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When you select a TO date for Net Worth calculations, the program looks at each individual account and uses an appropriate calculation method to arrive at a figure.
Method A
Used when:
- Calculating ALL (i.e. Not to a TO date)
- The account has only one Statement
- The statement is not reconciled (always the case when only one statement)
Calculations begin at first statement. All transactions counted to get Net Worth
Statement date is not used.( Since the statement is not reconciled, the statement date (if
present) has not been set.)
This is one of the NORMAL method for Calculating all transactions to get Net Worth.
Method B
Used when:
- Calculating ALL (i.e. Not to a TO date)
- Penultimate statement is Reconciled
- That Penultimate statement has a valid Statement date
This is one of the NORMAL method for Calculating all transactions to get Net Worth.
More info:
When the first statement is reconciled, Bank Genie automatically creates a second statement, adding 1 to the statement no of the first.
Hence, in this case, the statement is never reconciled.
Method C
Used when:
- Calculating to a TO date
- A Reconciled statement found with Statement date less than TO date
- The next statement is reconciled and has a Statement Date greater than the TO Date
(in which case it is NOT the LAST statement for that account)
-OR-
- The next statement is the LAST statement for that account (which is always NOT reconciled)
Calculations begin with Opening Balance of (3) or (4)
Program calculates all transactions in Statement (3) or (4) up to and including the TO date
and adds the total to the Opening Balance of (3) or (4)
This is one of the NORMAL calculation methods for calculating to a TO date
Method D
Used when:
- Calculating to a TO date
- Reconciled Statement found with Statement Date which is exactly EQUAL to the TO Date
Calculations begin with Opening Balance of the statement found
Program calculates all transactions in that statement
and adds the total to the Opening Balance for that statement. This is the closing balance for that statement.
This Closing Balance value is used for Net Worth
This is one of the NORMAL calculation methods for calculating to a TO date
NOTE: Since the User has verified that the Account is balanced at that date, then ALL
transactions in that statement are valid.
Accuracy in Statement dates is important
Method E
Used when:
- The account has more that one statement
- No Statements have been reconciled
Calculations begin at first statement. All transactions are counted to arrive at Net Worth.
If the program uses this method then there is an ERROR IN THIS ACCOUNT
More info:
Discounting the 999997 statement, there can be only ONE un-reconciled statement in a Bank Genie account.
A case requiring Method B should never occur, but was created in my Test data for test purposes.
Method F
Used when:
- Reconciled statement found
- The Statement found does not have a Statement date
Calculations begin at first statement. All transactions counted to get Net Worth
if the program uses this method then there is an ERROR IN THIS ACCOUNT
More info:
Bank Genie does not allow a statement to be reconciled unless it has a Statement Date
Thus, a case requiring Method C should never occur, but was created in my Test
data for test purposes.
Method G
Used when:
- Penultimate statement is not Reconciled
Calculations begin at first statement. All transactions counted to get Net Worth
if the program uses this method then there is an ERROR IN THIS ACCOUNT
More info:
As Method (B)
Method (A to G above) + H
Used when:
- Calculating to a TO date
- No Reconciled statements are found
- One of the Methods A to G was applicable
- the Account was found NOT to have any transactions to contribute to the Net Worth.
Net Worth for this account = 0
More info:
Two letters are shown appended to the Net Worth listing
The first letter is set by the program depending on which Method (A to G above) applies to the account.
The second letter is H
Method I
Used when:
- Reconciled statement found
- The Year of the Statement date Is less than 1950
Calculations begin at first statement. All eligible transactions counted to get Net Worth
if the program uses this method then there is an ERROR IN THIS ACCOUNT
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