Use reconciled statement balance when setting up transfer reminder for monthly credit card payments

Surrounding the use of transfer reminders for paying a credit card account from a checking account, please create a feature in the Amount Due field on the Add/Edit Transfer Reminder dialog that would allow users to select the reconciled statement balance of the credit card account.
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  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited May 2021
    My credit card bills are set up as manual Online Payment reminders (not online bills). In the reminder settings, you can click on Estimate amount for me and one of the choices is Current credit card balance. Is this what you are looking for?

    I don't use this option, because shortly after a payment the balance is low and that throws off Quicken's projected balances. Also by the time the bill comes in, there are generally additional charges, and I would need to adjust the amount because I don't want to pay more than is due.

    I find that having Quicken estimate the amount using the average of the past 3 payments is usually pretty close, and I enter the actual amount due when making the payment.
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  • whatamess
    whatamess Member
    Using current credit card balance as described above does not work. Setting does not change no matter how many times I click on it and save it.
  • James Blunt
    James Blunt Member ✭✭
    Same here. It won't save.
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    If you reconcile the CC account to the monthly statement:
    a and b) As you finish the reconcile, you have the option to set up a to-be-printed Check, or a handwritten check.  In either case, the transaction is then entered into the register (you have the ability to edit the date immediately if you desire).  In this case, there is no need for a scheduled reminder transaction, but you do need to remember to actually 'mail' the check on time.
    c) You opt to not do the 'check' approach and the Reconciled balance (the balance you have just reconciled to) is the balance you wat to pay at some future date.  (More about this further down.)

    If you reconcile to the online balance:
    d) Then the current reconciled balance is NOT the amount you would want to be paying at the next monthly due date.

    This idea from @hperrinjr seems to approach from option c position - user has reconciled to a monthly statement and opted not to pre-enter a 'check' transaction.  This happens to be my common choice as well.  The key now is to compute the correct "reconciled balance".  I doubt that Quicken is prepared to save the user-entered value from the reconciliation process.  If the cc register is sorted by Clr status, then the last "R" transaction should present the correct "reconciled balance.  If the register is sorted by date, then there may be cleared transactions that predate the final reconciled transaction.  These would likely be transactions that were pending at the monthly closely (so not part of the reconciliation) and later approved and cleared by the CC company.  Regardless, it would seem that Quicken could in a timely manner compute the correct "reconciled balance" as needed.

    This would be an addition to the :"Current Balance" already offered.  IMO, this would be a positive addition to the options -- for some users (not all).