Quicken account balances don't match bank balances

Quicken account balances don't match bank balances

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    With so little detail behind your statement it's really impossible to know how to respond. 
    I guess I'd start off by observing that there's no "natural law" that says your Quicken Account balances must necessarily agree to the banks' balances.  Even if there's no error or omission on your end, the usual timing differences of outstanding checks, deposits not yet posted, fees charged by the bank not yet recorded by you, etc. can easily and regularly result in your Quicken Account balances not matching what the banks show.
    What prompts you to make this statement?  What are you looking at where you expect to see the balances match, but they don't?
  • Ps56k2
    Ps56k2 SuperUser ✭✭✭✭✭
    edited April 2021
    Apples and Oranges -
    What bank balance are you looking at - statement, online, pending, etc -
    Same for Quicken - depending upon Reminders and other "future" entries in the Quicken Register - along with Cleared or not -
    Here is our biz checking - lots of different Quicken balances to compare ....

    QWin Deluxe Subscription - Win10
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    Your bank only knows about checks (and deposits) that the bank has received.
    They'll show, in the CLR  column as "R" (you've included that item in a Reconciliation) or "c" (the bank has received the item -- it's cleared -- but you haven't run a Reconciliation that includes that item).
    IF you click on the CLR column, you should see that the last item in your register BEFORE the  items with a blank for CLR, that  the Balance for that figure matches the "Online Balance" at the bottom of the register (as shown in PS56K2's graphic)
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • I'm having the same problem. In my case, the register balances are off by very small amounts not matching any real transactions. This is happening on more than one account with more than one bank. I've been using Quicken for more than 20 years and have never seen anything like this before.
  • UKR
    UKR SuperUser ✭✭✭✭✭
    I'm having the same problem. In my case, the register balances are off by very small amounts not matching any real transactions. This is happening on more than one account with more than one bank. I've been using Quicken for more than 20 years and have never seen anything like this before.

    Recommend you carefully reconcile, i.e., compare your Quicken account register(s) to the printed bank statements and resolve any discrepancies: missing transactions, duplicate transactions, incorrect amounts, withdrawals posted as deposits or vice versa, bank fees or interest deposits not recorded.
    Go back in time until you find a month-end statement balance that matches your register balance on that date, then go forward with comparing and fixing transactions as needed.

    Make sure that the "Opening Balance" transaction in your register
    - always is the oldest transaction by Date
    - its amount matches the bank statement balance shown on that day
    - if you owe money in a credit card account, the Opening Balance transaction as shown in the register must be a negative amount, e.g., $-123.45
    - the transaction is marked "R"(reconciled) in the "Clr" column
    - occurs only once in your register
    - uses the same account name, surrounded by [square brackets], as Category as the account it's in (e.g., Opening Balance transaction in your MyChecking account has Category = [MyChecking]) *
     

    If the Opening Balance isn't correct, your register balance on any given day will never match the bank's balance on the same date and your register will never reconcile correctly.

    * that's called a "transfer back into the same account" and is OK. Quicken uses this method to establish the Opening Balance without making it appear as an Income or Expense in any views or reports.


  • spsdds
    spsdds Member ✭✭
    Same problem for me. Long time user of Quicken, so I know the difference between pending and downloaded transactions. In the last couple of days of downloads, all my accounts download correctly but the online balance does not change.
    Using Quicken H & B Version R35.23 Build 27.1.35.23
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    @spsdds What is the connection method of the accounts?

    My accounts are setup with Direct Connect and don't have the problem.  I suspect the problem might be related to Express Web Connect, which is now using QCS (sync to cloud) as the "connection method".
    Signature:
    (I'm always using the latest Quicken Windows Premier subscription version)
    This is my website: http://www.quicknperlwiz.com/
  • ewilson1962
    ewilson1962 Member
    after updating my account the balance is not the same as the banks balance I can understand the two balances not being exact but my balances are off several thousands of dollars I have never had this issue until the last and greatest update from quicken R 39.23 How do you fix this issue?