Posting Date should not be used when reconciling

cpage98

I've read the articles and "answers" about the fact that Quicken is now using the posting date as a default for showing items in a reconciliation. Does anyone at Quicken actually understand how a bank statement works? It has transactions listed as of a certain date. I don't give a damn about the posting date, I have to go with what's on the statement. Posting date is not a consideration - the transaction date is. I should be able to reconcile to the date of my statement with all of the transactions listed - and posting date DOES NOT MATTER. Please go back to using transaction date for reconciliation. Do not make me defraud the system by reconciling to some arbitrary date that coincides with the last posting date of a transaction. You're giving me yet another reason to stop using (and paying for) Quicken.

Chris_QPW

The posting date is the date that the financial institution gives Quicken as the official date for the transaction.  So, yes it does matter.

In other words, the posting date is the date that the transaction cleared the financial institution.
You might see some transactions that are pending, but those don't count for a reconcile.

This is nothing new, Quicken has been using the posting date for the reconcile for at least 10 years.

Now depending on the financial institution and the connection method it is possible for the posting date to not be recorded properly, but that doesn't disqualify the fact that the posting date is what Quicken should be using.

A simple example.  I write a check today and put in the date 7/5/2022 and the closing statement date for the account is 7/6/2022.  The check clears on 7/7/2022.  That transaction certainly shouldn't be included in my 7/6/2022 reconcile.

I will say that I'm notice a lot more reported problems with the Online Balance/date being wrong for people that are using online reconciling.  And it isn't beyond belief that whatever causes it to be wrong might lead to the posting dates to be wrong.

But the solution isn't to change how Quicken reconciles but instead to report the wrong posting date problem to Quicken Inc/Intuit/Financial institution to get it fixed.

[Deleted User]

@cpage98 - posting date is the best date to use for reconciling.  I am pretty sure your bank is using posting date on their statements.  These days "Transaction Date" and "Posting Date" are synonymous.  The biggest difference is when checks are written (transaction date) and posted (aka float).  When you reconcile with your bank statement you are using posting date, not transaction date.  The bank has no idea when you actually wrote the check.  The same goes with CC accounts - posting date and transaction date are usually the same.  If they are different, it's only by a day or two.

Really though, the only time anyone should worry about "transaction date" (accrual accounting) verses "posting date" (cash accounting) is when they are running a multimillion-dollar corporation where timing of income and expenses can really skew their true financial position.

For everyone else, posting date (cash accounting) is the standard, even for the IRS.

If you want to double check the dates Quicken uses, go to "register columns" and add "Downloaded posting date" to your register.  These "Downloaded posting dates" are the actual dates your bank uses for their statements. 

NotACPA

If you wrote a check on 6/1, but it wasn't cashed until 7/1, 7/1 will be the "Transaction Date" on the bank statement and the "Posting Date" in Q.

Your bank only reads the MICR line on the check ... and "written date" doesn't appear there.