Reconcile accounts

Daniel Borowicz
Daniel Borowicz Quicken Windows Subscription Member ✭✭✭

when is the best time to reconcile I usually do it right before the payment is due, but I’ve had several out of balance conditions.

Windows 11 deluxe subscription

I have windows 11, Quicken deluxe subscription

Answers

  • RalphC
    RalphC Quicken Windows Subscription Member ✭✭✭✭

    I'm not sure what "…several amount of conditions." is, but I reconcile statements as soon as they are available.

  • splasher
    splasher Quicken Windows Subscription SuperUser ✭✭✭✭✭

    I always reconcile the account as soon as I get the email stating that the new statement is available. If you wait any longer, you have to deal with transactions that are posted after the closing date and can just add to any confusion that might exist.

    -splasher using Q continuously since 1996
    - Subscription Quicken - Win11 and QW2013 - Win11
    -Questions? Check out the Quicken Windows FAQ list

  • Daniel Borowicz
    Daniel Borowicz Quicken Windows Subscription Member ✭✭✭

    thanks do you use paper or reconcile to online?

    I have windows 11, Quicken deluxe subscription
  • splasher
    splasher Quicken Windows Subscription SuperUser ✭✭✭✭✭

    Though there is no "paper" involved, I reconcile to the statement and not the online balance which effectively reconciles after EVERY download/import.

    Since I do Web Connect .QFX file downloads only, I check to make sure that my balances agree during each download/import, but I don't do a reconcile, the import only turns the CLR status to C and not R.

    -splasher using Q continuously since 1996
    - Subscription Quicken - Win11 and QW2013 - Win11
    -Questions? Check out the Quicken Windows FAQ list

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭

    I, also, only reconcile to the actual statement, not "Online Reconcile". But, sometimes, I'll view those statements online before I've actually received the paper.

    Online transactions MIGHT not be complete. For example, restaurants will frequently post the initial charges (excluding any tips) but then update the charge with the amount including a tip. If I were to reconcile during that interim, it would be incorrect.

    And, unlike @splasher, I use Direct Connect extensively. So my downloaded txn come in as "cleared". I don't find the existence of "post-statement date" txn to be a hindrance to my reconciling in the least. But, to each their own.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

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