Quicken reconciles all transactions but bank's ending balance is hundreds of dollars different
I've been having a problem where I load all transactions into the register and reconcile. The reconcile completes with the cleared balance and statement ending balance equal - difference of zero. Checking the actual account balance shows hundreds of dollars difference and no pending transactions so everything should have been downloaded into the register. I've reset the account many, many times and deactivated / activated several times but the problem keeps occurring. It's very hard to trust the information I receive telling me I'm balanced with the statement balance. This happens with Wells Fargo, Truist and Bank of the Ozarks so it's not just a single institution. I haven't restored any backups since I know that can cause its own problems.
Any ideas? Anything to check?
Answers
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The first thing I would check is to see if the Opening Balance transaction amount is correct. There is a Quicken bug where it is changing this amount. In fact, based on what you said changing it by the exact amount that is different from ending balance and the balance at financial institution would make them "match".
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Seems that is also a problem. I added and reconciled a "fake deposit" to bring both to balance and then when downloading, no new transactions were downloaded as expected. Reconciling gave me a heart attack when it showed a balance of zero in that account. I was logged into the bank at the time so I knew it wasn't the actual balance.
Attempted to reset my Wells Fargo account and for the past 4 days, I receive the "Account reset failed. Quicken could not complete the account reset". Deactivating and activating didn't fix anything.
Any other tips to try? I have it backed up so if it gets too messed up, I can restore.
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Personally, I would change the Opening Balance, instead of putting in the "fake deposit" which is basically a "balance adjustment". They are both just adjusting the balance, but I think changing the opening balance is the correct way because it follows what really happened at the financial institution.
The opening balance being changed has come up enough that the SuperUsers suggest that you put a memo with the correct amount in each of the Opening Balance transactions in each of the accounts, so that if Quicken does it again in the future you can quickly check it and fix it.
As of fixing the Wells Fargo account, I don't really have any insights on it.
Hopefully someone else will comment on it, but if they don't the best bet might be to contact Quicken Support:
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Nice catch. I went back through my statement ending balances vs. Quicken balances and it's been off for over a year, at times by more than $2k. Thank goodness I was close enough on the most used accounts that I didn't get hit with overdraw fees. Wells Fargo is the worst so Intuit might want to keep on top of that as it appears the latest attempt didn't quite work. Once I got the balances cleared up, transactions failed to download causing the problem all over again. I guess I go to manual downloads for a bit until they get this straightened out.
Still leaving a bad taste that the "industry leader" can't quite get this cleared up with one of the biggest financial instutions in America. Hoping the troubleshooting effort continues and if needed, I can be one of their beta testers to help move things along.
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