I am a new user and I am having trouble reconciling bank accounts to Quicken balances.

tad643

I am a new user and I am having trouble reconciling bank accounts to Quicken balances. Since I am a new user, I am still keeping my spreadsheets in conjunction with Quicken. My spreadsheets balance to the penny but the Quicken balances are off by Thousands. I have assumed the problem might be with my beginning balances, but I have adjusted the beginning balance a couple of times and yet it still seems to be wrong

Sherlock

If you have entered all of the transaction in the spreadsheet in the Quicken account, the account should reconcile to the penny.  When comparing the balances, you may want to verify the register is sorted appropriately and there aren’t any unexpected filters being applied:  open the register, select the Date column header (you want the small triangle to right of Date to point up) and Reset.  To reconcile an account in Quicken, open the account and press Ctrl + R.

Before making any significant changes to your data file always save a datafile backup (press Ctrl + B).

smayer97

if you are adjusting your opening balance this means that the problem is because of past transactions outside your current reconciliation period. You have to review those to identify what is wrong there... deleted transaction that was already reconciled, either directly or by removing one side of a transfer transaction, reconciliation flag changed on a transaction, changed amount in an already reconciled transaction, etc.

Ps56k2

How are you entering transactions into Quicken - online downloads or manul ?
What kind of account is this - Checking or some kind of Investment ?
Also - have all the transactions been marked as "C" cleared ?
Do you have any Pending transactions that have not Cleared as yet.

If these are checking accounts -
you will see THREE balances at the bottom - all different balances -

tad643

Manual_Checking... So far, I haven't seen a method for noting as cleared or pending

Ps56k2

What version of Quicken ?
and why not make use of the online One Step Update to download and keep track of your checking transactions ?

tad643

I guess I don't trust it completely yet...that's why I am still keeping spreadsheets

tad643

I am using Version R18.16...Build 27.1.18.16

Ps56k2

Well......
You enter the transactions - either DEP or EXP - don't know your logistics...
- do you make entries from your bank statement, bank online website, or writing check ?

- same for any deposits - how and when do you manually enter them ?

- next - marking them as "cleared" or posted to the account - how / when ?
- lastly - doing the Reconcile -
clicking the "gear" --> Reconcile ---> what to balance against (paper or online)
--> : shows all transactions  --> and cash balance should be ZERO

Here is a snip of some checking account entries... notice the "R" - "C" - or "blank"

Sherlock

If you have entered all of the transaction in the spreadsheet in the Quicken account, the account should reconcile to the penny.  When comparing the balances, you may want to verify the register is sorted appropriately and there aren’t any unexpected filters being applied:  open the register, select the Date column header (you want the small triangle to right of Date to point up) and Reset.  To reconcile an account in Quicken, open the account and press Ctrl + R.

Before making any significant changes to your data file always save a datafile backup (press Ctrl + B).