BankTree Personal Finance 3.0 - Uncleared, Cleared and Reconciled

What is the difference between Uncleared, Cleared and Reconciled transactions

Uncleared: These represent transactions you have entered but have not yet checked with your bank

Cleared Funds: These are transactions that physically exist in your account.

Reconciled Funds: These are transactions that physically exist in your account, which have also been checked against your statement.