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Credit Balance On CITI Credit card incorrect

Ron S

I have a large credit balance on my CITI credit card. The balance on the credit card company website is correct. However, when the balance is imported into Quicken via one step update, the online balance is showing up as a debit instead of a credit. So, when I try to reconcile, I'm off by exactly double the balance. Quicken adds a balance adjustment if I accept the difference when I reconcile the acccount.

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Quicken Jasmine

Hello @Ron S,

Thank you for reaching out to the Quicken Community, though I do apologize that you are experiencing this issue.

Before I can further assist you, I require some more information. What is your connection method with Citi? When did you first notice this issue? After a recent update? If so, which update? Do you receive any error codes or messages?

I look forward to your response.

Ron S

Hi Jasmine. I use Direct Connect for my updates. There were no error codes. I only recently noticed the problem after I received a credit for a refund was applied to my card and the card balance became a positive amount instead of a debit. I am using Quicken Deluxe and am on the most current Release R51.12.

UKR

For as long as the credit balance exists, as a workaround, I suggest you do not reconcile to the Online Balance. Reconcile to a Paper Statement instead.
When entering the credit balance in the Reconcile dialog, enter the amount as a negative number.
Yes, I know, sounds weird. But you normally enter a debit balance (money you owe) as an unsigned positive number, the same way it shows on the paper statement.
When you have a credit balance, you need to enter it as a negative number. Under the covers, Quicken will do the math correctly and your statement will (should) balance without a goofy adjustment.

And, yes, correctly recognizing a credit balance in the Downloaded Balance field has been a problem for many years. And the programmers have yet to recognize it as a bug and fix it … 😦

Ron S

Thanks for the advice. I find it just as easy to use the auto reconcile, then delete the balance adjustment as a work around. Especially if there are a lot of transactions to reconcile. I don't quite understand why it only occurs with my CITI account; other credit cards are fine. I hope the program staff gets around to working on it soon. 👍

Chris_QPW

I don't quite understand why it only occurs with my CITI account; other credit cards are fine. I hope the program staff gets around to working on it soon.

Citi card accounts are setup with Direct Connect, which means that the information comes directly from them. I'm 99% sure if you looked in the OFX log (Help → Contact Support → Log Files → OFX Log) for the balance amount in the LEDGERBAL section you will find that the sign is wrong (should be positive in this case).

Since Citi is generating this information, only they can fix it.