Bank balance first of the year

Ahmed
Ahmed Member ✭✭
For reasons beyond my understanding by bank balance compared to Quicken is off by a BUNCH!!. suppose for the sake of arguments that I know for a fact the bank balance is right and Quicken is wrong.
I want to start a clean slate for this year. How would I enter a balance adjustment transaction to lower the Quicken balance to match the bank balance.
Note: The accounts are linked online so it gets updated often. I do not know how that effect a transaction manually added that does not match a downloaded transaction.

any idea why the "online balance" at the bottom of the screen would be so off from the Quicken balance?

Thank you

Best Answer

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Accepted Answer
    Hi @Ahmed,

    On your last question above - the online balance may be different from the Q account balance for any number of reasons - timing of deposits in transit/unprocessed, timing regarding the processing of outstanding checks, entries not made to the register but recorded by the bank like online charges, service charges, interest earned or returned deposits, human error, etc.

    If you want to lower the balance in a bank account register - simply make an entry in the "Payment" column for the amount by which you want the balance to be reduced.

    When did you last reconcile the account?

    Frankx

                      Quicken H&B-Subscription Ver. 34.24 - Windows 10-Home Version
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Accepted Answer
    Hi @Ahmed,

    On your last question above - the online balance may be different from the Q account balance for any number of reasons - timing of deposits in transit/unprocessed, timing regarding the processing of outstanding checks, entries not made to the register but recorded by the bank like online charges, service charges, interest earned or returned deposits, human error, etc.

    If you want to lower the balance in a bank account register - simply make an entry in the "Payment" column for the amount by which you want the balance to be reduced.

    When did you last reconcile the account?

    Frankx

                      Quicken H&B-Subscription Ver. 34.24 - Windows 10-Home Version
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

  • Ahmed
    Ahmed Member ✭✭
    Thank you Frankx. Your answer opened me up to new things and new learning lessons. Thx again
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Frankx said:
    Hi @Ahmed,

    If you want to lower the balance in a bank account register - simply make an entry in the "Payment" column for the amount by which you want the balance to be reduced.

    When did you last reconcile the account?

    Frankx
    Personally instead of entering a transaction to compensate, I would go through the reconcile process (as in checking to see what is different between Quicken and your financial institution) and correcting any problems.  If nothing else it will be a learning experience of what has gone wrong.

    But even if you are going to "give up" and not balance at the end of the reconcile process Quicken will ask to put in a balance adjustment, which just the same as entering that manual transaction, but Quicken doing it for you and using the right "category" of [The Account your are in].  Which is the syntax for amounts that come/go from "outside" of Quicken.
    Signature:
    (I'm always using the latest Quicken Windows Premier subscription version)
    This is my website: http://www.quicknperlwiz.com/
This discussion has been closed.