Why is my ending balance much greater than my online balance?

ANDY97

Hello! I am new to Quicken and I am trying to learn it to the best of my ability. When I look at my savings account balance (linked with Express Web Connect) it is well over what my online and current balance is. It is showing that the account was opened well after it was actually opened and is showing that it opened with a lot more than the it had in it at the time. I am trying to resolve this issue and have not been able to find any useful information anywhere. Any help would be greatly appreciated!

Sherlock

You may want to review the built-in Help documentation:  Press F1



Note: When we add a bank account register to Quicken, we need to establish an initial balance unless the register will contain the entire transaction history of the account. This is achieved using a self-transfer transaction and, typically, the Opening Cash Balance transaction is entered as the first transaction in the register.  If the transaction is not correct, I suggest you edit the transaction appropriately.

Sherlock

You may want to review the built-in Help documentation:  Press F1



Note: When we add a bank account register to Quicken, we need to establish an initial balance unless the register will contain the entire transaction history of the account. This is achieved using a self-transfer transaction and, typically, the Opening Cash Balance transaction is entered as the first transaction in the register.  If the transaction is not correct, I suggest you edit the transaction appropriately.

Boatnmaniac

When you set up an account for online services (EWC or DC) the FI (financial institution) will download a limited amount of transactions.  For most FIs that is usually anything from a few weeks to a few months worth of data.  The FIs control that and Quicken has no control over that.  That is why you are seeing an account opening date in Quicken that is later than when your bank account was actually opened.

Regarding the account balance discrepancy:  Did you manually set up the account in Quicken and manually enter an account opening balance?  Or did you let Quicken set up the account when you set up EWC?