nav[aria-label="Primary Navigation"] { padding: 0; & ul { list-style: none; width: 100%; display: flex; flex-direction: row; justify-content: start; align-items: start; gap: 30px; padding: 0; & li { margin: 0; } & ul li { list-style: none; } } }

How do I set up an account to have a reconcile option?

Bill Ferguson

I treat my mortgage escrow account as a savings account. I reconcile the balance each month. I recently moved and set up a new escrow account, but it does not give me a "Reconcile" option when I click the settings gear icon. How do I need to set this up?

Find more posts tagged with

Accepted answers

UKR

Bill Ferguson said:

I treat my mortgage escrow account as a savings account. I reconcile the balance each month. I recently moved and set up a new escrow account, but it does not give me a "Reconcile" option when I click the settings gear icon. How do I need to set this up?

Checking, Savings, Credit Card accounts have a Reconcile option.
Cash, Asset, Liability and a few other account types do not.

I've always set up my Escrow account as an offline Checking account (with Display Options / Account Intent = Asset to list it in the Property & Debt section of the Account Bar)

Note: Once created, an account's Type cannot be changed. You'd have to create a new account with the desired Account Type and then move all transactions from old to new register.

All comments

Chris_QPW

Certain account types don't have a reconcile, only an "Update Balance", asset account types for instance.
A new account with a different account type would have to be created to get the reconcile feature.

NotACPA

Normally, there's only 1 or 2 transactions a month in an escrow account. So I'm confused as to how this improves over the simple ability to compare the escrow balance to your what shows on your mortgage statement.

Please elaborate

UKR

Bill Ferguson said:

I treat my mortgage escrow account as a savings account. I reconcile the balance each month. I recently moved and set up a new escrow account, but it does not give me a "Reconcile" option when I click the settings gear icon. How do I need to set this up?

Checking, Savings, Credit Card accounts have a Reconcile option.
Cash, Asset, Liability and a few other account types do not.

I've always set up my Escrow account as an offline Checking account (with Display Options / Account Intent = Asset to list it in the Property & Debt section of the Account Bar)

Note: Once created, an account's Type cannot be changed. You'd have to create a new account with the desired Account Type and then move all transactions from old to new register.

Bill Ferguson

Once a transaction is on a statement, I like to have it reconciled. I don't like to have unreconciled transactions hanging out there.

Bill Ferguson

I'm all set. I didn't realize that Quicken would not let me change an account type once an account was created. Since there were only a few transactions to deal with, I changed the name of the old account, created a new account of the right type and gave it the old name, then went to each of the transactions and changed the destination account. Once that was done, I deleted the old account.

Thanks to everyone for their quick responses.