How to change the starting balance for a checking account

NinaNina Member

I am using Quicken 2018 on
Windows 10. When I initially set-up Quicken, I had planned on starting Quicken
with July 1 as the starting date. But after getting things set up I decided to
start on January 1 and put all my transactions in for an easier time with
taxes next year.

So in the initial set-up, I
used the balances from June 30 as the starting point for the checking and
savings accounts. Then, after deciding to start January 1, I set up all my categories
in January with the 12/31/17 balances and enabled rollovers. These were all
correct before I started entering transactions. I am entering everything manually
and do not import from my financial institution.

Here’s my problem:  My checking account is showing that I have
way more money than I actually do. I’m wondering if it’s because when I entered
by checking and savings account balances in the initial set-up, I used the
balance from June 30, but that would now be incorrect since I later decided to
start entering transactions beginning January 1. How do I find and change that
initial balance? Or should I be looking for something else that’s making the
balance really off?

Thank you for your
help

Comments

  • QPWQPW Member ✭✭✭✭
    edited October 2018
    The Opening Balance transaction is just a transaction where the category is [This Account].  As in a "transfer" to the same account means that the money is deposited/withdrawn from outside of Quicken and it shouldn't affect any other account/category.  (It just appears out of the blue).

    Normally the Opening Balance transaction will be the first transaction in the register, but there is nothing stopping you from entering transactions before that date, pushing it to later in the register.

    You need find that transaction, and change its date and amount to correct it.
    The payee is Opening Balance if Quicken created it.
  • NinaNina Member
    edited August 2018
    Thank you so much. My opening balance wasn't right at the beginning and I missed it. I appreciate your help!
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