Automatic entry / payment due date based on statement closing date


Allow scheduling the due date based on a statement closing date plus offset, rather than setting the "due date" to a specific day of the month.

e.g., Schedule payment as "20 days after the 15th of the month", with auto-entry 20 days prior to due date.

For years, there's been no way to schedule an accurate due date for many (most? all?) of my credit card and household bill accounts since the actual due date isn't a set day of the month, being based on a certain number of days after the statement closing date (e.g., 20 days after statement closing). While the closing date is a specific day of the month (say, the 15th), the due date depends on whether the current month is 28, 29, 30 or 31 days long (i.e., due date would be the next month, either one the 4th, 5th, 6th or 7th).

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  • briang_simi
    briang_simi Member ✭✭
    Looking at my bills, I'm feeling it's more complicated than I originally understood - due dates AND statement closing dates change - not sure there's an easy rule to apply without knowing the specific provider's calendar logic. Maybe the real fix is to get that into the interchange data when you update your account, so that Quicken can automatically update the closing date, estimated amount to pay and payment date on the fly, per provider. In the meantime, it's going to have to be manually adjusting the dates and amounts on a monthly basis.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭

    Can you explain why it is so important to record the exact due date in Quicken?

    For recurring bills, I set up Reminders in Quicken with a date a few days before the earliest date in the billing cycle. I have most billers notify me the amount due and pull the payment directly from my checking account. When I know the amount due, I accept the Reminder, and when the transaction downloads, Quicken is usually able to match it to the one that is already in the register.

    For many billers you can use Quicken's Online Bills to notify you of the due date and amount due, but you need to monitor this process to make sure it does not miss any bills.

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  • briang_simi
    briang_simi Member ✭✭
    edited April 20

    Sorry for coming back to this so late, and thank you for taking the time to provide some useful suggestions.

    Unfortunately, none of those seem to work for me for how I'm using Quicken, which I've been using for over 22 years now.

    The main reason this is important to me is that I use my Projected Balances Next 30 days reports to assist me with moving money between accounts and I need the reports to be as accurate as possible.

    Inaccurate estimated scheduled payments lead to inaccurate reports my for linked accounts.

    What I want for the estimate is "current account balance before my next closing date" but what Quicken is calculating is "current account balance before my next payment date"; the difference between the two can be thousands of dollars at times.

    While I'm able to work around it, knowing the last 5 days of my reports are generally inaccurate due to the current estimating algorithm, it would be nice to have the estimating improved.