Elan (Fidelity) credit card - will not reconcile

btrcane
btrcane Member ✭✭
will not reconcile started 2 weeks ago

Comments

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    If you haven't already, you may want to review: https://www.quicken.com/support/reconciling-account-quicken-windows
  • btrcane
    btrcane Member ✭✭
    downloaded bank balance is not keeping up with true balance
  • UKR
    UKR SuperUser ✭✭✭✭✭

    Recommend you carefully reconcile, i.e., compare your Quicken account register(s) to the printed bank statements and resolve any discrepancies: missing transactions, duplicate transactions, incorrect amounts, withdrawals posted as deposits or vice versa, bank fees or interest deposits not recorded, etc.

    Go back in time until you find a month-end statement balance that matches your register balance on that date, then go forward with comparing and fixing transactions as needed.

    Also review the Opening Balance transaction in your register:

    About the Opening Balance transaction in your register:

    Make sure that the "Opening Balance" transaction in your register
    - always is the oldest transaction by Date
    - occurs only once in your register
    - its amount matches the bank statement balance shown on that day
    - if you owe money in a credit card account, the Opening Balance transaction as shown in the register must be a negative amount, e.g., $-123.45
    - the transaction is marked "R"(reconciled) in the "Clr" column
    - uses the same account name, surrounded by [square brackets], as Category as the account it's in (e.g., Opening Balance transaction in your MyChecking account has Category = [MyChecking]) *
    If the Opening Balance isn't correct, your register balance on any given day will never match the bank's balance on the same date and your register will never reconcile correctly.

    * that's called a "transfer back into the same account" and is OK. Quicken uses this method to establish the Opening Balance without making it appear as an Income or Expense in any views or reports.

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    btrcane said:
    downloaded bank balance is not keeping up with true balance
    As the online balance is not reliable, I suggest you reconcile using a statement obtained from the financial institution.
  • btrcane
    btrcane Member ✭✭
    this is a web connect the direct connect accounts are more in line last balance to follow was the last statement balance