Online credit card balance is incorrect
actuary314
Member ✭✭✭
I have a relatively large credit balance on one of my credit cards. The balance on the credit card company website is correct. However, when the balance is imported into Quicken via one step update, the online balance is of the correct dollar amount, but the sign is incorrect. I.e., the balance should be a credit balance, but is showing up as a debit balance. So, when I try to reconcile, I'm off by exactly double the balance.
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Best Answers
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If the Online Balance obtained by Quicken from the financial institution is unreliable, I suggest you reconcile using an account statement obtained from the financial institution.
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actuary314 said:How do I change the online balance field in Quicken?
You can't. The amount is taken from downloaded data.
If you have overpaid your account and your card balance is a (positive) credit amount, usually shown as "$123.45 CR" in your statement ... there's a long standing, often discussed issue with the Online Balance not properly recognizing the credit balance.
As a workaround, do not reconcile against the Online Balance until you have used up the credit balance and you once again owe some money to the card company.
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Answers
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If the Online Balance obtained by Quicken from the financial institution is unreliable, I suggest you reconcile using an account statement obtained from the financial institution.
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There is no problem with the balance on the financial institution's website. The problem is simply that Quicken is treating a positive balance as negative in the online field. In fact, Quicken is storing the balance properly someplace, because my credit limit in Quicken is shown as my full credit limit plus the amount of the credit balance.0
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How do I change the online balance field in Quicken?0
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actuary314 said:How do I change the online balance field in Quicken?
You can't. The amount is taken from downloaded data.
If you have overpaid your account and your card balance is a (positive) credit amount, usually shown as "$123.45 CR" in your statement ... there's a long standing, often discussed issue with the Online Balance not properly recognizing the credit balance.
As a workaround, do not reconcile against the Online Balance until you have used up the credit balance and you once again owe some money to the card company.
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I suspected that that was the case. Thanks UKR and Sherlock for your extremely prompt responses.0
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