How do I a discrepancy between my bank online balance and the Quicken balance?

SDigby

How do I reconcile the difference? I believe the bank balance is correct.

Quicken Kristina

Hello @SDigby,

To assist with this, could you please provide more information? Do you update your account manually or is the account connected through Quicken to download from the financial institution? If the account is connected, does the online balance in Quicken match the online balance the financial institution shows? When you reconcile, are you comparing to the online balance, or do you reconcile by statement balance?

There are some general things to check for. Do you have any missing or duplicate transactions in Quicken? Have you checked your Quicken register for any uncleared transactions that may be throwing the balance off (that can happen if you have manual transactions or reminders that are in the register, but never matched to any transaction downloaded from the financial institution)? How much is it off by? Sometimes that amount can give you a hint of what to look for. Are there any pending transactions on the financial institution side that would explain the difference you're seeing?

I look forward to your response!

SDigby

Hi Kristina,

I am new to Quicken and may have messed things up. When I began setting this up, I went back to May 28. I adjusted the opening balance so things now are justified. I think that solved the problem.

splasher

@SDigby

A piece of advice, put the amount of the Opening Balance in the OB transactions Memo field for future reference. Quicken recently has had an issue with changing the amount of the OB transaction when accounts are connected to online downloading services or if the account is reset. Then, in the future, if the reconcile is off and you don't see an obvious reason you can easily check the OB to make sure it didn't get changed.

Quicken Kristina

Thank you for your reply,

I'm glad to hear you were able to resolve the issue by correcting the opening balance. As @splasher mentioned, since the opening balance is a calculated value in Quicken, sometimes resetting or reconnecting an account can cause it to change. Putting the correct opening balance in the memo column can help since it'll make it easy to see if that balance changed, and easier to correct.

Please feel free to reach out if you need further assistance!