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Reconciliation is not accurate

tcrank472

Over the past 6 months or so, my checking account reconciliation has been inaccurate. Sometimes it shows a balance too high, sometimes too low. I've tracked the discrepancies and the high and low don't zero out but as of now the difference is about $200. I have been using Quicken seems like forever (from the beginning). So I am not a newbie. I thought eventually it would calm down and get back in sync but it hasn't. My credit cards are reconciling just fine.

I've tried removing online services and reenabling ( a couple of times). That hasn't helped.

This is driving me crazy. Any thoughts?

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Comments

NotACPA

Have you changed the method of downloading into the account (say Direct Connect to Express Web Connect)?

That action can sometimes, erroneously, change the Opening Balance in the account which would screw up reconciliations.

SO, you might go back 7 or 8 months in the account and see if the balance then agrees with your bank statements.

It's because of this bug, which is well known, that the SuperUsers suggest placing the correct Opening Balance in the Memo field of that initial transaction for all banking accounts, so that if this happens again, it's easier to spot.

tcrank472

Yes, I did change from "Direct" to "Express". That could be it. But after it first started happening and I accepted the Balance Adjustment shouldn't the reconciliation be correct from that point forward?

I am willing and ready to try and determine the date the balance errors started happening so I can make an adjustment there, but I don't know the correct amount of the adjustment needed.

NotACPA

First determine if the Opening Balance changed. By correcting that, you'll probably resolve the reconciliation issue.

Cyclette

I have been experiencing the same issue with my checking account only - all other accounts reconcile perfectly.

I just reconciled the account and the report states there is a difference of $600. Sometimes the error is more, sometimes less.

I have gone back and found an error in data entry which I corrected. but that was after reconciliation, just to provide full disclosure.

I have allowed the adjustment to be made, which allows for reconciliation, but I know it is wrong. So I delete the reconciled adjustment and of course the problem continues.

I also have used Quicken for many, many years and have not experienced this problem until the last year or so.

Help!!!