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Reconciliation is exactly double the amount due to plus and minus

Since President Choice has reinstated the download feature in their online credit card accounts, Quicken has the balance as a minus and President's Choice has the balance as a negative, so the amount is right, but I can't reconcile as the amount is doubled. The payments are on the right side and the transactions are also in the charges side, but I would like to be able to reconcile. Is there a way to accept the amount, or fix the mess between the two company's amounts? I owe $1279.66 so that is a debit to me, but PC shows it as a credit.

Comments

  • Sorry, it saved before I could finish. So the cleared Balance is 1279.66, the statement ending balance is -1279.66 with the difference being 2559.32. And I meant to say that PC has it as a positive, not a negative. Thank you. I don't really care what accounting practises are, just that they both agree and I can reconcile. I'm posting it the way I've always done, but something isn't right. Thank you.
  • UKR
    UKR SuperUser ✭✭✭✭✭
    In your Quicken account register, if you owe money on the credit card, the Running Balance must be a negative amount, usually shown in red. If it's black, your register's balance is incorrect (except in the rare situation that your account is overpaid).
    If you are reconciling against the Online Balance, it should also show as a negative amount.
    If you are manually reconciling against the paper statement Ending Balance things are different.
    The paper statement shows the amount you owe as unsigned positive amount even though in reality it should (and is stored in the banks computers) as negative amount. When you fill in the Reconcile form enter the amount as shown on the statement, as positive unsigned number. Quicken does the necessary changing of the sign under the covers.
    Only when the account is overpaid and the bank statement shows a credit amount (e.g., $123.45 CR), will you need to enter the amount as a negative number, =123.45
  • okay, I totally understand how it works and my balance is showing a red amount on Quicken, but I downloaded the amounts and the banks says my balance is a positive, which is the complete opposite. How do I fix that? And how do you tell the bank that they've messed up and are not allowing you to reconcile as they have it wrong? (if that is the case)
  • Of course, I called the bank and they say it is down to how Quicken interprets the balance when they initiate the download, so back to Quicken.
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    President's Choice is a Canadian credit card? Are you using Quicken Canadian version? What version number? We might have to get the attention of some Canadian experts who have familiarity with PC.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • Yes, it is a Canadian Credit card. And I'm using the Canadian version. R16.22.
    I used to be able to call Quicken, but I can't find a contact number now. It was fine until both they and Quicken updated, so I don't know whose error it is. Thanks for the comment.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    @mary, When you're inputting the statement balance to reconcile a checking account, Q expects the amount to be positive.  So, there's no need to input the + sign and you'd only input a minus sign when the account is overdrawn.
    Similarly, Q expects the balance in a credit card account to be negative (you owe the card company money).  So, there's no need to input the minus sign.  You'd only input a Minus sign if the card company owed you money (i.e., if the account balance is opposite of what Q expected.)
    See if correcting those amount signs fixes your issue.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Hello, I am not putting in a negative or a positive. When I download transactions from my bank, it knows automatically whether it is a deposit or a payment and puts it into the correct side automatically. That isn't the issue. When you go to reconcile, the bank states what the final balance (as of that day) is and you reconcile against that number. Now if the bank is saying that it is a positive amount, but I have a balance owing to the credit card company and Quicken says that is a negative, then the two amounts are out double the amount. This isn't anything I'm doing wrong, I know what I'm doing and have done for 16 years with this software. I need to know who (the bank or Quicken) is saying this is a positive when it is a negative and how I can reconcile my credit card account. Any account I have that is a credit card, generally shows up in red with a minus sign as a debt. That's how Quicken is showing it. I don't know how I can get it to balance unless I make all of my payments as debits and all of my transactions as credits, which we all know is not right (and I have no intention of doing). I have no issue with any other of my banking, just this credit card. PC says it is Quicken's fault, I don't care, I just want to reconcile it. And as it is my main credit card that we use for points, I don't want to go to manual input either as that defeats the purpose of having this type of software. I may as well go back to a spreadsheet. Does anyone have a telephone number I can call for any help with this. As thankful as I am for your help, I am not entering these amounts incorrectly. I'll show a screenshot of the bank's Online balance and mine. I wish they did owe me 1200 dollars, but I owe them.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    OK, double checking (based upon your graphic).
    This is a credit card. Correct?
    If so, is the balance column RED (as in "in the Red", meaning you owe) all the way down?
    Are you doing a Daily reconcile of this account (based upon the download) OR are your reconciling to the monthly statement?  What happens when you reconcile to the statement?
    Because "Online Balance" isn't a Q calculated figure. It's downloaded from the bank ... and I'm beginning to suspect that they're sending it incorrectly.
    You can explore this by doing HELP, LOG FILES, OFX Log.  Save this file to your desktop and open it with WordPad or NOTEPad (NOT MS Word).  Go to the bottom of the file and search UPWARD for BALAMT until you find that 1270.66 figure (NOTE, don't input a comma in the amount).
    Here's what my OFXLog shows for one of my cards ... NOTE the negative sign before the amount.

    <LEDGERBAL>
    <BALAMT>-4167.33
    <DTASOF>20191011115236
    </LEDGERBAL>

    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Thank you for your help. Okay, I looked at this and mine says

    <LEDGERBAL>
    <BALAMT>1279.66
    <DTASOF>20191011140649
    </LEDGERBAL>

    I download every once in a while, not necessarily when I get a statement. So it gives me whatever my balance is on that date and I reconcile then. I already called the bank and they blamed Quicken.

    So basically, it should say -1279.66 and not plus, shouldn't it? I'll see if I can email them with this and if they fix it. Thank you again.
  • debacle
    debacle Member
    This is a problem with the PC Financial download. You can fix it by opening the download file with notepad and changing the sign to "-"in the <BALAMT> field. Not an ideal solution but will resolve it until PC Financial fixes it. You can also send them feedback.
  • I did write to them, but of course they have ignored it. I gather I would then do this every time? that's a drag. Thank you for answering though.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Perhaps PC Financial is sending the wrong info (I have no way of confirming that), but what does is show on their website?  Perhaps, you REALLY ARE in a "credit balance" situation?
    If the website also shows a credit balance, just put a minus sign in front of the $1,279.66 when you're doing the reconcile.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • On their website it shows that I owe that amount, I definitely don't have a credit (are you trying to be insulting?) And how can I put a minus in front of the balance that is downloaded? On Quicken it says "Online Balance" and that isn't something I can change. And it is a plus amount because of the way the bank (I imagine) is sending it.

    No other credit card I have works this way, I just want to figure out how to fix it. I sent PC card an email but haven't had the courtesy of a reply. And I don't know how to talk to Quicken as they may have more weight and could help this company fix it. I wish I knew if others are having this same issue. As I may have mentioned earlier, this worked fine a year ago until PC updated their website at got rid of the ability to download transactions completely until a lot of people complained. So it's just started up again, but now it isn't right.

    Thanks anyway everyone. I"ll have to live with it until they figure it out.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    In what possible way is a "credit balance" insulting?  It simply means that you've overpaid on the account and that the bank now owes YOU money.
    And, regarding that minus sign, you need to re-read the last 5 words of my prior message.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • I found it a bit surprising that you thought that I could possibly be confused that I have a credit with the bank. Believe me, I know the difference.
    And I am honestly not sure where to put this minus. I can only do that if I am doing a manual reconciliation, if that isn't right, then I'm not sure what you mean. I think I will have to live with this. The two figures are right, even though one is a minus and one is a + so it is only that I like things to be tidy that is the problem. I've given up talking to PC or Quicken about the issue. thanks for your input.
  • LJvdLugt
    LJvdLugt Member
    I have been experiencing the same issue with PC-MC not reconciling correctly since quicken has been reactivated. I never have/had any issues with the other banks, its only with PC. I am just ignoring reconciling it for now. Drives me crazy, but calling the Quicken help line is just going to cause me to blow a blood vessel. because it just as frustrating as the PC help line. I wish I could understand the attendants and they me. I'm sure it's a call centre in some far off destination. Not too long ago I had someone that was absolutely brilliant and got me through a problem quickly
    If I didn't value the points for groceries, I would cancelled my PC-MC years ago.
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