My bank balances on Quicken are not matching the actual bank balances

Randalland
Randalland Quicken Windows Other Member
in Registers & Transactions (Windows)
Quicken shows my bank balances overdrawn and they are not.
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Best Answer

  • UKR
    UKR Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓
    Are you reconciling, i.e., comparing, your account register transactions with your bank statement transactions?
    Please do so to locate the discrepancies and then fix them: add missing transactions, delete duplicates, correct incorrect amounts, etc.

    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
    - 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 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

    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.


Answers

  • UKR
    UKR Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓
    Are you reconciling, i.e., comparing, your account register transactions with your bank statement transactions?
    Please do so to locate the discrepancies and then fix them: add missing transactions, delete duplicates, correct incorrect amounts, etc.

    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
    - 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 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

    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.


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