I have a question about reconciling

When you are reconciling your accounts from the bank you are down loading transactions from the day before. And you're transactions will not match the online transaction balance because you're looking at the days balance and compare it with Yesterdays. Is that right.

Best Answer

  • John_in_NC
    John_in_NC SuperUser, Mac Beta Beta
    Accepted Answer
    Possibly.

    I am vague because there are many banks that Quicken can access. How the data is acquired, and how the bank presents data to the Quicken system can all affect when you see transactions and what "online balance" is displayed.

    Typically, the transactions downloaded are from the day prior, but in some cases there could be a further delay. Also, some banks provide the current balance as of today while others display the balance as of yesterday. Then, you can add to the mix that some banks include/don't include pending transactions in the online balance.

    Yes, it is complex. The best thing to do is see how each bank behaves in your particular case. That will determine what the best approach to reconciling is for you.

Answers

  • John_in_NC
    John_in_NC SuperUser, Mac Beta Beta
    Accepted Answer
    Possibly.

    I am vague because there are many banks that Quicken can access. How the data is acquired, and how the bank presents data to the Quicken system can all affect when you see transactions and what "online balance" is displayed.

    Typically, the transactions downloaded are from the day prior, but in some cases there could be a further delay. Also, some banks provide the current balance as of today while others display the balance as of yesterday. Then, you can add to the mix that some banks include/don't include pending transactions in the online balance.

    Yes, it is complex. The best thing to do is see how each bank behaves in your particular case. That will determine what the best approach to reconciling is for you.
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