Reconcile payments starts with non-zero

I struggled to reconcile an account. After much investigation, I discovered that if I clear all entries in "Payments and Checks" list, the shown total is non-zero but a negative value. It is like a hidden transaction somewhere, and I am not able to find it. Validating a file does not fix the problem. What is going all, and how to fix it?
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Answers

  • Leonid Raiz
    Leonid Raiz Member ✭✭
    More info: my register balance is actually in correspondence with the bank statement. But Quicken reconcile is messed up, making it unusable.
  • The Keeper
    The Keeper Member ✭✭✭✭
    You haven't stated the amount of the negative value. If it is a small amount, while in reconciliation, let Quicken adjust the amount to agree with your bank statement. I've spent hours trying to find $10.00 and it just isn't worth the time. Your reconciliation has to match your bank statement anyway so it's not like you lost $10.00. The worst-case scenario is if you run a year-end report on a spending category, the report could be off by $10.00 but it's not that critical. These are just my thoughts based on my understanding of your post.

    Someone else may have another perspective and a different solution for you to try.
  • Leonid Raiz
    Leonid Raiz Member ✭✭
    A negative value is quite significant (thousands). I wouldn't spend time investigating a $10 discrepancy.
  • Mark1104
    Mark1104 Member ✭✭✭✭
    @Leonid Raiz it may have to do with the opening balance (i..e the oldest transaction in the register).  there have been complaints elsewhere on these boards about that. Just force the adjustment and move on, 
  • Leonid Raiz
    Leonid Raiz Member ✭✭
    Opening balance is not a problem, Furthermore, my previous month's reconciliation worked okay.
    If I allow Quicken to adjust the balance, then the reconcile dialog is happy, but my register running balance is messed up. (i.g. the closing balance in reconcile dialog is not equal to the balance in the register). Thus adjusting the balance is not a solution. I have used Quicken for years and witnessed it becoming baggier.
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Hi @Leonard Raiz,

    If you give us some additional information, we may be able to help you.

    You said that in the reconciliation attempt through Quicken, your "negative value is quite significant (thousands)".  But you also said that "my register balance is actually in correspondence with the bank statement".  So, that means that there is no need to reconcile the account. In other words, if - at the same point in time - the balance of that bank account in Quicken agrees with the balance on your bank statement, then you ARE reconciled.  So, if the Quicken "reconciliation attempt" is showing something different - and there could be many reasons why that could happen- it should be of no concern, because the problem probably lies with the Quicken reconciliation process and perhaps past reconciliation attempts that were never completed.

    Let me know if you have any followups.

    Frankx

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

                                             - - - - Quicken User since 1984 - - - 
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  • Leonid Raiz
    Leonid Raiz Member ✭✭
    I use Quicken Update, which updates Quicken transactions with bank data. As I accept these updates, they are marked as cleared. I use reconcile to see if there is a missing transaction and to mark cleared transactions as reconciled. When I stated that register balance was the same as the bank closing balance, I was talking about the balance of the last cleared transaction on the statement closing date but before I accepted Quicken reconciliation.

    Here is the outcome of my research. My issue seems to be a bug, but it must be related to the fact that I have not reconciled my account for 4 months. I ended up accepting Quicken adjustment of positive XXX in month -4. It made the reconcile dialog happy but increased the register balance by XXX (which was incorrect). Then I reconciled month -3 without a problem. Moved the date of the adjustment transaction one month forward. The register balance was still XXX over the correct amount. Repeated for month -2 with the same outcome. The register balance is still XXX too large. Reconciling month -1 Quicken told me that my Quicken account is XXX greater than the bank closing statement and suggested an adjustment of negative XXX. At this point, I canceled out of Reconcile dialog and deleted the original adjustment transaction. Invoke Reconcile again and everything works out without a problem. There are no adjustment transactions, register balances for all 4 months are correct, and Reconcile dialog is happy. Go figure. I guess that Quicken has some data cached in order to speed up balance calculation (you don't want to be recomputing balances from the beginning) and not reconciling for several months confuses it.
    Since I no longer have a problem I will mark it not as a solution but as a workaround.
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    edited December 2022
    Hi again @Leonid Raiz

    What you are describing above was not (as you describe initially) a "bug", is not a "workaround", and it wasn't even a "solution" - it was a "timing difference" in the initial reconciliation you performed "in month -4".

    There may have been a deposit in transit, or perhaps a check that you missed in clearing checks (or a check you cleared early when it hadn't yet been cashed), but whatever it was it originated back then.  Since - when you recently finally removed the "adjustment from 4 months ago" everything suddenly balanced again - that is the classic sign of a timing difference.  And if you want to determine which transaction (or transactions) caused it, go back to that "month -4" and find an amount (or amounts together) that equal the "adjustment".

    There's your solution.

    Frankx 

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

  • Leonid Raiz
    Leonid Raiz Member ✭✭
    I spent countless hours looking for missed transactions but found none. Comparing cleared but not reconciled balances to bank statements confirmed my conviction of Quicken error. I am just happy that Quicken self corrected after 4 month and I may stop wasting my time looking for a missed transaction or making mental balance counter-adjustment to negate the adjustment forced on me by Quicken.
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