Note: You should read the Getting Started and Day to Day Tasks section before reading this section.
Reconcile has its own button on the Toolbar, as well as being accessible from the Tasks menu. Reconciliation is the process of comparing your records in a particular account with those of the financial institution, and ensuring that your records are accurate. The two sets of records must show the same transactions, and the same amounts for each transaction. Monthly reconciliations that balance exactly are essential to serious accounting.
The terms account and reconciliation as used in Phoenix are generic terms that apply to any account details you have entered in the program as a reconciled account. It applies to any account for which you receive a regular statement. Examples are accounts from Stock and Station agencies, Credit Card, Bank Accounts.
When you have successfully reconciled a month for a particular account, you can close that monthly period and Phoenix automatically opens the next period.
See the following sections to:
Write Off Transactions Linked to Closed Accounts
