Can't reconcile cash account

Can't reconcile cash account

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  • Tom YoungTom Young SuperUser ✭✭✭✭✭
    This isn't one of those old-fashioned "knowledge base" sites where you enter some words and the computer spits back pre-canned "answers" that contain matches to the words you've entered.
    This is a user to user forum so you need to articulate your problem and provide context that allows a human to understand the problem and attempt to formulate an answer.
    So, what version of Quicken are you using?  Is it Windows, or Mac?  What happens when you try to reconcile?  Do you get an error message of some sort?  Or, do you not know how to go about doing the reconcile itself?  Or maybe you do know, but the reconcile is not working out properly and Quicken is proposing some sort of "balancing entry"?  Or maybe something else is going on?
  • NotACPANotACPA SuperUser ✭✭✭✭✭
    edited June 14
    To "reconcile" is to Compare, the expected (i.e., a statement balance) to the observed (the counted cash).
    What are you using as the "Expected" figure to reconcile your Cash account?
    I'll give you a hint.  There's no such thing as a statement for your cash account.
    SO, all that you can do is to count the cash ... and then Adjust the cash account balance to equal the Observed (i.e., counted) amount.
    Q user since DOS version 5
    Now running Quicken Windows Subscription
    Retired "Certified Information Systems Auditor"
  • Tom YoungTom Young SuperUser ✭✭✭✭✭
    edited June 14
    I must admit, I wasn't taking the word "cash" literally, as in "the money in my pocket." 
    If you're dealing with real currency here, U.S. bills and coins, then there's no way you can compare the total of the currency "in your pocket" to anything else.    No "outside agency" is processing your currency transactions, (like a bank keeps track of your checks and deposits),  updating totals of cash "in your pocket", and providing you a periodic "statement" of currency available.
    The best you can do here is count your currency once in a while and compare it to what the Quicken Account's balance.  If the two number are different then you can either try to figure out the difference and make an entry for it, (e.g., you forgot to enter that fast food lunch), or simply make an adjusting entry to correct the total in Quicken, offsetting it with a Category of your choosing.
  • Rocket J SquirrelRocket J Squirrel SuperUser ✭✭✭✭✭
    edited June 14
    Tom Young said:
    or simply make an adjusting entry to correct the total in Quicken, offsetting it with a Category of your choosing.
    That's what I do.
    Cash accounts don't Reconcile. All they have is Adjust Balance. CTRL-R, which opens Reconcile in bank accounts, also opens Adjust Balance in cash accounts.
    So once a month or so, I ask Mrs. Squirrel how much cash she has in her wallet. (Somehow, it's always around $2.) I add my wallet cash and adjust the account balance with a category I call "Money Spent". (I also have an "Unknown" category for the really mysterious discrepancies.)
    Quicken user since version 2 for DOS.
    Now using QWin Premier subscription version on Win7 Pro x64.
  • Tom YoungTom Young SuperUser ✭✭✭✭✭
    edited June 15
    "So once a month or so, I ask Mrs. Squirrel how much cash she has in her wallet. (Somehow, it's always around $2.)"
    Well, I can see your problem here.  You need to expand your question from "in your wallet" to include the amounts she's squirreled (!) away in her sock drawer, at the bottom of her jewelry box, in the toe of her boots in the closet, and every other  cash hiding place. 

  • UKRUKR SuperUser ✭✭✭✭✭
    Can't reconcile cash account
    @eneilson2009 ,
    did this lively discussion answer your question? Especially @Rocket J Squirrel 's answer:
    "Cash accounts don't Reconcile. All they have is Adjust Balance. CTRL-R, which opens Reconcile in bank accounts, also opens Adjust Balance in cash accounts."
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