Discrepancy Detection

Type 'R' Transaction is most useful for account type 'Asset' and 'Liability', that you will check the balance of the account from time to time, for example, your bank account, credit card, house loan, car loan, etc. Whenever, you receive a statement from your finance institution, you can create a Type 'R' Transaction of the balance stated in the statement. If the transaction is non-Zero amount, it will means, a discrepancy was happened.

Example, credit card, let said you have transaction (in WangTool.com Personal Finance Assistant (PFA)):

Date    TxnType Description Amount  Balance (let said previous balance=10)
10Jun08 Normal  Petrol      RM 150  RM 160
20Jun08 Normal  Petrol      RM 100  RM 260
28Jun08 Normal  Movie       RM  22  RM 282
10Jul08 Normal  Petrol      RM  80  RM 362

You receive Jun 08 statement on 12 Jul 08, give you all the transaction listings, and say your last balance as of 30 Jun 08, is RM 302. Then u will create a transaction type 'R' in the WangTool.com Personal Finance Assistant (PFA).

Date    TxnType Description Amount  Balance (let said previous balance=10)
10Jun08 Normal  Petrol      RM 150  RM 160
20Jun08 Normal  Petrol      RM 100  RM 260
28Jun08 Normal  Movie       RM  22  RM 282
30Jun08 Recon   Statement   RM  20  RM 302 <- new added
10Jul08 Normal  Petrol      RM  80  RM 382

Note:amount entered is RM 302, RM 20 is auto-calculated by WangTool.com Personal Finance Assistant (PFA).

Then you know, there is discrepancy occured, an untracked RM 20 transaction is missing. It can be either:

• you spent but forget to enter in the WangTool.com Personal Finance Assistant (PFA), or
• bank wrongly charge you, or
• someone else spend your credit without your consent??

You check the transaction listing in the statement and found out, you spent RM 20 online on 25 Jun to pay phone bill and forget to record down, and it is a real transaction! Then you enter the transaction now

Date    TxnType Description Amount  Balance (let said previous balance=10)
10Jun08 Normal  Petrol      RM 150  RM 160
20Jun08 Normal  Petrol      RM 100  RM 260
25Jun08 Normal  Phone Bill  RM  20  RM 280 <- newly enter
28Jun08 Normal  Movie       RM  22  RM 302
30Jun08 Recon   Statement   RM   0  RM 302 <- now correct!
10Jul08 Normal  Petrol      RM  80  RM 382

Note:amount entered was RM 302, after auto-recalculated, now become RM 0.

Now, your account is confirm correct as of 30 Jun 08!