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Data reliability

CLP51

My data goes back to 1998. It is my understanding that the "balance" in accounts are recalculated from the original balance going forward. Over the years I have had data glitches where imports from the banks have added in old transactions and this throws off current balances, causing reconciliation headaches. I get it is nice to have all the data, but I am thinking of closing a few years back and having a smaller database. Any thoughts? Do I have it correct that the accounts recalculate back to original entries?

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splasher

Yes, all of the calculations are based on the initial balance in the register.

The downside to removing some of the data is that it is your financial history and to keep the removed portion usable, you would have to open that file (if you even keep it) so that Quicken could keep it up with the latest release of Quicken installed on your computer. It means that if you want to find something, you may have to look in two different files since they are totally independent of each other. It is also a very huge undertaking to merge the files back together if you were to want a single file in the future.

Lately, Quicken has had a bad habit of changing the Opening Balance of an account when it was re-activated for Online banking downloads. We have suggested that users add the correct balance of the Opening Balance transaction into that transaction's memo field for reference to make it easy to tell if it got changed.

I read of one user that entered a $0 transaction as the last transaction of the year that had the year-end balance in the Memo field to see if a stray transaction got slipped in where it didn't belong. Looking at that information would help you find which year your "Over the years I have had data glitches where imports from the banks have added in old transactions" problem is in limiting your search.

splasher

Quicken states that they are working on the issue of the Opening Balance changing, but no luck so far.

All comments

splasher

Yes, all of the calculations are based on the initial balance in the register.

CLP51

Thank you for your reply. I hate that Quicken recalculates on the initial balance. I have almost dumped the program many times because of it. It is a very unreliable database. Oh well….

Your tips on how to live with it are helpful. Do you know if anything is being done to fix the bad habits? I did use Quicken for a combined business/home accounting but the info is old enough now that I don't think I will need it any longer. I am using Q mostly for home accounting so am thinking I might take the risk and leave it behind and enjoy a slimmed down database.

unknown

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splasher

Quicken states that they are working on the issue of the Opening Balance changing, but no luck so far.

CLP51

Thanks for your reply

unknown

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imdcareys

"I read of one user that entered a $0 transaction as the last transaction of the year that had the year-end balance in the Memo field to see if a stray transaction got slipped in where it didn't belong. Looking at that information would help you find which year your "Over the years I have had data glitches where imports from the banks have added in old transactions" problem is in limiting your search."

@splasher That "$0 transaction as the last transaction of the year" is a great idea. I just spent over an hour trying to reconcile my bank statement and tracing back prior reconciliations only to find that the opening balance had changed. Again. Thank you!

I think I will also make a note on my reconciliation spreadsheet to check opening balance before entering any numbers.