Reconciling Two Different Bank Statements for same month

harrodfarmsllc

We switched banks so we have transactions through two different banks for a couple of months. How do I go about reconciling?

I manually enter our transactions because it's just easier with the way we use splits. I continued entering all our transactions into the same "checking" account even once we changed banks. So all of our information is in the same account. I am receiving two different banks statements from two different banks and do not know how to reconcile the two since its all in one account.

NotACPA

Reconcile the stmt for the old acct first. The ending balance should be what you txfr'd to the new acct .. then reconcile using the stmt for the "new " acct

harrodfarmsllc

Does this work for multiple months? Won't it mess up the totals?

NotACPA

Multiple months should be reconciled in date order

volvogirl

Yikes, you should have set up a new bank account for the new bank. I would go back and fix it all. How would split transactions affect that. What are you splitting? If you are splitting a credit card payment there is a better way to enter that.

volvogirl

Thinking about this some more. If you have 2 statements for the same Quicken account then combine them and add the balances together and reconcile to that.

Chris_QPW

I agree with @volvogirl’s first statement, what should have been done is create another account. If you had closed the account(s) in the old account and then moved the cash to the new account that would be different.

You have set yourself up for failure. For instance, say you have a transfer from the old account/bank to the new account/bank, how would you record the transfer?

At a minimum you need one account in Quicken for every active real world account to have any chance of keeping everything straight.

harrodfarmsllc

Ok so I went back and split the accounts. So I have two accounts now. Thank you for your help!

harrodfarmsllc

My next issue is the new account is an Operating Line for our business so I don't know how to reconcile it because the amounts are essentially backwards from a "normal" account. Does that make sense?