Tracking Starting Jan 1, 2020
Comments
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Assuming a bank account, just set the opening balance at Jan 1 of the account, download all the transactions and delete those preceding your start date.
Or more simply, just delete the transactions after download that are ahead of your start date.Quicken user since 1994.
Quicken Forum/Community Contributor since 2005.1 -
Under File tab there is File Operations. Select Year-End Copy...
There is option to keep all transactions/remove transactions.0 -
Also remember, that SOME transactions from before 1/1/20 MIGHT not have cleared your bank by then.SO, you'd want to include them in your register so that you can include them in the reconciliation when you get your January statement.
Q user since DOS version 5
Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
The key here is to make sure that you have the CORRECT Starting Balance in each account register...which will, of course, impact your line by line balance in the register.
See NotACPA's explanation above regarding transactions that may have occurred before 1/1 but not cleared your bank until 2020.0 -
Thank you all for the replies. It is appreciated.1
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@NotACPA @chitownhockey These points are important. For example, I am usually paid (salary) a few days before the January 1st. As such, I have to ensure this is reflected for accurate reporting. In addition, credit cards usually straddle a two month period i.e Dec 15th to Jan 15th. As such those charges need to be captured and categorized accordingly whereas the others may not. Looking for guidance as it relates to credit cards straddling two months Dec and January and what best practices would be for this. Thank you.0
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Assuming that you reconcile these accounts every month, SORT each account by the CLR column and write down the amount associated with the last "R" transaction.That should be your opening balance. Any transaction with a "c" or " " in the CLR column should appear in your new register.Q user since DOS version 5
Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
Ok thank you. I will typically do the credit cards once per month when the invoice is due. I will look for what you described. Thank you.0
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A point about credit cards. How are you entering them? Hope you are not just splitting the payment in your checking account.
Just in case you are doing it the wrong way,
The proper way is to set up a credit card ACCOUNT and enter the charges into it when the purchase is made and assigning it to a category. Then when you pay the bill you TRANSFER the payment from your checking account to the credit card account. Then when you download the payment from the bank you match it to the one you already entered.
When you enter the payment in your checking account you put the credit card account name in for the category using square brackets around the name to indicate it is a transfer...like this… [credit card] or newer versions have a Transfer column.
I used to do it the wrong way for years! Then I wised up and now enter them properly. I would split my credit card payment into all the categories on one transaction in my checking account. And since I always pay more than the bill I would need to figure the difference and put it to another category. But then I needed to have them entered on the date the charges actually happened. So I finally set up a credit card account. It makes it much easier to enter and balance!
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@volvogirl That is the way I have been doing it. At least I got that right.
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