chase migration

rja

I went to reconcile my accounts. After the Chase migration the opening balance for each of my accounts was altered from the ending balance from when I reconciled in July. The opening balance is off from last months ending balance by the exact amount of my 3 year old reconciled initial deposit to open the account. Three hours with quicken support solved nothing. Any ideas?

rpgarrett75703

That's a known problem with the Chase migration where the opening balances get changed. Do you know what the original opening balances were? If so, you can try to restore them to their original value to correct the opening balance. If not, do you have a recent backup prior to the conversion that you can check those original opening balances? Again, if you do, you can try to restore them to their original value. If you can't restore them as others have reported, then you'll need to add an adjustment transaction that gets you back to your original opening balance. I could swear that I was able to just change the opening balance back to $0 since that what appears in my register. I don't have an adjustment transaction and my opening balances were definitely changed by the conversion. In my case, I knew that my opening balances were $0 so after I made the change everything got fixed.

rja

Thank you. I have changed the opening balance, but now I have an adjusting entry (totally fictitious), so the amount quicken says I have in my account is erroneous, and will NEVER match the true balance the bank has. How frustrating.

rpgarrett75703

Let's say you had a checking account with an opening balance of $0.00 and after the EWC+ conversion it changed the opening balance to $5000.00. I think the reason the opening balance was changed was to account for the duplicate downloaded transactions that were probably previously cleared and reconciled. Even if you choose not to accept those downloaded transactions the opening balance will still not be correct since just deleting them will not undo the change made to the opening balance. So now the register looks like this:

To restore the opening balance to $0.00 just change the "Deposit" and "Amount" values in the Opening Balance transaction back to $0.00 so it now should look like this:


In this case I didn't add a new transaction. I just modified the opening balance transaction so now the ending balance is what I expect it to be. So this should now match the bank's balance. Am I missing something? This is just a test case I just made up but to verify I made a copy of my Direct Connect Quicken file and converted it and basically the same thing happened: 1. The opening balance of my Checking account changed 2. A bunch of previously cleared and reconciled transactions were downloaded. I deleted them rather than accept them and then I went back and modified my opening balance transaction by changing the "Deposit" and "Amount" values back to $0.00 just like in the test case above.