Reconcile using monthly statements or have Quicken use Online Balance with Ally Bank?

I've not reconciled my Ally Bank accounts in a couple of months. When I did, I was doing it monthly, as soon as I got an email from them informing me that the next monthly statement was available. It was quick and easy.

But life's gotten in the way, so now I'm two months behind. When I start performing the reconciliation function in Quicken, it asks me if I want to use paper statements or online balance. And online balance is preselected. When I was doing this monthly, I would use online balance. I'm wondering if I should do so now, or if I must use monthly statements?

Answers

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    I prefer reconciling using the ending balance that appears on a statement obtained from the financial institution.   It is possible to reconcile using the online balance Quicken obtained, but it is less reliable.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    If I was reconciling monthly I would certainly go by the statement.  I think reconciling to the online balance is more for the people that do it whenever they download transactions.
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  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    To answer your direct question, you don't have to use monthly statements here, you can use the online balance if you wish.  Further, you can switch back and forth between the two options. 
    I  think using statements is probably the best way to go but you decide what's best for you.
  • Bob_L
    Bob_L SuperUser ✭✭✭✭✭
    I agree with the advice that it is up to you.  I have found however, that using the auto reconcile is a great feature!
    Quicken Premier Subscription, Windows 10 Home
  • Rod F.
    Rod F. Member ✭✭
    Thank you, everyone! Great discussion on the pros and cons of using monthly statements vs. online reconciliation.
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