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Credit card statement amount mismatch

Francois

On several occasions my Chase credit card statement amount due is a penny off. For example, today the autopay amount downloaded from my bank was $237.56 but the amount due that was recorded 3 weeks ago as per the downloaded statement was $237.55. Am I the only one experiencing this? Is this an known issue?

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Tom Young

I can see the difference. This might be something to take up with Official Quicken Support. Is the direction of the penny difference always the same, a penny down or a penny up? Although I guess that really doesn't matter if sometimes Quicken's number is correct and sometimes it's wrong; you're always forced to go look at the bank's number to be sure. Annoying.

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Tom Young

"For example, today the autopay amount downloaded from my bank was $237.56 but the amount due that was recorded 3 weeks ago as per the downloaded statement was $237.55."

You say "autopay" which suggests that you've set up at Chase the ability for Chase to pull the payment from your checking account. Is that in fact what you've done?

In my experience with autopay situations set up with a credit card typically show, via downloads, that first the payment is reported in the credit card's Quicken Account and then, a day or two later, the payment is reported in the Quicken checking Account. So, assuming that the autopay is actually established at the credit card company, are you seeing a divergence between what's reported in the credit card Account vs. what's reported in the checking Account, or is that penny difference consistent between the two Accounts?

I have two credit cards with Chase set up at Chase for autopay and I can't remember seeing what you're describing, though I suppose it might have occurred and I just shrugged it off.

Francois

Sorry for the lack of clarity.

I typically received my credit card statement in Quicken about 3 weeks before the payment is due. From the "bills and income" tab I record the transaction in my register. In my example, the amount due was $237.55. I do have autoPay set up with my credit card provider and on the due date it transfered $237.56 from my bank. When I go to the credit card website I can see that the statement amount is $237.56, not $237.55 as downloaded 3 weeks ago in Quicken.

This penny discrepancy has happened often enough times that I know it's not my doing.

Tom Young

"I typically received my credit card statement in Quicken about 3 weeks before the payment is due."

OK, that's the missing piece of the puzzle. The statement amount is coming through Quicken with, apparently, an improper payment amount.

I don't get my statements through Quicken. Instead I get emails from the credit card companies that the statements are available and, typically, immediately after receiving that email I click through to the credit card website and look at the actual statement. I then reconcile and create a "due date" payment (transfer) transaction between the credit card Account and the bank Account. The only time that doesn't work perfectly is if there are some Returns on the credit card after the statement date and before the payment date, and the credit card company adjusts the payment down accordingly.

It would seem to me that the penny difference would be picked up in the reconciliation and that would be very apparent in a low-transaction credit card though not so easily seen in a high volume situation.

If I actually was receiving erroneous credit card statement payment amounts with penny differences I would notice that sort of difference just because of an extra step I take when I see the credit card statement. I make a $0 entry as of the statement date and in the Memo field I actually show the reconciliation, starting with the statement amount, the balance as of the statement date in the Account, with reconciling differences (typically 1 or 2 transactions) added or subtracted as needed. I'll admit I do tend to overkill this. 😂

I guess the penny difference is in a way no big deal but there does seem to be something wrong on Quicken's end.

Francois

Here's an example. Quicken this morning has downloaded the statement from one of my credit cards. I've done a screen shot of the Quicken entry followed by the bank statement.

Quicken:

Bank:

Tom Young

Francois

I've reported the issue from within the software but I don't expect a resolution to be honest. It's not a big deal but it's a bizarre issue.