"Reset Account" appears to be changing the "Opening Balance" entry

Gerry Blue
Gerry Blue Member ✭✭✭
edited May 5 in Investing (Windows)
I have a Wells Fargo credit card account that failed the one step update several days in a row. After verifying the credentials were correct, I went into Account Details / Online Services and clicked the "Reset Account" button and allowed it to go through its motions and followed the prompts. It found the account just fine and correctly linked it with the existing Quicken account. All seemed well until I cleared the downloaded transactions and reconciled to the online balance. The bank balance and book balance were off by exactly the amount of the most recent payment that had been posted but was still "pending." Thinking that it would clear up when the payment finished posting, I waited a couple of days. No luck. It was still off by the payment amount.

Then something peculiar caught my attention. When I scrolled up in the register, there were several periods of time, going all the way back to the top of the register, when the running balance showed a credit balance. Since my credit card account rarely (if ever) has a credit balance, I began to suspect the "Opening Balance" entry that was created when I first set up the account had been tampered with. I wish I had written down the opening balance entry before I reset the account but had no idea it might change. I modified the entry by adding the out of balance amount to the opening balance entry and, as expected, everything in the Universe is perfect again. I tend to shy away from modifying the opening balance entry but it appeared to be my best option sans deleting the account and starting over. Is it reasonable to expect resetting an account to modify the opening balance from years ago?

Best Answer

  • BK
    BK Member ✭✭✭✭
    Answer ✓
    The changing of the opening balance is an old and lingering issue unfortunately and there are many reports on this community.  Typically happens after a reset/reactivating an account and more often with Express Web Connect accounts.  You can refer to one of your backups to find the correct opening balance and then enter it into your latest data file.  Here is the latest post where I offered a tip at the end on how to better manage this: https://community.quicken.com/discussion/7910901/help-me-please#latest
    - QWin Deluxe user since 2010, US subscription on Win11
    - I don't use Cloud Sync, Mobile & Web, Bill Pay/Mgr

Answers

  • BK
    BK Member ✭✭✭✭
    Answer ✓
    The changing of the opening balance is an old and lingering issue unfortunately and there are many reports on this community.  Typically happens after a reset/reactivating an account and more often with Express Web Connect accounts.  You can refer to one of your backups to find the correct opening balance and then enter it into your latest data file.  Here is the latest post where I offered a tip at the end on how to better manage this: https://community.quicken.com/discussion/7910901/help-me-please#latest
    - QWin Deluxe user since 2010, US subscription on Win11
    - I don't use Cloud Sync, Mobile & Web, Bill Pay/Mgr

This discussion has been closed.