Quicken Income Numbers Don't Match Bank Record

jimclark1947

I just started using Quicken in January this year. I'm trying to set up a budget and I have found that some direct deposits to my bank account are not showing up in Quicken. These are recurring deposits that show up properly in January and March, but not in February. They are in the bank ledger when I look on line, and other transactions for that same day appear correctly in Quicken. I've updated the bank account in Quicken and the problem remains. Any help is appreciated.

GeoffG

Have you reconciled your checking/savings accounts?

Not sure what you mean by " They are in the bank ledger when I look on line, and other transactions for that same day appear correctly in Quicken." If these income transactions are in the register, are they properly categorized?

UKR

If it's a recurring deposit like your paycheck, have you set this up in Quicken as a Scheduled Reminder with all the necessary categories (e.g., for a paycheck gross income, deductions, 401k transfers, etc.)?

If so, do make sure that this reminder is entered in your checking account register BEFORE you download transactions from the bank containing the deposit transaction. This eliminates one possible area of confusion, where Quicken, when run in full automatic download and accept transactions mode, might get confused and match your February deposit to the January register transaction by mistake.

To resolve your issues, reconcile your account register and manually make any necessary corrections (enter missing transactions, delete duplicates, change incorrect amounts, etc.) until your register's running balance matches the bank statement.

jimclark1947

Hi UKR - The recurring transaction is a monthly payment from my IRA. It is a set amount monthly and is paid by direct deposit. The payment is made by selling off a small amount from 4 different funds. So that translates to 4 separate direct deposits arriving at my bank account at the same time. In January when I started using Quicken I found all 4 of these direct deposits and I assigned them the correct category. I didn't notice in February that only 2 of these deposits appear in Quicken. And now in March all 4 are there. Looking back at February in my bank account and it correctly shows that all 4 of the deposits were made.

I guess I can add them manually but the question remains why are they missing? Why did Quicken pick up 2 of the deposits and miss the other two in February while correctly downloading all 4 in March?

UKR

I think, you would get the best results if you'd manually record these Sell (SoldX) transactions in your IRA account register BEFORE you download any transactions from either IRA or Checking account. Multiple transactions of the same or similar amount on the same day, possibly using the same Payee Name, can confuse the "Autopilot" (my name for the process to automatically accept downloaded transactions) and cause all sorts of problems.

jimclark1947

I see. I'm going through now and reconciling everything. It appears there are only a few problems. I found two transactions dated 12/31/2020 that are obviously wrong. Other than that and these direct deposits it appears to be good. I'll take your advise and hope for the best going forward. Thank you.