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Why did 90 ACH payments not show up in my Quicken Register?

Sorry about the incorrect "category" selection but I couldn't select the on-line banking one. I just sent out 86 incorrect 1099's because 90 ACH payments made through Chase Bank failed to get synced in my Quicken 2020 register. Not to mention that my 2019 P&L just took an unexpected $56,000 hit because of these omissions. Can't seem to find a pattern as to why some ACH payments were recorded and others were not. Really in deep poop over this.

Comments

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    " I just sent out 86 incorrect 1099's because 90 ACH payments made through Chase Bank failed to get synced in my Quicken 2020 register."
    Are you telling us that 90 payments never showed up in your Quicken bank Account? 
    If so, I have no idea what happened here but clearly these would be 2019 payments of some sort so I have to ask: why didn't you catch this omission in near real time?  Monthly bank reconciliations should have exposed the error.
    The only thing that comes to mind here, and this is a pure guess because you haven't really provided any detail, is there any chance that these payments all occurred right at year end and you're not making manual entries for the disbursements, but instead letting downloads "fill in" your accounting records and all the payments slipped into 2020?
  • timrappe
    timrappe Member
    You are correct that this would have been caught had I been reconciling in real time. Shame on me. No, these payments were made over three months with the last ones in August.
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    How are you downloading information into your Account, and what financial institution is involved?  Is there any pattern at all that you can suss out? 
    Trying to get to the bottom of this should probably start by looking at the OFX logs covering one or more of the omissions since one possibility is that the transactions weren't transmitted to you for whatever reason. 
    Although Quicken's marketing can lull you into thinking that Quicken "does your accounting for you" it really doesn't work that way, and can't.  Like it or not you're the Chief Accounting Officer of your business and have to approach this as "Quicken help you do your accounting."
    Although I've never used the option of reconciling to the "online" balance and allowing Quicken to "automatically reconcile", you might want to investigate that:

    "With accounts that you've activated for transaction download and that you reconcile to an online balance, Quicken can save you steps.

    If your Quicken balance matches your online balance, Quicken can automatically reconcile your transactions. It does this by placing an R in the Clr column of the register after your downloaded transactions are accepted in the Compare to Register window.

    If the balances don't match, Quicken displays the Reconcile window to help you find the problem."

  • timrappe
    timrappe Member
    My bank is Chase and I use the "update" function within Quicken. I've been trying to isolate any common patterns with this mess but have not been able to locate any, yet. Related, but not the same, during this same time period, Quicken changed the Payee on over 100 checks during the sync process to a single, but wrong, payee. I caught that and made the manual corrections. Clearly, what is promoted as a seamless and accurate way of recording transactions is not so. I will continue to research this but one answer that I'm leaning to is....Quickbooks.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    If you're sending out 1099's ... QB would be a better tool for you than Q.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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