May 31, 2022 Reconciliation

AnneK48

The first time this happened I thought I had made a mistake, but I have three checking accounts and it happened with all three. I am reconciling May bank statements and I put in the ending balance and the date - 05-31-2022 and the reconciliation is not picking up the entire month. I have interest earned on the 31st and the statement cut off at the last transaction before that 05-24-2022 in one case. This happened three times. I had to enter 06-01-2022 to get the reconciliation to work. 

One of the accounts had an outstanding check from April which cleared on the 31st and it didn't catch that either. What is going on?

Ok Now I tried a savings account - same behavior and in addition the reconciliation screen disappears immediately. Bug???? The latest reconciliation shows up in the history. It seems to be a day or so off. This behavior is only with bank statements (Wells Fargo).

I am on a MacBook Pro using Monterey (12.3.1) and Quicken Premier Version 6.8.1 (Build 608.44845.100)

P.S. My credit card statements are reconciling just fine.

jacobs

it sounds like Wells Fargo is posting those transactions on the first of the following month. You can confirm this by clicking on the interest payment and opening View > Show Inspector; look near the bottom for the Posted Date. If it shows 6/1, then that's what's transmitted by the bank, and that's the date Quicken uses. Usually if this happens, the easiest solution is to simply enter the statement ending date one or two days later, so the Reconcile window shows the transaction and you can click it in the reconciliation. Doing so doesn't adversely affect anything. 

AnneK48

I think that might be the case. You just answered my question about whether or not it would affect subsequent reconciliations. Thank you.

[Deleted User]

@annek48 - The monthly interest postdate coincides with the statement end date.  You can designate any day you want to be your statement end date for your Wells Fargo accounts.  Mine is the last day of the month.  My mother's is the 15th of each month.  My interest always posts on Quicken on the last business day of the month.  Her's posts on the 15th or the first business day after the 15th.  I would call Wells Fargo and confirm what your statement end date is and have them change it if you prefer another date.  

AnneK48

My statement end date has always been the last day of the month. I checked WF and it was listed as May 31, but it came into Quicken with a date of 06-01-2022. I even tried changing to the 31st in Quicken and Quicken did not recognize the 31st. The reconciliation cut me off at the last date before the 31st. If this happens again next month I'll contact WF.

[Deleted User]

@annek48 - Around a month ago, another Mac user posted a similar reconciling experience with Wells Fargo.  I don't think there was a resolution or explanation.  If you do contact WF about your reconciling issue, and they have a resolution or explanation, please circle back with the Quicken Community.  Thanks!

jacobs

AnneK48 said:

It came into Quicken with a date of 06-01-2022. I even tried changing to the 31st in Quicken and Quicken did not recognize the 31st. The reconciliation cut me off at the last date before the 31st.

For reconciliation, Quicken uses the Posted Date sent by the financial institution, and there's no way to change the Posted Date. The only work-around is using 6/1/22 as the statement ending date instead of 5/31/22. It's not a big deal; just use the later date for your reconciliation ending date and nothing else will change. 

AnneK48 said:

If this happens again next month I'll contact WF.

Yes, you'll want to ask them why they are transmitting transactions with a date of the last day of the month but a posted date the following day. I don't know if you'll have luck getting to talk to someone who is knowledgeable about Quicken, or interested in fixing their incorrectly-dated transactions.