automatic reconciliation?

Hi. My old Quicken used to automatically reconcile my bank account when I would download transactions (every few days). I don't see where to set that up in the newest version. Any suggestions are appreciated. Thanks!

Comments

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    I don't use Quicken Mac, but from what I understand Quicken Mac review and reconcile process is like what would happen on Quicken Windows with automatic transaction entry mode on.

    I use Quicken Windows in that mode and as such I STRONGLY suggest that automatic reconcile shouldn't be an option in this mode.

    First I go through the process that Quicken Mac doesn't have where automatic reconcile makes sense.

    With automatic transaction entry mode off all the transactions go through a Downloaded Transactions tab.  It is here where the user can review the transactions and make sure they are matched to the right existing transactions and have the right categories and then accept them into the register.

    Once all of the transactions are accepted into the register is when the automatic reconcile kicks in.  What it is looking for is if the amounts balance.  If the amount balance to zero it marks all the transactions reconciled and exits.  If they don't balance it stays in reconcile mode.

    Now look at what happens with the transactions go directly into the register.
    What you are suppose to do at this point is review them to make sure they are correct.  And it is pretty easy to pick out the transactions because they have the New or New Match status.  One of the most important things you want to review is the categories assigned to the transactions.

    Since there isn't an Downloaded Transactions tab, and accepting process if automatic reconcile is on it will go directly in to reconciling after the transactions are downloaded and if the amounts balance it will mark all of the transactions reconciled, and the status of New/New Match will be gone and you will not have had a chance to make sure that the categories were assigned correctly.

    What I tend to do on the Windows side with automatic transaction entry mode after the transactions have been downloaded is to scan the transactions to make sure the categories are correct, and then invoke the reconcile and finish up.

    I don't go to each transaction and mark them reviewed or select one and mark them all reviewed because the reconcile to the online balance will do that for me.  But you really do need some kind of "review process" in between downloading and reconciling.  Reconciling can no ensure that everything was processed correctly.
    Signature:
    (I'm always using the latest Quicken Windows Premier subscription version)
    This is my website: http://www.quicknperlwiz.com/
  • John_M
    John_M Member ✭✭✭✭
    There are two ways to reconcile – using the Statement Balance and using the Online Balance. It sounds like you want to do the latter.

    Just go into your account and click on the Reconcile icon at the bottom right (it has a checkmark). The screen asks "How do you want to reconcile your balance?" Click on "Use Online Balance" and this will match your downloaded transactions against your account.

    Is this what you are looking for?
  • John: I see the manual reconcile, which I can do. What the old quicken did is reconcile automatically every time I downloaded online transactions. That’s the part I’d like to find.

    Thank you! Audrey
This discussion has been closed.