Is there a way to reconcile transactions with the linked bank account each month?
This should absolutely be a feature, especially for accounts where the automatic download feature doesn’t work.
This is a challenging request because Stessa imports transactions once from linked accounts, but then gives you total freedom to update, change, delete, etc. each line item. This is essential because many rental property owners do not have separate dedicated financial accounts for their properties. This flexibility means that subsequent reconciliation of account balances between Stessa and the financial account is not always possible.
It seems that a financial tool like Stessa should have a reconciliation tool. Perhaps the rental property owners that don’t have separate financial accounts for their properties wouldn’t be able to use it, but not having a reconciliation tool is a large hole for a system like Stessa.
I agree. I believe a reconciliation tool is crucial and the lack of one is a huge downside for Stessa.
I agree that there should be a way to reconcile an account, if so desired.
Hi Devin, that makes sense, and I understand the challenge to provide the flexibility to split downloaded transactions across properties and expense categories. However, there is currently no means to “anchor” the original downloaded bank transaction against the various splits. The split window ensures that the split amounts align; however, once that’s saved, each split can then be manually adjusted where it no longer matches the original amount. There isn’t any means to say, “Hey, your bank originally said $500 but you fat-fingered the splits and no longer reconcile back to bank.”
Other accounting software matches the downloaded transaction to the various expenses to ensure that the total of all splits ties back to the original bank transaction. So this could be implemented with transaction-level control or a month-end recon facility where you enter the statement balance and tie back all of the related items for that linked account.
I would also love a way to just mark a transaction as cleared/checked/reconciled. I find myself going back over transactions I have already reconciled (just in case) b/c it is so hard to keep track.