Reconciling a credit card statement
I know how to reconcile a bank deposit account and have no problems with that process. However, I decided to add a credit card to Quicken but I cannot determine how to reconcile the statement. I clicked the same icon as I do when reconciling a deposit account but the option to reconcile is not there…??? I have searched in Help in Quicken as well as Youtube and Google but cannot find anything. Can anyone help?
Answers
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You need to be IN the card account to reconcile it.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
Yes, I know I need to be IN the credit card account to reconcile just like with a deposit account. With the deposit account, I click on the Actions icon and a list opens that includes the option to reconcile. But, when I do the same thing with the credit card account open, I do not have that option….? This is what I don't understand. Maybe I am trying to reconcile the credit account incorrectly?? If you were in a credit card account on Quicken and you wanted to reconcile the account, what steps would you take? I tried to do this last night for about 2 hours and again today for about 2 hours so I really appreciate your help.
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Do it the easy way. While in the card account, click CTRL-R … and follow directions from there
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
I just tried this and the Update Balance window opens. It doesn't look like the reconciliation window and appears to be used for a balance adjustment…??
What happens when you try to balance a credit card account on your end (assuming you have a credit card account on Quicken)?
Thanks again!
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I just tried this and the Update Balance window opens
That indicates to me that you created the new credit card account with an Account Type which does not support reconciling, e.g., a Cash account or some of the other Asset and Liability types.
Look in Edit Account Details for this account and tell us what the Account Type is.
If it's not "Credit" you cannot change the Account Type and need to create a new Offline Account of Type Credit Card.Remember that you can Move Transactions from the incorrect account to the new credit card account, to save time and labor of reentering all the data.
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