At the beginning of your tax year is a good time to start over.Personally, I prefer reconciling to paper.
About the Opening Balance transaction in your
Make sure that the
"Opening Balance" transaction in your register
- always is the oldest transaction by Date
- its amount matches the bank statement balance shown on that day
- the transaction is marked "R"(reconciled) in the "Clr"
- occurs only once in your register
- uses the same account name, surrounded by [square brackets], as Category as
the account it's in (e.g., Opening Balance transaction in your MyChecking
account has Category = [MyChecking]) *
- if you owe money in a credit card account, the Opening Balance transaction as
shown in the register must be a negative amount, e.g., $-123.45
If the Opening
Balance isn't correct, your register balance on any given day will never match
the bank's balance on the same date.
* that's called a
"transfer back into the same account" and is OK. Quicken uses this
method to establish the Opening Balance without making it appear as an Income
or Expense in any views or reports.