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Opening Balance Changes!!!

starpal

I have seen a number of posts on this board over the past months regarding changes Quicken makes to the opening balance amount of various accounts. This has happened to me repeatedly in several different accounts, both bank accounts and credit card accounts, and from different financial institutions. I fortunately learned from others to notate the correct opening balance in the memo field to preserve that information.

How can a Money Management software program allow such an egregious error to persist? This is not a unique problem in a certain circumstance but a generalized repeated error.

How am I to trust the data that I have invested so much time and effort over the years to try to maintain?

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Comments

Tom Young

Well, you're preaching to the choir here; an accounting program should never, ever allow changes to prior period transactions of any kind without the direct approval of the Chief Accounting Officer, the Quicken user.

I'm not sure that even the current Quicken programmers - two to three generations removed from the original programmers - can tell you why that happens.

Certainly one problem with Quicken is that as a retail program it constantly has to be updated, both to adjust to the current environment and to add New! Improved! features, and long time users know that each change has a better than even-money chance to break some other part of the program.

NotACPA

@starpal re:"How am I to trust the data that I have invested so much time and effort over the years to try to maintain?"

Vigilance, Vigilance, Vigilance. Q has NEVER been an "autopilot" system, although many mistakenly try to use it as such. Adding the correct amount to the OB memo field, and regular reconciling of your accounts is absolutely needed… as is carefully reviewing all downloaded transactions before accepting into your accounts.

It's via that review of transactions that, over the years, I've found multiple fraudulent transactions. In one case, I was even discovered that the crooks had used the card for a second night at a local hotel (after the 1st night usage downloaded) .. and the cops were able to arrest them there.

starpal

Thanks, yes agree both regarding the development over time and that vigilance is of utmost importance. That's why I reconcile almost daily! My point is that we are talking about maintaining what is essentially a check register. Basic, Basic, Basic stuff! Not esoteric advanced accounting that would be beyond the scope of a consumer product.

Come on, Quicken, FIX IT! I shouldn't have to record the opening balance of a check register in software in 2024. I'd be embarrassed if I went to my accountant and said that I had to make that adjustment!