Quicken uses Online Balance instead of Cleared Balance - Downloading Pending Transactions

Silver99
Silver99 Member
I have just recently had to switch from Direct Connect to Web Connect. During Reconcile Quicken is using the Online Balance which includes pending transactions instead of the Cleared Balance which includes only cleared transactions. Now I can never balance correctly and always get a Balance Adjustment equal to the pending transactions.
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Answers

  • splasher
    splasher SuperUser ✭✭✭✭
    Change to reconcile by "paper statement".  Is it really necessary to reconcile after EVERY download/import?  If you monitor the transactions that are downloaded for validity, you really don't need to reconcile every time.
    -splasher  using Q since 1996 -  Subscription  -  Win10
    -also older versions as needed for testing
    -Questions? Check out the  Quicken Windows FAQ list
  • Silver99
    Silver99 Member
    That is certainly the workaround and you have to login to your Checking account every time. I never had to do that when I was using direct Connect. I was just wondering why Q was reconciling incorrectly in Web Connect.
  • splasher
    splasher SuperUser ✭✭✭✭
    I don't know why  the decision was made initially, but it is working as designed.  The fact that the FI is including pending transactions which are not downloaded in the online balance is a mistake on their part, not Quicken's.  You need to complain to the FI, they are solely responsible for the content of a .QFX file download.
    -splasher  using Q since 1996 -  Subscription  -  Win10
    -also older versions as needed for testing
    -Questions? Check out the  Quicken Windows FAQ list
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited March 10
    Silver99 said:
    That is certainly the workaround and you have to login to your Checking account every time. I never had to do that when I was using direct Connect. I was just wondering why Q was reconciling incorrectly in Web Connect.
    When we use the Direct Connect or the Web Connect connection methods, the financial institution provides Online Balance.  If the Online Balance is unreliable, you may report the issue to the financial institution and reconcile using a statement obtained from the financial institution.

    Note: When we use the Express Web Connect connection method, Intuit obtains the Online Balance for Quicken so, if the Online Balance is unreliable, we need to contact Quicken Support and request they escalate the issue to Intuit which may take even longer to resolve. 

    It's a good thing the only use of the Online Balance is reconciliation and that we have a more reliable reconciliation method available.
  • Ps56k2
    Ps56k2 SuperUser ✭✭✭✭✭
    Silver99 said: Now I can never balance correctly and always get a Balance Adjustment equal to the pending transactions.
    This was a recent announced change - what bank is now downloading the Pending Transactions ?

    QWin Deluxe Subscription - Win10
  • Silver99
    Silver99 Member
    Truist formerly Sunstrust
  • bkrieger1958
    bkrieger1958 Member
    I presented this issue to Quicken phone support, and they said call Truist support. Of course Truist suggested I contact Quicken support.
    Can one of you guys correct the issue ? To reconcile cleared transactions, pending transactions should be omitted. Am I right ?
  • Sapster
    Sapster Member ✭✭
    edited March 11
    I'll give them both 30-days, then find another bank [Removed - Solicitation]
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