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

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?

Best Answer

  • UKR
    UKR SuperUser ✭✭✭✭✭
    Accepted Answer
    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.

Answers

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    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.
    Signature:
    (I'm always using the latest Quicken Windows Premier subscription version)
    This is my website: http://www.quicknperlwiz.com/
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    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
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • UKR
    UKR SuperUser ✭✭✭✭✭
    Accepted Answer
    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
    Bill Ferguson Windows Beta Beta
    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
    Bill Ferguson Windows Beta Beta
    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.
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