Done and reconciled

Righto keeps two different checks for each transaction. One does not replace the other.

Done

Done means that you (or an agent that you trust) checked the transaction: the category or the match, the split, and the details. A receipt and a tag are optional. Done does not mean that the expense is allowed for tax, and it does not prove that the bank agrees.

Reconciled

Reconciled means that the transaction is on a bank or card statement, and that the statement’s ending balance agrees with your books for that period. It proves the books against an outside record.

The IRS tells businesses to reconcile the checking account each month: when the statement arrives, make sure that the statement and your books agree.

Reviewed

A period where every line is Done, but where no statement balance was checked, is reviewed, not reconciled.

Why you want both

• A transaction can be Done but wrong: for example, a line that you imported two times. Reconciliation finds it, because the balance does not agree.
• A period can reconcile with a wrong category. The balance agrees, but the Profit and Loss is wrong. Done is the check for that.

See Reconcile an account and Categorize, match, and mark Done.