How do I fix my PC download files which are reversed transactions
I have payments and charges being recorded in reverse and sometimes twice, once in payment and once
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Hello @Louis J Tetrault,
Thank you for reaching out to the Community and telling us about your issue, though we apologize that you are experiencing this.
We will need some additional information in order to better assist you further.
Are you seeing this with multiple different financial institutions, or with one in particular? If only one, could you please provide the name of the financial institution?
Thank you!
-Quicken Anja
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Also indicate whether you are using Web Connect or Express Web Connect to download the transactions and what type of account(s) are affected.
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I have the exact same problem with a credit card account. None of my other accounts are doing this
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Are the transactions actually in the wrong column or is the balance just going the wrong way?
Sounds like you're running a credit balance. Is the balance in red or black? Look back through your transactions and maybe you'll spot one that was entered backward. Or a payment in the charge column or a charge in the payment column. Look around back where this first started happening. Or maybe you are missing some charges? Or entered a payment twice?
If the balance is in Black, it means you have a credit on the card. Like if you overpaid the bill or got a refund for something you returned. When you enter a charge it will reduce (decrease) the credit you have available on it. And a payment will increase the balance.
Also make sure you have the right starting balance. If it's zero you might need to add a beginning balance for when you started the account in Quicken.
The credit card balance you OWE should be in RED. If the balance is Black then it's showing the credit card company owes you and you have a credit balance. And then when you make a payment it's like the cc owes you more. So you need to go back though your entries and find where the balance switched to black to being in your favor.See this for more info.....
I'm staying on Quicken 2013 Premier for Windows.
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Actual reversal of Charges and Payments has been an actual issue with certain Canadian financial institutions. I believe this happened with PC Financial (Orange) and possibly with ScotiaBank at times. Hence the questions regarding which financial institution was involved and whether they were using Web Connect or Express Web Connect. Yes, sometimes people get confused about credit/debit balances, we have also seen situations where the individual transactions were downloaded as the reverse of what they really are (i.e. payments recorded as charges and vice versa).
More detailed and specific information and screen shots would be very helpful here! Without more information to clarify, this could be either credit/debit confusion or true reversal of charge/payment in downloaded transactions. And the two posters could have different scenarios. The devil is in the detail.
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@Arctic Hare @Quicken Anja
I had this problem with a PC Financial MasterCard a few years ago. At first they didn't even have the option to download transactions to Quicken (only to CSV). They did made the option available and then it downloaded with the charges and payments reversed. I notified PC Financial and they seem to have fixed this. Now when I download the transaction they are posted correctly as Charges or Payments and Credits.
(Note: I use the "Web Connect" method to download transactions from the bank website into Quicken and I don't have "Auto reconcile downloaded transactions" checked. I don't use One Step Update to automatically login to my back accounts. I'm using Quicken Home & Business for Windows R45.18.)
The problem I still have is with the PC MasterCard Reconciliation. When I start the Reconciliation process, the balance showing for the Online Reconciliation is correct, but it is a positive number when it should be a negative number, showing the net amount I owe to PC MasterCard - $-7,881.31 (see below).
With PC Financial I have to do a Paper statement reconciliation by simply entering the numbers and statement date from the statement (all positive) and it will reconcile correctly.
For my other Credit Cards like Scotia bank and TD bank, the downloads are fine and the reconciliation balances show correctly as negative numbers. (see screenshot below).
I don't know why the reconciliation balance numbers in the PC reconciliation don't show as negative numbers even though they have been downloaded and posted in the correct columns.
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@JosefW Does the incorrect sign (+/-) issue also affect the Online Balance shown at the bottom of the register? This is not visible in your screen shot, but I suspect that the number is wrong there as well. That online balance number is a number that is provided by the bank as a discreet number, I believe. Therefore, it is entirely possible there is something wrong in the banks coding that causes that one number to have the wrong sign.
As a point of interest, why do you reconcile to the online balance? I've always found it makes sense to reconcile to the "paper statement" even though these days that is a monthly PDF that I download. I never use the reconcile to one balance. If you can't get the bank to fix the coding for the online balance number, you can get around your issue by reconciling to the paper statement (or PDF as the case may be).
It may be that no one else is reporting this error because, I suspect, most people reconcile to the Paper Statement, not the online balance. Again, what do you see to be the advantage of reconciling to the online balance (a feature that I have always ignored). I reconcile all my accounts monthly, but always reconciled to the monthly "paper statement".
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