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USAA - Quicken Reconciliation uses Current Balance not Settled Balance - Useless!!

James Wallerius

My Quicken will receive the settled transactions from USAA. But when you click to "Reconcile", the online USAA balance includes pending transactions. So, your reconciliation is always off by the total of those pending transactions. I've seen a number of people post about this & it looks like it has been a known problem at Quicken for more than 6 months. Why is this problem not immediately addressed? Does everyone with USAA have this problem or is it just some people? What needs to happen to fix this? Thanks.

Quicken Classic Premier Version 7.3.2 (Build 703.50456.100) macOS 14.0

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Quicken Kristina

Hello @James Wallerius,

To troubleshoot this issue, please provide more information. When did you first notice the issue? To clarify, are you Reconciling against the Online Balance or the Current Balance (as stated in the title of your post)?

If you're comparing to the Current Balance, then, since that is a manually input number, you would just need to correct the number you are putting in.

If you're comparing to the Online Balance, and the financial institution is incorrectly sending a balance that includes pending transactions to Quicken, there are a couple work arounds:

Wait 1-2 business days for the pending transactions to post, then reconcile.
If the account is too active for that to be a viable option, then reconcile using the Statement Balance, since that will allow you to manually input the correct balance to compare to.

To get the issue fixed, the issue needs to be reported so that our teams know that people are encountering it again. There are a couple options to report the issue:

If you want to receive a response, then you would need to contact Quicken Support directly. The Quicken Support phone number can be found through this link here. Phone support is available from 5:00 am PT to 5:00 pm PT, Monday through Friday.
If you don't care about a response and just want to report it, then you can use the Report a Problem tool in your Quicken program. To do that, go to Help>Report a Problem and fill out the form. Please include the following information: The name of the Quicken file you are encountering the issue in, the name in Quicken of each account having this issue, and, if possible, screenshots showing that the Online Balance in Quicken is reflecting transactions that are still pending on the financial institution website. While you do not receive a response for problem reports submitted through the program, these submissions do go directly to a database that is accessible by members of our Product and Development teams, escalation teams, and other internal support channels.

I hope this helps!

jacobs

@Quicken Kristina I don't mean to be contrary here, but this is an ongoing issue. The bank sends a pending balance, which doesn't match the transactions in Quicken. I don't know for sure, but my understanding is that banks may send pending transactions and balances, and Quicken needs to filter them out; it can easily filter out pending transactions, but doesn't always correctly adjust the reported balance containing the pending transactions.

The stock advice, as you posted above, is to wait a day or two for the pending transactions to post. That would be sound advice, except for most users with an actively used account, by the time the original transactions post and appear in Quicken, there will be new pending transactions, causing the discrepancy to continue. It only balances correctly after several days in which there are no transactions.

Isn't this an ongoing issue with Quicken (I don't know if Quicken Mac and Quicken Windows) trying to adjust the downloaded balance but not getting it right for some reason? As James noted in the original post, this is not a new issue for this financial institution. I'm just checking with you that you still want people to submit problem reports even though this has been repeatedly reported by users for months and, I thought, acknowledged by Quicken. Thanks.

James Wallerius

@Quicken Kristina Kristina, this is not a "user problem", it is a Quicken design problem. When you run an update - Quicken will download settled bank transactions. However, the online balance that Quicken uses to reconcile the portfolio is wrong. Quicken (not the user) uses a current balance that includes pending transactions that the Quicken user doesn't receive in the download.

Quicken needs to realize that this is a fundamental error on their part and not a user issue.

This problem has been report by multiple users for months. What I am asking is for a Quicken software engineer to confirm their understanding of the issue and share their plan & schedule to fix it. Why would an accounting company not understand that the balance they are reporting to customers includes pending unreported items?

Many thanks to @jacobs for articulating this too. We don't need stock answers. We need to know Quicken is aware of the issues and is addressing it. Thanks. [Edited - Readability]

James Wallerius

Does anyone else have problems reconciling with USAA? I am always left with Adjustments because the "Online Balance" includes pending transactions that weren't downloaded in the Quicken feed. I trying to understand if it's just me, if I'm doing something wrong, or if this is a widespread problem. THANKS.

James Wallerius

I found a ticket Quicken Support opened on 3/24/23 (Ticket #10102740 from Quicken Janean). She just re-posted the same message on 10/23/2023, but with no update, resolution, or timeframe for addressing the known issue.

Hey Quicken - how is that helpful? You've had 8 months to address the issue. Can't you provide a more useful update or FIX the problem?? I've been a huge supporter of Quicken for many years, but it's this lack of communication that erodes my support.