Expert help

RSHouck3

Hi. I live in Pittsburgh, near CMU. I am trying to reactivate my Quicken entries and have some basic questions - they may require a visit for a fee. 1) how to import some old (2022) bank and credit card info, 2) how to be sure credit card payments are not being counted twice (once for the actual purchase and again when I pay the card). Pretty basic, but hey...

volvogirl

To enter credit card....

The proper way is to set up a credit card ACCOUNT and enter the charges into it when the purchase is made and assigning it to a category. The transactions need to be entered with the date you charged it, not the date you pay the credit card bill.

Then when you pay the bill you TRANSFER the payment from your checking account to the credit card account. Then when you download the payment from the bank you match it to the one you already entered.  Then your credit card account should match what you actually owe at any time.

When you enter the payment in your checking account you put the credit card account name in for the category using square brackets around the name to indicate it is a transfer...like this… [credit card] or newer versions have a Transfer column.

RSHouck3

I‘ll try! Thanks. RSH

NotACPA

Re: those older 2022 transactions ... see if your card company allows this:

https://community.quicken.com/discussion/7160091/faq-download-old-transactions

RSHouck3

Visa permits me to download in Quicken compatible format but then 1) Wiicken doesn‘t upload snd 2) I worry about duplicates. Do you know if Quicken senses duplicates? My bank is another story. I read that Quicken doesn‘t permit transformation into Quicken compatible format.?

NotACPA

What does upload (your 1st point) have to do with downloading old transactions?

You can always take a backup before you do the download ... just in case.

BUT, Q is supposed to detect duplicates via the Financial Institution Transaction ID ... but sometimes FI's screw that up.

And your last sentence "Quicken doesn't permit ..." doesn't make any sense.

splasher

Which bank?  We might have a solution for you.

RSHouck3

PNC Pittsburgh

RSHouck3

Going back to earlier response - 1) VIsa permitted me to save as QIF but a) Quicken somehow did not upload the missing info that I did download from Visa and b) Visa did not permit me to customize the time period, so I fear duplicates;2) PNC does not save info in QIF format for more than 3 months and my internet search produces statements that Quicken has a proprietary interest in not letting just anyone convert to QIF. Some software CLAIMS to convert, but I am wary. Basically, I thought there might be someone in the CMU/Pittsburgh area who would fix this for a (modest) fee. Lots of programming talent close by.

splasher

You don't want to download QIF if QFX (Web Connect) is a choice.  PNC is still one of the really good guys and does offer .QFX downloads.
You keep referring to Visa.  I am not aware of a "just" Visa card.  They are always provided by a financial institution, which one is behind your Visa card?

RSHouck3

Chase visa. But sadly you are wrong about PNC and QFX. They DO offer for the account for 3 months, but after that, nope. I need to go back to January 1, 2022. I spent 30 minutes tracking this down. Sigh.... Any other ideas? I DO see software out there that claims to do the conversion but I don't know whether any of the programs really delivers...

splasher

RSHouck3 said:

Chase visa. But sadly you are wrong about PNC and QFX. They DO offer for the account for 3 months, but after that, nope. I need to go back to January 1, 2022. I spent 30 minutes tracking this down. Sigh.... Any other ideas? I DO see software out there that claims to do the conversion but I don't know whether any of the programs really delivers...

You want to download and use ImportQIF (QuicknPerlWiz - Use ImportQIF to import transactions into Quicken) by QuicknPerlWiz (it is free).  It will take a .QIF, an .OFX or a .CSV file and turn it into a .QIF file that is importable by Quicken.  It is a great program, I use it myself.

RSHouck3

Thanks! I’m chatting with Q now.

splasher

RSHouck3 said:

Thanks! I’m chatting with Q now.

Quicken support will not advise or help you with ImportQIF.

RSHouck3

Quicken DID tell me that PNC is a bank that supports Quicken pretty well. I guess PNC didn't get the message.

splasher

RSHouck3 said:

Quicken DID tell me that PNC is a bank that supports Quicken pretty well. I guess PNC didn't get the message.

PNC does a good job still, they still support Direct Connect while others are dropping it like a hot potato.  Just because they haven't decided to provide .QFX files further back than 3 months does not make them bad guys.
Discover Bank/Card only does EWC One Step Update Downloads and Excel and CSV manual file downloads now (no .QFX) and they used to be a great (IMHO) Quicken partner.  Chase and BofA have gone over to the dark side too.

RSHouck3

PNC may be better than most. But it does not go back beyond 90 days. AmEx and Chase Visa went back beyond 90 Days. I have zero idea about relationships between banks and Quicken. I was just hoping for a simple method to make the conversion. I MAY try ImportQIF. I DO find it odd that this interface has not been worked out better after so many years.

splasher

Well, do what you want to do, I have given you my best advice, though I do believe you are expecting too much to magically happen without any errors.

RSHouck3

LOL. Thanks for the advice from this source. I spent most of the afternoon finding out that neither Quicken nor my Bank was any help. Maybe the software mentioned by one source. I found out Quicken's support is made up of (very nice) women in Guatemala City.

RSHouck3

Chase visa.

Mark1104

@RSHouck3 - with the time you are putting into this, maybe easier to manually post everything from earlier this year... and I am not suggesting EVERYTHING line by line.....

 I am a big beleiver in the 80/20 rule...80% of the entries probably represent 20% of the dollars and 20% of the entries represent80% of the dollar.  

if you data enter everything over let's say $100 back to Jan. 1, will that get you over 80% of the dollars and then just post an entry called 'other' for the remaining dollars each month so that everything reconciles...

what is your purpose in wanting to establish the detail back to the 1st of the year? 

RSHouck3

LOL. You are indeed right. I, too, have come to that conclusion. I simply assumed (wrongly) that surely it must be possible, especially since my bank DOES provide the service for 3 months. Why not 6 or 12 for a good customer or for a small fee. I am paying the price for having ignored Quicken for too long. The purpose is largely budgetary planning but also for 2022 income tax preparation. I DO accept your sage, if belated advice. :-)