Credit card account reversed

I have a Mastercard account established as a credit card account for which I regularly download entries from the PCFinancial website. When I go to reconcile the account, Quicken recognizes all the transactions correctly as either charges or payments. The ledger correctly shows as a negative balance, but the reconciliation reverses the cleared balance to a positive number, while the statement ending balance is a negative number. Thus the difference is about double the outstanding balance. How can I correct the reconciliation process?

Comments

  • bobmacle
    bobmacle Member ✭✭
    I deal with this account as well and wrote to them about the problem but got absolutely nowhere. There are two ways I work around it. You mentioned one and that is to go through the reconciliation process that requires you to install an adjustment amount. I do this, then delete the adjustment and I'm left with the correct setting. The other way is to not click on "Reconcile" when everything is entered and I know it is definitely reconciled, but to manually place an "R" in the appropriate column. If you know the account is definitely reconciled all you are doing is adapting to a situation that results from an incorrectly written program.
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    You said " while the statement ending balance is a negative number."
    Are you reconciling to a paper statement or are you reconciling to the online balance?
    If you owe money then the "Online balance" shown on the "Reconcile Online Account {Account Name}" screen should be negative.  Is it?
    If you're reconciling to a paper statement and owe money then the number you enter in the "Ending balance" box should entered as a positive number.  Is it?
  • The online balance is the problem. The reconciliation will show:
    Cleared Balance: 1,000.00
    Statement Ending Balance: -1 ,000.00
    Difference: 2,000.00

    Adjustment amount: 2,000.00

    Posting the suggested adjustment thus converts the account from a negative to a positive.
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    I take it then that the answer to my question of "Are you reconciling to a paper statement or are you reconciling to the online balance?" is "I'm reconciling to the online balance" and the answer to my question of If you owe money then the "Online balance" shown on the "Reconcile Online Account {Account Name}" screen should be negative.  Is it?" is "it's positive."
    So the problem lies with PCI Financial sending on online balance with the incorrect sign.  Until PCI Financial fixes this problem you need to change your reconciliation to the paper statement, even if you're actually using the online balance, and then enter the balance as a positive number.