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Questions about adjusting balance, closing old CC account, new CC account, budget

JJNCN

Using Premier subscription for 1 month. I have a few questions.

Have 2 credit cards linked. One was recently closed by Citi, and it's balance is off. Citi has a zero balance. Ours is way off in quicken. We were issued a new card by Citi but I have not linked it yet. Just got the card this week. I already categorized partially (2020 only) the old card. We're finishing working on the budgeting portion in Quicken.

Questions are, should I deactivate the old credit card account and link the new card to the old account? How do I fix the incorrect balance or will deactivating it, and linking the new account to the old account fix that? Will categorized transactions get lost in the switch? I noticed on citi website that the new card has all of the old cards transactions, for a year. Will deactivating and linking cause double transactions? Or will I have to recategorize everything? Will any of this switching accounts affect the budget section that we're currently working on?

I was thinking of finishing up the budget portion then tackling fixing the accounts. Would it be best to just call Quicken? Or maybe someone can walk me through how they would approach these issues.

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Comments

Sherlock

You should deactivate the old credit card account and link the new card to the old account.
When you download and import the transactions into the register, the transactions that have not been previously imported into the register should appear. If there are older transactions missing, you may be able to import them, add them manually, or adjust the balance to account for them.
Categorized transactions will not be lost in the switch.
Deactivating and then reactivating the Online Services of the register should not result in duplicate transactions being imported as long as the algorithm used to generate the FITID has not changed. This may happen if the connection method changes. Duplicates however can be handled: https://community.quicken.com//topics/faq-i-have-a-manual-account-i-want-to-activate-for-downloading-how-do-i-prevent-duplicate-transactions
You should not need to recategorized everything.
Deactivating and reactivating the Online Services of a register should not impact a budget.

If you feel more comfortable having Quicken Support walk you through the process, do contact them: https://www.quicken.com/support/quicken-support-options

Otherwise, you may want to review:
https://www.quicken.com/support/deactivate-online-banking-services-quicken-account
https://www.quicken.com/support/reactivating-deactivated-account

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