Reconciling New Account
Hopefully I can explain what I'm trying to do.
I had used quicken set up with a credit card account which I reconciled on the 19th of each month. For 2024 I want to start afresh with all my transactions posted to a new credit card account I've set up (keeping all these new transactions separated from my previous CC account). It's the same credit card, I just want to start fresh. So with all these new transactions started on 1/1/24….. I'm trying to figure out how to record the opening balance for this new account since half the charges from the recent statement are assessed from 2023 and are not recorded on this new account which is started on 1/1/24. I tried adding up the charges from December of '23 and subtracting the CC payments made in '23 and using that figure as the opening balance, but that doesn't seem to work. Short of adding in to the new CC account all those charges from '23 and using the last reconciled amount balance from December 19th as the opening balance for this new account….. are there any other suggestions how I might figure an opening balance for this new account? Thanks very much for the help. Hopefully I'm explaining what I'm trying to do in an understandable manner.
Answers
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What I would do is start with the balance on my December credit card statement, and add or subtract any transactions that occurred after the statement date up through December 31st to get the year end balance. Since you were already tracking your credit card in Quicken I would assume you have a list of those transactions.
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Thank you, Jon, for the help and suggestions. I was still a bit baffled but after using your info and a little back and forth with some numbers I finally got what you were suggesting and got it to work. All good now. I appreciate the help!
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