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

Silver99

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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splasher

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.

Silver99

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

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.

Sherlock

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

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 ?

Silver99

Truist formerly Sunstrust

bkrieger1958

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

I'll give them both 30-days, then find another bank [Removed - Solicitation]