What does "Reverse Sign" do, why is it needed, and how to avoid problems using it.

We have a love/hate relationship with the data providers we've used over the years, currently as I write this it's Yodlee.

Mind you they have a Herculean task: they have to maintain bank connections perfectly for thousands of banks (over 10,000 for Yodlee).  While they make what we offer possible, they're not able to be perfect as often as we'd all like - which is perfect, 100% of the time, no matter what!

They just can do this, and we understand, so we've added features to Cheqbook to help with this, like duplicate transaction filters and deletion buttons.

Reverse Signs is a new feature in Cheqbook designed to address one of the problems we sometimes see.  This occurs when the transactions are otherwise correct, but they've got the WRONG sign!  So deposits show as expenses, and expenses as deposits.  Everything else about the transaction is perfect, but this.

Getting the data providers to fix this takes weeks (to months for small banks) and typically, when they do fix it, they erase and replace all the bad transactions. 

So, we now have a feature to fix this.  Either individually or in bulk you can reverse the signs of the transactions so you can get your books right and get caught up. Previously you'd have to delete and repost manually all the bad transactions, or just wait for Yodlee to fix it.

HOWEVER it is DANGEROUS if used IMPROPERLY.  

If you have this problem with reversed transactions you MUST reconcile your bank immediately after fixing them.  Bank reconciliations LOCK DOWN a range of transactions and they cannot be changed by new downloads after that.  So, this prevents them being duplicated when the data provider ultimately fixes the problem and sends the transactions again.

If you haven't done a bank reconciliation before, instructions for doing this important step are here:

https://cheqbook.zendesk.com/hc/en-us/articles/223332687-How-to-do-a-Bank-Reconciliation

If you have any questions about this, feel free to submit a support ticket at help@cheqbook.com with any questions before you reverse any signs, we'll be glad to help.

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