Cash Balance Not In Sync, Does Not Match

jco61

I have a Fidelity Account that the cash value does not match. The amount viewed in register differs from the amount shown when I try to Reconcile. I don't understand this. I've tried to do an "Update Cash Balance". This seems to change the amount when I reconcile, but not the displayed amount in the register. I don't know how to get all in Sync.

Can someone explain. It appears I will need to do some sort of adjustment. I have photos (or photos combined to a pdf), but not sure how to upload so you guys can see what I'm talking about.

Frankx

Hi @jco61,

You should be able to attach the items simply by a "drag & drop" into a new comment box for this thread.

Frankx  

jco61

Okay then this is my attachment.

Frankx

Hi @jco61,

Thanks for providing the three screen shots.  Unfortunately it is impossible to understand exactly what is happening with your accounts, because:

a) In the first screenshot there are no dates (i.e. that field is not displayed);
b) the "Update cash balance" screenshot seems to indicate that you plan to adjust an account balance as of 10/31/21, while the "cash balance downloaded from Fidelity was dated as of 12/04/21, and there is no indication as to why that adjustment would be needed, and furthermore, there is no indication that the adjustment transaction was actually made;
c) the third screenshot simply reflects entries you made as of a week later, but otherwise has no information that helps to understand if, why, or how your account is out of balance.

If you could be more specific regarding what you have done and why you believe that the account is out of balance, we'll try to help you.

Frankx

jco61

I've used the "Update Cash Balance" while reconciling. The cash balance is always different from the online cash balance. After allowing Quicken to make some Balance Adjustments back in September, I expected screenshot 1 and screenshot 3 to contain the same amount, but they do not. My balance is off every month (Sept, October, November). Screenshot 1 should show 830.10. I just balance my statement for end of November, so I don't understand Screenshot 1 shows a different amount. If I was to click "Reconcile", the cash balance shows the correct amount, 830.10. When I do an "Accounting Overview" and set the date for 31 Nov., my cash balance is what is shown in screenshot 1, therefore, my account will be out of balance. I can't reconcile the fact that the cash balance is different in one place from another in Quicken. This is difficult for me to explain so I'm doing the best that I can.

jco61

My only solution is to do an Update Cash Balance without reconciling that transaction. If I were to "R" the transaction, then the registry Cash Balance will differ from the reconciliation tab again. Not sure what else to do, so that is my solution.

Frankx

Hi again @jco61,

A couple of thoughts...

You said above "The cash balance is always different from the online cash balance".  Yes that is something that often happens IF you have entered transactions that have not yet been processed (e.g. you wrote a check but it has not been cashed, or if your made a deposit but it has not yet been cleared/accepted by the bank) - this is normal.

You also said "After allowing Quicken to make some Balance Adjustments back in September" - you need to understand that you are responsible for making entries in your bank account - Quicken may suggest potential entries but you need to determine whether those entries are appropriate or not, and you always are making whatever entries are made - Quicken may suggest some entries but Quicken doesn't make entries on its own.

My comments are not meant to be critical - they are made to explain that you are in control - not the Quicken application.  You need to review the data and determine what entries are made in your accounts, and which suggested entries - especially entries that are what we call "plug" entries which may fix a short-term out of balance situation at the expense of a long-term continuing problem- are actually made.

It seems to me that your issues are actually timing issues and/or failures to enter all transactions into Quicken.  My advice would be to not jump at the suggested short-cut that may balance your account today, because you'll need to face that real issue later down the road.

Sorry that I couldn't be more helpful,

Frankx