Credit Cards

Adventurer

Quicken updates my charges and payments, however, I am only starting Quicken effective January 1st, but payments and charges have been entered from the prior year. Should I just delete these entries ?

Jim_Harman

It is up to you whether you want ot delete the prior year charges, If you do, you will need to adjust the account's opening balance so that today's balance in Quicken matches the online balance.

Adventurer

The online balance does not match what Quicken is showing. So confusing …. This is current as of today, and as you can see the two do not match.

Adventurer

Just to confirm …. this balance ( in picture from Quicken screenshot ) is supposed to match what my current outstanding balance for my credit card is, correct ? If so, " Houston we have a problem " because it is not correct, and I'm not 100% certain on how to reconcile this to make it accurate.

UKR

After you have deleted all of last year's transactions, did you edit the Opening Balance transaction and set it to 12/31/2022 with an amount owed (negative amount) as shown on the bank statement for 12/31?

If that doesn't bring the Running Balance in your register closer to reality, compare your register transactions with the bank statements beginning 1/1/2023. Make sure all transaction amounts are correctly recorded as either charges, payments (or refunds)

BTW, Register shows Column Amount together with Charge and Payment Columns
Does your account register show the Amount column together with Charge and Payment (or Payment
and Deposit) columns?
Depending on your personal preference you should use
• either the traditional pair of Charge and Payment columns together
• or the newer Amount column alone (where you have to enter negative amounts with a Minus sign and positive amounts with a plus sign)

but you really don't need all three of them.
Please decide which columns to use and remove the other one(s) from the view.

Q Windows: To add / delete columns in your register click the Register Columns gear icon located
next to the Balance column header.
Q Mac: there's a Columns button at the bottom right of the register view

Tom Young

The balance that you show in your credit card's Register is calculated. It's the sum of all the transactions in the Register. Example:

Assuming Transactions 1 -6 are correct, the Balance associated with Transaction 6 will be correct only if the Opening Balance is correct.

If you just want your accounting to start with January 1, 2023 then you might as well simply delete the 2022 transactions that were downloaded, leaving the Opening Balance (which you presumably do have in the Register) alone. Then change the date of that Opening Balance to 12/31/22 and change the dollars of that Opening to make "today's" Balance agree to what your credit card balance as of "today" at the card issuer's site.*

*Make sure that all transactions comprising "today's" balance at the card issuers site are also in your Quicken Register.