Beginning Balance

GEJ

I started using Quicken on 1/1/2023. When I linked my checking account to Quicken, Quicken downloaded all my transactions beginning in July, 2022. However, the Beginning Balance that was downloaded was $2000 greater than the balance for that date on my paper bank statement. Since both balances were obteained from by bank, why are they different? How can I correct the Beginning Balance in Qucken to coincide with my paper statement?

Boatnmaniac

It's hard to say what the cause of the difference is but I'm guessing that it's perhaps a matter of timing. Both the statement and the downloaded Opening Balance are snapshots in time. Perhaps the balance on your bank statement was a snapshot from the end of the day and the downloaded Opening Balance is from the beginning of the day.

But before I would consider changing the downloaded Opening Balance I would compare the ending account balance in Quicken to what the online account balance is after doing One Step Update. Are they the same or are they different from each other? And if they are different from each other, what is the amount of the difference….$2000?