starting/opening balance

I have 5 USAA accounts, 2 savings, 2 checking, and 1 credit card, along with a Wells Fargo checking and credit card. They all "downloaded" but how do I put opening balances for all these accounts? Money is transferred between all of them, so I just don't know where to start.
Also, my Wells Fargo credit card was lost so a new one was issued therefore creating another account number that the lost cards' balance was transferred to, how do I handle that?
BTW, I am technically challenged!
Thank you

Best Answer

  • UKR
    UKR SuperUser ✭✭✭✭✭
    Answer ✓
    If you created all of these accounts from scratch, by downloading transactions from the bank's website as part of the Add Account process, Quicken should already have calculated and recorded an Opening Balance transaction for you. It should be in your register as the oldest transaction by date. The amount, if calculated correctly, should match the bank statement balance on that date. If not, you will have to correct it manually and then review all transactions, comparing them to the bank statement and making sure they are recorded with correct Payee Names and Categories. Correctly recorded Transfers should use Category = [name of transfer-to account] (i.e., the name of the other bank account enclosed in [square brackets]). Especially where transfers are involved make sure that no duplicates have been created by mistake ... that'll really foul up your running balance.

Answers

  • UKR
    UKR SuperUser ✭✭✭✭✭
    Answer ✓
    If you created all of these accounts from scratch, by downloading transactions from the bank's website as part of the Add Account process, Quicken should already have calculated and recorded an Opening Balance transaction for you. It should be in your register as the oldest transaction by date. The amount, if calculated correctly, should match the bank statement balance on that date. If not, you will have to correct it manually and then review all transactions, comparing them to the bank statement and making sure they are recorded with correct Payee Names and Categories. Correctly recorded Transfers should use Category = [name of transfer-to account] (i.e., the name of the other bank account enclosed in [square brackets]). Especially where transfers are involved make sure that no duplicates have been created by mistake ... that'll really foul up your running balance.

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