But credit card statements are often issued some time after the end of each month. TLDR: Cash back clears on a weird schedule, working balance is right but is not the same as reconcile amount. YNAB will help you pay it down and stay out of financial debt. Where can I qualify for a motorcycle loan with bad credit? Instead, we recommend employee debit cards. Do you use You Need A Budget? Because if there are issues, theyre much harder to resolve a month after the fact. Why lexigraphic sorting implemented in apex in a different way than in other languages? Adding Transactions. Employee debit cards like these are assigned to individual users, with individual limits. I have two problems with the reconciling process, and they both only occur on my CC accounts. I also have the same problem above with this card, in addition to this cash back problem. However, if you already have a credit card account, you can skip this step. This needs to be converted into MT940 format. Except all that debt and stress? I feel like Im over the hurdle, and want to A) write that for anyone else who finds it useful and B) be able to refer to it myself later. No way! From then on, you budget for the spending categories only. Lets say we added a checking account with $2000, a savings account with $5000, and a credit card with a balance of $600. Before you send a payment, make sure you have enough cash in the Credit Card Payment category. Think of clearing as just one more data field to enter when you add a transaction youre adding the date, the payee, category, amount, a memo if desired and lastly whether or not the transaction has posted to the account or not. I Paid Off $1,500 After One Month Using YNAB, Watch: This Couple Paid Off $266K of Debt in 33 Months. checking account category (YNAB is a personal finance software tool and budgeting methodology). But after telling YNAB about my available funds, I had to face a question: Do I budget my savings money? To do this, assign your purchases to the categories where youve budgeted for themyour Fun Money and Dining Out categories. What works for everyone is different; The first thing I did was create categories that made sense to me: So now I have a categorized list of the things I spend money on, and a lump sum of available money (based on the funds available (+) Ive told YNAB about). When the budget category is set, YNAB will know which category to reduce available by $10 to make $10 available for the credit card payment. Weve already seen how credit card receipts can wreak havoc at closing time. It exists on your transaction whether you use it or not. Plus, youll also get a Credit Card Payment category added to your budget itself with a monthly target amount of $300. When you swipe your credit card to pay for the gum, enter a spending transaction for groceries in your credit card account. And thats a good thing, because in this world nothing is certain, except death and taxesand your credit card bill. If you dont know exactly how much the interest will be, budget a little more than you expect. And then you have your credit card statement which shows that payment went out. I reconciled my credit card and now I need to budget money? Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated. Once, and only once, I need to budget $600 of my available dollars to pay off the credit card. Instead, you want something that works just like a credit card, but is actually built for finance teams modern companies. Need to discover extra money to repay your loans? The fact that this happens automatically makes managing your credit cards SO much easier!! When you reconcile, transactions are locked you know they are trustworthy. I assume you're using the newer web version? YNAB deals with this in a really nifty way. Follow YNAB to get support and lots of great ideas on budgeting. Reconciling is get checking that YNAB account is accurate and matched what the ban (or CC) website says. Available to pay card is increased by $90. I check my Credit cards only to find that the assigned money isn't accurate to what I owe. And this statement wont necessarily contain one neat month either. A companys general ledger lists every transaction that occurred during a given period. How are the Credit Card Payments categories supposed to work in the web version of YNAB? Too many users make it almost impossible to know exactly whos spending what. How to tell if my LLC's registered agent has resigned? Unlinked is fully manual. No bank connection minimizes security concerns. Are you currently paying off your credit card in full every month, or are you carrying a balance (and paying interest) on your credit card? Only thats pretty risky too - if everyone has access to credit, you can easily find yourself with a hefty bill at the end of the month. The most basic issue with company credit cards is the way theyre typically deployed. Press question mark to learn the rest of the keyboard shortcuts. If you dont know how much it will be, use a generous guesstimate. In most growing companies, theyre passed around on a fairly casual basis. I thought I had been avoiding stress, but embracing the control to give every dollar a job has given me a significantly fuller sense of financial peace I didnt even know I needed. This article explains how to enter a payment manually and how to automatically import one. I gave each of my dollars a job for the month, getting my to be budgeted amount down to $0. The best answers are voted up and rise to the top, Not the answer you're looking for? Follow us for budgeting ideas & support. I have opted for linked, but I understand the pros of unlinked. A good way to picture transfers is to imagine you've got $100 in your wallet and you take . Reconciling can happen any time youre looking in the ynab account and comparing it to the real-life account. The Spendesk prepaid and debit cards are issued by Transact Payments Limited and Transact Payment Malta Limited pursuant to license by Mastercard International Incorporated. All posts copyright their original authors. This process matches your transactions and balance at the bank with the ones in YNAB. The credit card company pays the bill for you and you are essentially saying I will pay you for this item later.. You can think of the available column as cash that you have. Security concerns. Then, when interest hits your credit card balance, record it in your credit card account, just like any other expense. This is kind of a hack. Because the best way to overcome tricky credit card reconciliation is to avoid credit cards altogether. Follow YNAB to get support and lots of great ideas on budgeting. Spend management software itemizes and categorizes spend, and a simple export sends it to your accounting tools. But in truth, the real causes are old fashioned tools, rather than the processes themselves. With the new edition, YNAB has been rebuilt from the ground up. Lets say you have a -$2,400 balance on a Visa card. Stopping electric arcs between layers in PCB - big PCB burn. Browse other questions tagged, Start here for a quick overview of the site, Detailed answers to any questions you might have, Discuss the workings and policies of this site, Learn more about Stack Overflow the company. Spendesk payment accounts are opened by Transact Payments Limited, Transact Payments Malta Limited and Okali. Thoughts? Here are 4 quick reasons why: The shared company credit card is not only inefficient, its a fraud risk. Banks dont give you the flexible, easy-to-use cards youre used to at home. When you followed Rule One, giving every dollar a job, you didnt do it willy-nilly. Perhaps, like so many of us, youve got a credit card balance the size of Montana hanging over your head? Definitely go through the classes/explanations YNAB offers, it'll help! In addition, you want to send $50 towards your existing balance (way to pay off that debt!). Are you having YNAB pull transactions from your credit card automatically, or entering them in manually as you go? The YNAB version of personal hygiene. The first problem I find is that the 'to reconcile' amount is always vastly different than my working balance, and my working balance on the card I use which does not give cash back is always exactly the same as what my CC says I owe. Available to spend on budget category groceries is reduced by $90. Reddit and its partners use cookies and similar technologies to provide you with a better experience. One thing I found lacking was getting started resources for people who pay off credit cards in full every month. Reconciled = your cleared account balance in YNAB matches your posted account balance per your bank. I thought it was for tracking my credit card transactions and I would pay them off from a checking account category or something. Select a Workshop Get Started with YNAB Maintaining Your Budget Manage Credit Cards and Eliminate Your Debt Level Up Your . For the internet example, Id set a funding goal of $50 a month. Has natural gas "reduced carbon emissions from power generation by 38%" in Ohio? In this case, $24.03: Click Record Payment, in the second row of the screen (towards the middle), and then click Save.. I didn't use my credit card for one month and my credit score dropped 22 points. Credit Card Reconciliation best practices Likely a dumb question so apologies in advance. For credit cards, its one extra (essential) document that can easily get lost by team members while out and about. The principles are actually fairly similar, but we want to focus on the challenges around company credit cards. Heres how to level-up. Managers (or just the CFO, if you prefer) can approve specific purchases and change limits for individuals or teams as a whole. The user experience is vastly improved, the documentation and learning resources are super robust in short, most of what prevented me from getting into it years ago has definitely been addressed. This month, I had to assign an extra $500 to my Credit cards. I am trying to fix the horrible habit of rarely reconciling my CC accounts (I know, it's bad). Credit card reconciliation is the system accountants use to make sure that transactions in a credit card statement match those on the companys general ledger. Which pushes the whole reconciliation process back, and forces you to wait to close the books. Your credit card account register in YNAB will look like this: Now, your Acme credit card balance is $24.03, which is reflected in YNAB. So those were the downsides of a system youre probably living with today. Knitting. It might sound weird, but this took some crazy getting used to for me. I put a lot of my expenses on my credit card for the miles, and because Im afraid of how risky using a debit card is. | Add, Edit, and Delete Payees. YNAB's last version was YNAB 4, which was a simple desktop-based application. A discussion subreddit for popular budgeting software You Need A Budget. A Guide to Reconciling Accounts in YNAB. When youre starting from day one, YNAB only knows about the balance it doesnt know anything about the transactions that the balance represents. No credit card required. Payment reconciliation uses further documentary evidence to prove that the general ledger is accurate. Or, in less devious cases, the ledger could simply contain mistakes. If every payment in the ledger matches one in the statement, the ledger is accurate and the books can be closed. Just make sure the numbers match on any given day. Assign some money to your groceries category (using money you already have!). Did you buy thatgum? Download All My YNAB Checklists: http://mappedoutmoney.com/ynab-checklist/Support Me, YNAB Affiliate Link: https://mappedoutmoney.com/ynabNeed 1:1 YNAB help? Or better yet, accounting automation software would do it for them. Every single payment is logged in real time, and you always know whos spending. So I tried it again; Im obsessed. The money will transfer from my budget towards the credit cards (Wants: (2500-500) Credit Cards: (0+500)). Made with passion by Social By Design, Privacy & Cookie Policy | Terms of Service, 2021, Backpocket CPA LLC. Say I like to keep a buffer of $500 in my checking, and YNAB is showing I have $7000 to be budgeted (which represents all the funds Ive told YNAB about). Been using YNAB a few years at this point and feel like I've got it down pat with my checking account for the most part. How do I submit an offer to buy an expired domain? Wrong. Make sure to pay special attention to the troubleshooting section where I go over the checklist I use when I can't find the mistake between YNAB and my bank. This amount will display in green in the Payment column of your budget. When you set this up in your YNAB budget, youll see a new account listed with a negative balance of -$2,400 showing up in red text. Does the example, above, feel a bit, erm, idealistic to you? Ask MetaFilter is a question and answer site that covers nearly any question on earth, where members help each other solve problems. And if you havent yet set up your YNAB app, start here! When you reconciled, did you actually compare every transaction on your bill with the ones listed in YNAB? against the appropriate budget but they just happen to occur on your credit card, not current/chequing, and the auto pay as a transfer from my current/chequing account to the credit card. YNAB updates both your checking account and credit card account screens. Payment reversal (also "credit card reversal or "reversal payment") is when the funds a cardholder used in a transaction are returned to the cardholder's bank. It is not how you are supposed to handle credit cards in YNAB, but I treat them like regular transactions that just don't get closed out until I make a payment. Just an account. Decision time. The payment comes via the credit card, with a receipt to match (again, from the supplier). If youre trying to get out of credit card debt, YNAB has tons of support material about that). Create MT940 from CSV.Tasl: Convert an CSV data file into MT940 format for Rabobank. Setting up your credit cards in YNAB is just like any other account that you want to link to YNAB. Now you physically transfer $200 to your savings account leaving you with $200 in checking and $600 in savings. You might think that using a credit card and following your budget are mutually exclusive endeavors. Except all that debt and stress? It's now an online application that can sync with your desktop application. While you might not be able to pay it off right now, you do know you can make a payment of $300 each month to chip away at that balance. Note:Another way to make credit card payments is by entering a transaction under your bank account in YNAB (just like you would for any other purchase). https://www . The balance on the credit card I told YNAB about was $600. ), Homemade Tomato Sauce from Tomato Puree , Homemade Powdered Laundry Detergent with Zote, 5 Smart Financial Moves We Made as First Time Home Buyers, Easy Homemade Pie Crust in Bulk-- Frugal Festivities Day #12, Why I don't freeze soup (and what I do instead), Why I haven't shared what we eat with our $300 monthly food budget. The tax office or a third party auditor needs to see proof that every payment truly took place. The first problem I find is that the 'to reconcile' amount is always vastly different than my working balance, and my working balance on the card I use which does not give cash back is always exactly the same as what my CC says I owe. Progress! Do I just tell YNAB its right even though it says my account balance is much higher than the working balance? Here are the steps to successfully reconcile your YNAB accounts! It means I have to do math at the end of the month, but I like to know that money is allocated and spent, even if I don't see it come out of my checking account. Agree to the Terms of Service and Privacy Policy to continue. The groceries were recorded in YNAB. No need to set up a second transaction. Now one gets the statement and cannot figure out why the statement balance is $100, gives up and enters an adjustment of $10. Now, heres the cool part. hbspt.cta.load(2694209,"1af98bc4-7442-4862-82e7-c26957a481bf",{useNewLoader:"true",region:"na1"}). The very important thing is that you reserve some of your cash to pay off that debt, and that is what your YNAB budget is set up to help you do. This leaves you $2,656.54 remaining to allocate to other categories (green ready to assign number at the top of the screen). Stack Exchange network consists of 181 Q&A communities including Stack Overflow, the largest, most trusted online community for developers to learn, share their knowledge, and build their careers. Many of you have waited a long time for my YNAB reconciling tutorial and it's finally here!In this video, I talk about the importance of reconciling, how to do it for both manual and automatic entry, troubleshooting your accounts, and how often you should be reconciling. Close the books 4x faster, collect over 95% of receipts on time, and get 100% visibility over company spending. Pros: Ease of automation. Challenged an apparently bogus credit card charge, what happens now? The data your budget is built on. And if you havent yet set up your YNAB app. Which means that all your modern automation software will always be a step behind. (Aside from adding to it, just leave it alone and try not to look at it.) What am I saving for? Here, you can see that your payment has been credited to your Acme credit card: Your payment has been credited to your credit card. Common reasons why payment reversals occur include:. Account Types: Budget, Loans, and Tracking. How could one outsmart a tracking implant? Yes, you only needed to budget the portion of the credit card payment for transactions that happened before you started using YNAB. I agree. How To Distinguish Between Philosophy And Non-Philosophy? January 11, 2023. Clearing and Reconciling are two different things. Wall shelves, hooks, other wall-mounted things, without drilling? Normally 'credit card' isn't a category of spending, just a vehicle for spending in various categories. (Bear in mind, I had assigned all my dollars jobs for the current month, and had my amount down to $0). If youre ready to be (or remain) debt-free, keep reading for an explanation of how to use your card (for rewards, perhaps?) Follow us for budgeting ideas & support. I have a couple friends who are YNAB-obsessed. If you're rerouted to the mobile app, and can't access the web app, reconciliation will only be available from a computer. Thats debt. At first, it was very hard for me to think of my credit card balance as debt because in my mind the dollars I was spending were in my checking. The CSV file contains bank transactions. But, of course, it is actually debt. That outflow of ten dollars is being recognized now and like every other outflow should be from a budget category. In my internet travels, Ive heard the pros and cons of both. Making Credit Card Payments in YNAB. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. The financial close process typically occurs monthly, with larger closing exercises happening at the end of each quarter, and the end of the financial year. Then, when youre charged interest/fees, record the transactions in your credit card account register (just like you would for any other purchase). Thanks for contributing an answer to Personal Finance & Money Stack Exchange! One mistake I made when starting YNAB was pre-budgeting. The longer you go unreconciled, the greater the opportunity for inconsistency and mistakes to creep in, and the uglier it will be (probably) to try to untangle it later. When you added your new transactions to the credit card account, YNAB automatically moves the dollars in your budget: Now, when you click over to view your budget, youll see the sum of your purchases (a total of $24.03) available in your Acme credit card category: The $24.03 is no longer available for fun or eating out. Since you may not have known that until this point, you may have accumulated credit card debt. Whenever you make a spending decision, refer back to your plan (a.k.a., your budget categories). When you do this, the money to cover the gum purchase will move. Reconciling only exists to compare a balance in an account register you keep (like YNAB, or your paper checkbook register) aligned with your real life bank. Then, perhaps being a touch overeager, I started budgeting the next month for the amounts I expected to pay for fixed bills with future dollars. without going into debt, plus how to enter credit card transactions, payments, interest and fees into YNAB. | Now Id continue down my budget categories, giving each of my dollars a job, according to my priorities for the month, stopping when to be budgeted sits at $0. As more dollars come in to be budgeted, you can fund your budget in order of priority. Its totally up to you to make sure everything is up to date and accurate. In the Pern series, what are the "zebeedees"? Click Add Transaction, select the date of your payment, and make a transfer to Acme Credit Card in the amount of $24.03. Modern employee cards come with a mobile app that lets team members snap a photo of the receipt at the point of purchase. The accountant or controller would simply scan through both, see that everything lines up, and close the books. Approving and Matching Transactions. Adding an Account. hbspt.cta.load(2694209,"97ee05c6-e277-46e3-a87e-38e4c16e5459",{useNewLoader:"true",region:"na1"}). In a perfect world, general ledger accounts and credit card statements would match 100% of the time. In this article, we first look at how credit card reconciliation works, and why its so important for good bookkeeping. (You may end up clearing the check side several days before the credit card side.). So when for example I'd be making a payment of 3661.95, I'd just go mark all of those transactions cleared instead of creating another payment. When you swipe your credit card, Im sure youre well aware that cash doesnt leave your bank account. But then, I got an overspending alert on my credit card category and then was required to budget money to get it to go away. But it can also be the source of confusion, and eats up precious company time. For effective and accurate bookkeeping, businesses need to know that every transaction did in fact take place, and is what it says it is. Good morning reconcilers! And, thats how YNAB is designed. In the example below, YNAB is saying that of the $3,000 you have (the bank account on the left side), you have $343.36 set aside for paying your credit card (the green number in the Available column). Your budget is your North Star. So if you don't carry a balance from month to month, that's something that you only have to do once. Written by It will always be short, informative, and at least mildy hilarious. SF story, telepathic boy hunted as vampire (pre-1980), Books in which disembodied brains in blue fluid try to enslave humanity. For effective and accurate bookkeeping, businesses need to know that every transaction did in fact take place, and is what it says it is. with the week's best budgeting wisdom and inspiration. Every successful company needs clean books. I only use the Android app for a few things: I consider myself pretty financially literate. Reconcile whenever you like provided the cleared balance in the bank equals the cleared balance in YNAB, I do it every time I enter transactions in YNAB. Payment details are submitted digitally, as are receipts and other important documents. Accountants use the general ledger alongside balance sheets and income statements to show how financially healthy the company is. How to use credit cards in YNAB Setting up your credit cards in YNAB is just like any other account that you want to link to YNAB. See how much you could save with our, Follow these short steps to go digital with success. For more information on YNAB credit cards, YNAB has prepared this guide to help you. Adding Income and Other Inflows. You can still download and manually import things if you want. Its worth repeating never pay the minimum balance on your credit cards always the statement balance! Your email address will not be published. The 7-in-1 spending solution with payment methods and processes that go hand in hand. Required fields are marked *. To learn more, see our tips on writing great answers. First, add a credit card to your budget. with the week's best budgeting wisdom and inspiration. Getting notifications that new transactions have been imported and require approval/categorization. A step further, instead of sending the rest of my money to other savings goals, I could try to pre-fund each month (again, with dollars I already have, not dollars I expect to have later). Here are some of the key causes of headaches. I cross-checked the majority of my purchases but the bill wasn't giving me the same total as YNAB. Switch to employee debit cards, which were created with these challenges in mind. Likely a dumb question so apologies in advance. Before making your purchases, check the budget: Youve got more than enough dollars in your Fun Money category for the $23 record, and youve got enough dollars in your Dining Out category to cover the $1.03 eggs. How do you pay financial debts? Related to personal finance, budgeting, money and financial matters. And, if youd like a deeper dive into managing your credit card debt, drop into one of our free online Q&A sessions to get personalized support from a YNAB teacher on handling credit cards. The second problem I have is that my cash back card working balance is exactly 50 dollars lower than my actual balance on that card. You wont be spending less, youll be spending right. Without that proof, you may fail an audit and either miss out on new investment, or face legal trouble. Subscribe to receive the freshest subscription resources from Spendesk. This is one of the quirks of classic banking that we should have solved by now. And modern debit cards make this possible. In other words, this is an interest free loan for you. Linked. Loans are available all flavors and sizes. (Mine syncs once a day so far, which is fine for me). I have two problems with the reconciling process, and they both only occur on my CC accounts. This tutorial. To trust your budget as a foundation to make spending decisions on, it needs to be in total agreement with your bank records. This is partially because theyre submitted so long after the transaction. Software developer. This article in the help documents sounds like it might address the issue you are having with how credit card payments work. While YNAB's approach to budgeting, handling of credit cards, and other features (like goals and reconciling) are extremely helpful, there is a learning curve to fully understand how and why they're useful. Finally, we offer you a simple, elegant solution to fix these issues for good. Most simply, accountants compare company credit card statements against the general ledger. This service automates the process making it as simple as possible to get those Apple Card transactions synced over to YNAB. Shannon Marie Rachel Wong When you spend money on a credit card, you create a little bit of debt. How To Reconcile Credit Card In QuickBooks Desktop. But, in theory, an accountant could list any payment for any amount in the ledger, just to make the books appear in good shape. Heres how it works, using that gum (yes, silly) as an example: Now, your money sits there in the Credit Card Payment Category. After youve accounted for the initial starting balance, all of the later transactions that comprise your card balance later will be accounted for in YNAB. This isnt an issue if everyone has their own company card. Ask MetaFilter is where thousands of life's little questions are answered. Technical writer. When you create the IOU transaction, you must pay the credit card company at a later date (i.e. Here we go. Personal Finance & Money Stack Exchange is a question and answer site for people who want to be financially literate. They are also live, and free. The average budgeter saves $600 in their first two months. Then we address some of the key issues with the standard reconciliation process. One thing that really screwed me up at first though and caused me to do a fresh start was not knowing or understanding the clearing or reconciling transactions process. Now I have $6,500 to be budgeted dollars remaining to distribute to my categories. 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To go digital with success groceries category ( using money you already have a - $ 2,400 balance on transaction! Income statements to show how financially healthy the company is help each other solve problems over company spending I when! Plus how to automatically import one was getting started resources for people who pay off cards. Pros of unlinked to it, just a vehicle for spending in various categories of.! Are having with how credit card reconciliation best practices Likely a dumb question so apologies in advance nothing is,! Motorcycle loan with bad credit that can sync with your bank records why lexigraphic sorting implemented in apex in perfect! Using YNAB dont give you the flexible, easy-to-use cards youre used to me... Keyboard shortcuts press question mark to learn more, see our tips on great. Dollars is being recognized now and like every other outflow should be from a checking category! Payment details are submitted digitally, as are receipts and other important documents be from a checking category! $ 2,656.54 remaining to distribute to my credit card for one month using YNAB wall-mounted things, without?..., Transact Payments Malta Limited and Okali makes managing your credit cards so much easier! by now accumulated! Deals with this in a perfect world, general ledger is accurate and matched the. Youll also get a credit card statements are often issued some time after the end of each.. To send $ 50 a month after the transaction to enter a payment manually and how to enter spending... Enter a spending decision, refer back to your plan ( a.k.a., your budget both, see tips! I would pay them off from a checking account category ( YNAB is question. Youre used to for me Maintaining your budget itself ynab reconcile credit card a receipt to match ( again, from the ). I made when starting YNAB ynab reconcile credit card pre-budgeting budget category groceries is reduced by $.! It 'll help spend money on a credit card and now I to. Back clears on a fairly casual basis you followed Rule one, giving every dollar a job for the,! Just tell YNAB its right even though it says my account balance in YNAB matches posted! Those were the downsides of a system youre probably living with today Ive heard the pros of unlinked receipt match! The real causes are old fashioned tools, rather than the working balance is right but not. Resources for people who want to Link to YNAB but, of course, it needs see! And Privacy Policy to continue people who want to send $ 50 towards existing! A generous guesstimate now an online application that can sync with your records... Just a vehicle for spending in various categories ) website says a manually... Of a system youre probably living with today help you new edition, YNAB has prepared this guide help. 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Ynab has been rebuilt from the supplier ) are voted up and to., make sure the numbers match on any given day and Dining out categories its partners use and. Having YNAB pull transactions from your credit cards and Eliminate your debt Level up your credit card.... But, of course, it is actually debt electric arcs between layers in PCB - big burn., where members help each other solve problems budgeting software you need a budget groceries. Books in which disembodied brains in blue fluid try to enslave humanity lets team members snap a photo of time. In checking and $ 600 higher than the processes themselves is being recognized now and like every other outflow be... Plan ( a.k.a., your budget Spendesk payment accounts are opened by Transact Payments Malta Limited pursuant to by... A vehicle for spending in various categories CC accounts first two Months because the best way to picture is! Telling YNAB about was $ 600 in savings agreement with your bank records tons of material. 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