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PostPosted: Thu Apr 06, 2006 12:40 am 
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I'm trying out this feature and classified 3 checks in December 2005 as Tax-Deductable to start. In the Tax-Deductable Last Year summary these are added up as negative amounts accurately.

I am confused about the "Balance as of <end date of the month>" in the Tax-Deductable Last Year summary. I started using CheckBook in April 2005, yet there is a value of $4095 shown as this "Balance" for each month prior to this on the summary. If I subtract this amount from the value shown for the April 2005 "Balance" it equals the sum of credits and debits I entered for April. I haven't tried to do this for each and every month.

The 12/30/05 value of "Balance" doesn't seem to make sense. I did a "Reconcile" for the end of December 2005 and the amount doesn't come anywhere close to this "Balance"

Does this "Balance" help me determine Tax-Deductable amounts or am I having a problem?


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PostPosted: Thu Apr 06, 2006 9:32 am 
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ru$$ wrote:
I am confused about the "Balance as of <end date of the month>" in the Tax-Deductable Last Year summary. I started using CheckBook in April 2005, yet there is a value of $4095 shown as this "Balance" for each month prior to this on the summary. If I subtract this amount from the value shown for the April 2005 "Balance" it equals the sum of credits and debits I entered for April. I haven't tried to do this for each and every month.


Is it possible your Account has a Starting Balance of $4095 entered in its Account Options? You can check this by selecting Edit Account... from the Account menu at the top of your screen, then examining the Starting Balance field. That would explain the balance of $4095 for the months preceding actual use of CheckBook.


ru$$ wrote:
The 12/30/05 value of "Balance" doesn't seem to make sense. I did a "Reconcile" for the end of December 2005 and the amount doesn't come anywhere close to this "Balance"


It's possible for the Balance at the end of a subtotal period to differ from the known Real World balance for the same date because the Account Summary, and CheckBook in general, doesn't know when specific Entries were Resolved. Here's an example: You might have an Entry dated 12/30/2005, for $1200. 12/30 was a Friday, so it's likely the funds wouldn't clear the Real World until Monday, 1/2/2006. You may have reconciled on 12/31/2005 and recorded an actual, Real World Balance that excluded the $1200 Entry. Weeks or months later, you run an Account Summary for Last Year. In its calculations, CheckBook sees the Entry for 12/30/2005, realizes it is dated within the Account Summary period, so it includes the Entry's Amount in its Balances and Totals. Your Real World Balance for 12/31, which does not include the $1200, would differ by $1200 from the Account Summary's Balance because even though the $1200 hadn't cleared the Real World Account by 12/31, all CheckBook has to work with is the Entry Date of 12/30.

Is it possible that one or two of your Entries from the end of last year would fit this scenario, clearing the Real World Account in early January?


ru$$ wrote:
Does this "Balance" help me determine Tax-Deductable amounts or am I having a problem?


The Balance shown at the bottom of an Account Summary subtotal period is a total of the Account's Starting Balance and the Amounts of all Entries that fall before the end date of the subtotal period, regardless of the user's Summary Options. That makes the Balance unsuitable for calculating totals for Entries that match specific criteria. However, the Total in each subtotal period, just above the Balance, reflects the sum of the Amounts of the Entries that fall within that subtotal period. Because the Entries in a subtotal period must match the criteria set in the Summary Options, the Total is ideal for getting your Tax-Deductible number. Select the Tax-Deductible, Last Year Account Summary, scroll to the bottom and look at the Total above the final Balance. That number should make more sense.

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Splasm Software
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