Bank posting dates vs. download dates

Alan Fields

Wells Fargo posts a transaction to an account over night on a given date. The bank's website shows it correctly. On download the next morning, the transaction shows up in the Quicken register with the download date, not the posting date.

Specifically, a transaction posts to the account on 11/16, the account cycles and the bank cuts a statement with the same date of 11/16. After download, Quicken shows the transaction(s) with a date of 11/17. Hence, all new downloaded transactions in my register are a day late and reconciliation is off by the transactions posted in the last day of the cycle.

Please note, this is *not* a function of the statement cycle. I just happened to notice it when I tried to reconcile the account, and all newly downloaded transactions have the wrong date.

Any ideas?

jacobs

@Alan Fields Click on the transaction with the 11/17 date, and select View > Inspector. In the Transactions Inspector window, look close the the bottom to see if the Posted Date is 11/17 or 11/16. If it shows 11/17, then this is the date being transmitted by the bank, and and remedy would require connecting them to fix their faulty export of data to Quicken. If the Posted date shows 11/16 but the Quicken date is 11/17, go to Preferences > Connect Services and see if the checkbox for "Use posted date" is checked; if so, uncheck it and see if that fixes the issue moving forward. 

Alan Fields

@jacobs Methinks you've hit the nail on the head. The posted date is 11/17. It also shows up if you show the 'posted' column in the Quicken register.

Now I have to figure out how to explain it to Wells Fargo. Quicken folks: If you could go to bat through your sources, I'm sure it would be helpful, and I would be most grateful.

jacobs

@Alan Fields This site is not Quicken Support, and if you want to ave Quicken take action, you'll need to contact Quicken Support and walk them through the problem so they can document it and escalate it.

Since the problem is with the bank, you might prefer to contact them, and try to get yourself to talk with someone on their IT team who is knowledgeable about Quicken downloading; you should be able to show them via a couple screenshots that they are pushing the wrong posted date to Quicken. 

Or, since you now understand what's going on, you could ignore it, and when doing your reconciliation each month, know that you might have to edit one or a couple transactions to change their date by one day. Depending how often this happens, that might be less hassle than trying to pursue this through the bank or Quicken.  

RHCaston

@jacobs I am having the same/similar issue with my bank of america credit card posting. you mentioned "Click on the transaction with the 11/17 date, and select View > Inspector" I can't find an inspector option. Any suggestions? Thanks

RHCaston

on further research I see you are a Quicken for Mac user. I'm windows so that may be why it's different.

Alan Fields

@RHCaston After a very long discussion with Quicken support: Apparently, this is not all that unusual and has to do with the timing of the data transmission from Financial Institution to Quicken aggregation. If the data shipment is late, then somewhere, in the rather long chain of events, the transaction date gets derived incorrectly. I know it doesn't make a whole lot of sense, since the true date ought to come along with the transaction data, but it is possible and appears to be real.

The get around that I figured out is to go to account settings and, under the downloads tab, change the connection type to Direct Connect. That will download directly from the bank avoid the aggregator.

RHCaston

Thank you for the info. I will try that.