you for putting in the work.
Keep after it my friend!
Great Video! My balance was current and correct but had not reconciled. I am close to renewing my trial and I must say your videos have made this so much easier. I wish I would of found your videos the first time I tried YNAB years ago. Good Stuff like always Nick!!
Hey thanks! I'm super glad to hear that the videos have been helpful for you. Pumped that you were able to get everything reconciled and up to date, and glad they all matched!
Keep it up, and happy YNABing!
Thanks Nick 🙏🏻
Hottest Tips from this Video that I see, as recommended by Nick:
16:32 - If you can’t reconcile (despite all efforts) and the difference is of an incidental amount, it is ok to have YNAB enter an adjusting figure to get the amounts in alignment.
I’ve never needed to do that - it’s a nerd thing 🤓 but, trust me, it’s a demo in the ‘law of diminishing returns’. Choose life!
18:50 - Recommendation to reconcile WEEKLY, at a minimum regardless of how often you get paid (fortnightly or monthly is NOT often enough, unless you are a pro)! 😳
As a Newbie - some 9 month ago - I thought it was a ‘monthly only’ process; boy was I wrong! I now press the reconcile button whenever I check my bank account and match it to the corresponding YNAB balances which, typically happens a couple of times a week - again, it’s a nerd thing! 🤓. Trust me - it’s a real ‘stitch in time’ metaphor! Do it (reconcile) often and, save yourself ‘more time’ and you’ll be sure to stick to the habit of budgeting within YNAB!
Thank you so much for this!!!!!!!!!
Great video as always!
Thanks Jerry! Glad you liked it. Appreciate you watching.
thanks so much...this was very helpful
No problem, so glad it helped!
THANK YOU 🤩I finally understand how to balance my cheque book!!!!!!
Sooo helpful!
Awesome! Glad to hear that :)
I am loving your videos! Thank you! I am on the fence of switching from quicken over to ynab, and each video I watch of yours convinces me further to switch :) I do have one question when categorizing. I am wondering if ynab has the ability to split categorize? When I shop I buy both groceries and household items and kids clothing etc. all in one transaction. Sometimes I will do two transactions but it just depends on my day. When I reconcile my account I split categorize these transactions in quicken. I really hope this is an available feature in ynab !?? Thanks!
You da man
I'm pretty new to YNAB and had to do a fresh start budget after making a few mistakes. I had an ATM withdrawal transaction that cleared my bank and YNAB saw it and I coded it correctly, but the balance was still off. The problem was the starting balance. When I checked what the balance was for that day, I saw it was off by the amount of the withdrawal. I'm not sure why. To fix this, I edited the starting balance to what it should've been and that fixed my problem completely.
The lesson: Check everything against your actual balances when you first start using YNAB or are doing a fresh start budget.
Nick, if you add the 0:00 timestamp to your description, TH-cam will add chapter markers to the progress bar.
Just a note that I was just starting and my initial balance has been pulled in wrong due to some pending transactions i guess - so that's something that can happen as well. Had to reconcile by adjusting initial balance.
Yeah, I've seen that a lot. It's very common, especially with certain banks. Thanks for sharing Dmitry! I'm sure some others have had the same issue.
I love the videos Nick, I do have a question I hope you can help me with. Do you ever have any problems with PayPal and a checking account? I'm not sure I fully understand how the PayPal mechanic works.
Hey Nick... First, your videos are great I found you while looking into Dave ramseys every dollar app. I think ynab will be a better fit for me and your videos are an excellent way to get me familiar before switching. Currently I use excel and do my budget manually I have a system but it isn't great but switching is always an uncomfortable task as you know.
Anyway I was wondering your take on how to plan with a once a month pay. I get paid weekly but my wife is paid once a month on the last business day. So with ynab being budget current money I would have to necessarily push her check to future money but it would log as to be budgeted in the last few calendar days of the the current month. Would you minupulate somehow to direct ynab to treat pay coming in on day the 27th or so to wait until the next month?
Thank you for this video as always I am struggling but you always have a video that helps. I always have to create an adjustment when reconciling it is usually a small amount. Lately, adjustment amounts have gotten larger. I imagine it has a lot to do with me not being as diligent as I would like to be.
Hey David! Good to see you man. Glad to hear that the video was helpful. I totally understand the struggle of staying on top of the budget and maintaining the discipline.
Just keep on keeping on my friend. Hit me up if you ever need anything.
We have USAA and reconciling has been consistently difficult for us. We go line by line and still have discrepancies-and sometimes the difference is of a transaction that is correctly entered/cleared in our bank account and in ynab. It makes my brain feel scrambled-we still haven’t figured it out ha.
We are on round 3 with ynab now and I’m trying to reconcile much more consistently with the hopes I’ll spot the issues more easily.
Thanks so much for all of your videos and tips. I truly appreciate it. I would love a video of you giving tips on how to use YNAB when your income is sporadic or based on commission. I think a ton of people would get value from it. Thanks again for all you do.
Hey thanks Bryan! I really appreciate it.
Glad to know that the video was helpful.
And yes, I’ve heard that a few times. I’ll add it to my list of videos to make my friend!
Nick True - MappedOutMoney thanks so much! That would be awesome.
Hey Nick - Thanks so much for all your videos! I am learning so much and WE are getting a handle on what we want as we look forward to retiring! I am still in my trial subscription and trying to learn everything I can so we can start fresh in February. We've been going for about 2 weeks and i just watched your reconciling video. Everything went ok with the checking account, but our HELOC account (which we use as a credit card account, maybe this is wrong) anyway, the amounts aren't deducting off the balance like it should. I refreshed, but don't know what to do....ie i have 1000. and balance is 1000....i make a payment for 500...but balance says 700. Any ideas?? Thanks so much
GREAT informative video!!! Can this be done on the mobile platform or only on a computer using the web based app?
Thanks Bryan! And I believe it's only on a computer using the web interface at the moment. I'm not sure if they plan to allow you to reconcile on mobile in the future or not, but for now, computer only my friend.
I always have to enter a new reconciled amount on my accounts when interest (either for or against me) is throwing me off. Student loans is a big one since you want to be sure the balance you think you owe on is the same as the balance you actually owe on!
Hello Nick, just doing the trial currently and wondering what to do about reconciling for rollover when there are pending transactions in my bank account from the previous month?
Do you have an updated version of this video? YNAB now pulls in uncleared transactions but I’m still having reconciling problems.
Great video Nick, I am still waiting for reconciliation feature to be implemented into Mobile app, and discover doesn’t allow me to have linked my accounts in YNAB, by the way how do you like discover bank? Credit/checking ?
Thanks Yevhenii! Yeah, I'm not sure if/when they plan to implement reconciling on Mobile, but it's certainly helpful if you can gain access to a laptop to do it.
As for Discover, I really like their credit cards. I don't have experience with checking/savings much, but I've personally used their credit card for 8 years and I've had nothing but a great experience.
- Free credit score
- Great double your cashback bonus in the first year
- Really good mobile app and online portal
- Great customer support when I've called
- Pretty good rotating cash back categories
Good luck!
This is where YNAB begins to separate from Everydollar. No option for this over there so I did it manually with a notebook. Let's just say I have been having accuracy issues. I hope YNAB decreases or eliminates this issue.
Hey Nick, great video. I noticed that when you cleared a transaction that it moved the sequence to match the bank. How do you do that?????
Hey Eldon! When you click Reconcile and then change the amount to what it actually is and THEN start reconciling (don't do a balance adjustment) when you're in that mode and start clearing transactions it will automatically re-order them.
Hope that makes sense!
@@mappedoutmoney I tried it and it does not seem to work. Maybe I don't understand what you mean. I need further instructions. Dense I guess. Eldon
So very helpful, glad you did this one! Still learning... don't know how to subscribe through you to YNAB, does this benefit you? if so, please explain how to do it.... Thanks!
Hey there! Yes, you can use my affiliate link and it gives me some credit, which is nice and always appreciated :)
mappedoutmoney.com/ynab
Thanks so much! Glad you enjoyed the video.
I am already signed up with the trial, can I still do join on your website? Would love to help you out;-)
@@2susanj Oh it's okay! I appreciate it, but once you're signed up, I don't think you can re-sign up through me or anything. You could always email ynab support and ask to give me credit, I've had a few folks do that which is always nice.
But seriously, I just appreciate you commenting and watching. That means a ton.
Nick True- question. Are there any ways to update the ynab account to reflect the most recent lined bank account transactions? How often does ynab communicate with the linked bank account? is it only once a day? once an hour? I notice when I logged in, it updated one of the deposits I made the same day but not the other. What gives? Thx
Can you reconcile while credit card account imports are delayed or would that be problematic?
You should only reconcile if your accounts on the left side are not the same exact numbers as in your bank right ?
So I linked to my bank (Wells Fargo) and it does show uncleared transactions. How do I handle this???
How can I make my transactions appear in order? Is that even important? Like the cleared and uncleared amounts match in my bank but they don't appear in the same order as my bank even when I manually add the transactions after I make the purchase
Thank you, Nick. I've been using YNAB for 3 years and only now I'm learning about reconciliation. Shame on me. I have 3 years worth of transactions and my balances do not match by over $130... should I let YNAB adjust it or start fresh?
Hey nick, quick question. For reconciling a tracking account that is invested in the stock market, should you just be using that reconciling button and manually updating the balance? This account balance changes with the stock market (market gains/losses) so there are no transactions to clear. Thank you
Yup! that's exactly right. I do this about once per month since I don't want to pay attention to the day to day stock market fluctuations. So once per month I'll reconcile manually like you said :)
Good question!
My YNAB account is about 18 months old and I have never reconciled it. Is it too late to reconcile my accounts now?
I have a question, so I like to use my credit card for the cash back, and I always pay my credit card off. (Spent $30, pay $30 off the same day using my checking account). After every purchase, I add the transaction onto ynab checking manually because I like to see the most up to date available balance in each category and see all the transactions in 1 checking account place under "budget"). Ynab imports them repeatedly every day and I try to match them, but its not working. Transactions that were rejected, deleted, matched and approved are still importing from 12 days ago and keeps coming back, is this something that I am doing or is there something wrong with ynab?
I am new to YNAB, jumped over from Every Dollar. I have watched several of your videos and appreciate all the information more than you know. I like to gather my information before I jump into things and now I am at the point of starting (end of December) my budget for December. I realize I only have a few days but wanted to be sure I knew what i was doing before starting fresh in January. I know you say to put in the initial deposit the amount showing in my checking account. I did that but have a handful of transactions (checks, debit card transactions) which haven't cleared the bank. Do I want to add these into my budget so when they clear, I can reconcile them? I did this and when I pressed the reconcile button, it says I should have $0 in my account. I'm not understanding this since I added the initial deposit amount and thought i would see this number here?
nevermind Nick, I figured it out.
Hey Nick, thanks for all the great YNAB videos! One question; can I still reconcile my account if I have an uncleared balance in my accounts? All the transactions both cleared and uncleared match up perfectly but I'm not sure how this will affect my pending purchases. Thanks!
Here's another scenario that has thrown my account off. I have transactions before my starting balance (trial user then later decided to subscribe)
Thank you for the reconcile video. I didn't know I had to reconcile so often but now I do.
One question. I went to no. 6 on your quick issue list and let's say there is a $30 difference. But now that $30 shows up in the "To be budgeted" as -$30 and makes it red. This is where I can't figure it out to reconcile. I just want to restart the balance from 0 but it won't let me.
YNAB won't give me a blank sheet to start over.
What do you think I should do?
Well, you can always do a fresh start and completely start over if you like. Click on your budget name in the top left hand corner, and there's an option to fresh start.
But if you do the manual balance adjustment and ynab creates a -$30, yes, it will come out of TBB and make it red. So in order to fix that, you'll need to move money from one of your categories back up to To Be Budgeted.
What that means is that you had a fake $30 in your account so you were budgeting with more money than you actually have in reality.
Hope that helps!
@@mappedoutmoney Thanks Nick for replying so fast. I will try the fresh start.
If my budget is literally fucked.... Do I have to start over? If so, how do I do so?
At that point, yes, I would start over. Luckily ynab makes this SUPER easy. Just click on the top left menu, and then click “make a fresh start”
This will copy your budget categories and targets and just reset your accounts. Hope that helps!
@@mappedoutmoney thanks. I got busy and didn't do for 2 months and now I'm fucked
@@typicallyteamtyler totally get it. Been there before myself. Just do a fresh start, no shame in that at all!
Do you REALLY live in a van?.... like, REEEEREEAAAAAALLLLLLYYYY in a van, with a whole wife and all?.....
Haha no.
I live in a 27ft camper. With wife and 2 cats and 2 dogs.
Much bigger than a van :)
Got a full shower and bathroom in our 180 sqft!
@@mappedoutmoney that's amazing.... lol
the fact that this is a video is a red flag. this should be a form of functionality but its not being put on the users to fix what should already be working. this app is actual trash.