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Just told by tech support that the MAC version cannot reconcile a loan from a bank statement

DougHoegh

So I was just told by tech support the the Mac version of Quicken does not have a way to reconcile a loan from a bank statement. Seriously, is this correct? Tell me he didn't know what he was talking about. I guess I need to go back to a windows container on my new Mac Mini 4.

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Jon

If you go to the Transactions page for the loan (I'm assuming this is an actual Loan account and not just a simple Liability account) you can turn on the CLR column and mark individual transactions as cleared by option-clicking on the checkbox in the CLR column, or by right clicking on the transaction and selecting Set Status of Selected Transaction to → Cleared.

But the Reconcile command doesn't seem to be available.

DougHoegh

https://community.quicken.com/discussion/comment/20464526#Comment_20464526

yes. Amazing isn’t it! This Mac product really needs work.

Jon

All the years when I had a mortgage I never felt the need to reconcile it. I just checked the statement each month to make sure the interest/principal split was correct on the previous month's payment transaction in Quicken & that was good enough.

DougHoegh

https://community.quicken.com/discussion/comment/20464543#Comment_20464543

True, but the windows product has had it for years and it shouldn’t be that big of a deal to put in the Mac product. A register for a checking and savings has it, why not a loan.

NotACPA

I'm running QWin Bus & Per, R59.35.

When I go to a traditional mortgage account and click CTRL-R, I get an "Update Balance" dialog … NOT a reconciliation screen.

SO, there seems to be a misconception here re: the capabilities of QWin vs QMac.

Jon

Adjust Account Balance is available for mortgages in Quicken Mac also.

DougHoegh

https://community.quicken.com/discussion/comment/20464553#Comment_20464553

perhaps it was how I originally setup the couple of credit union loans I ported from Windows. Both allowed me to reconcile in Windows and now not in Mac. I still have my old iMac with a VMWare container running Windows quicken. I’ll take a look tomorrow to see if I had them setup as a liability and not a loan. Appreciate your comment.

jacobs

@DougHoegh If your account is a liability account (not a loan account), you can reconcile it, just as you can reconcile other account registers. Loan accounts can't be reconciled, even though they look mostly like other registers. I assume it has something to do with how the loan splits are auto-calculated. But since you can enter an adjustment to the loan balance, I wonder what you feel you're really missing?

Loan accounts typically have one transaction per month, and for mortgage payments, it's typically the same amount each month — so it's usually pretty easy to just check the monthly balance to see if it's correct. As @Jon said, you can manually mark the transactions as cleared, or as reconciled (Option-click in the Clr column), if you wish, and you can add a transaction to adjust the balance. So aside from the nicety of having a Reconcile screen like other accounts, I can't see anything missing that a reconcile screen would allow you to do. Do you?

Boatnmaniac

In QWin, when doing Add Account some banks will download and set up loan accounts as credit card accounts (i.e., spending accounts) which can then be reconciled. I once had a car loan from my credit union that first set up and downloaded like that.

But in QWin, if the loan is first set up manually as Loan account, Quicken will set it up as a liability account instead of a spending account. There is no reconcile function with a liability loan account in Quicken. We can manually mark the transactions as C or R and can use the balance adjustment tools, but there is no reconcile tool.

DougHoegh

https://community.quicken.com/discussion/comment/20464553#Comment_20464553

I went back and confirmed when using windows on a "Loan" account I do have the ability under the CLR column to either Clear or Reconcile. With the Mac version the reconcile option is not there.

DougHoegh

I checked this morning with a "loan" account I have with the Windows version of Quicken and I can reconcile any transaction. But it's not an option in my Mac version. I like to reconcile the loan when I receive my monthly statement. Note: This is not a traditional mortgage, rather a loan company that a window installation company uses from replacing windows in my home.

DougHoegh

I just like to reconcile the account when I receive my monthly statement from the loan company. Used windows for twenty years and struggling with the differences. That's all.

DougHoegh

https://community.quicken.com/discussion/comment/20464571#Comment_20464571

Marking the transaction as "R" or reconciled is not available in the Mac version. That is exactly what I'm missing.

Jon

The marks are different in Quicken Mac. Reconciled transactions have a green check mark in the CLR column, there’s no “R”. Cleared transactions that have not yet been reconciled get a blue check mark; I don’t use that one for manual accounts but see it in accounts that are connected.

jacobs

I checked this morning with a "loan" account I have with the Windows version of Quicken and I can reconcile any transaction. But it's not an option in my Mac version.

@DougHoegh But it is! 😀 @Jon wrote about it above, but let me explain it step-by-step.

Click on the loan account in the left sidebar
Click on the Payments tab, which is the register-like view
Unlike standard registers, there is no "Columns" icon to click on to add or hide columns, but you can do exactly that from the menu: View > Columns. Check the "Clr" column in the drop-down menu to make it visible; you could also add other columns like Memo, or hide columns like Attachments as you desire.
Now that the Clr column is visible, you can click in the Clr column for any transaction to have it change from empty to a blue checkmark, signifying the transaction has cleared your financial institution. To instead reconcile that transaction, Option-click on the Clr box twice: the first time creates the blue checkmark and the second time creates a green checkmark. This is the same symbol you'll see in other Quicken Mac accounts when you reconcile them, and is the exact equivalent of "R" in Quicken Windows.

DougHoegh

https://community.quicken.com/discussion/comment/20464664#Comment_20464664

Jacobs Thanks for the tip. The Option Click is exactly what I wanted to see. To me I've now matched or
"Reconciled" to my downloaded statement. Thanks Again.

DougHoegh

https://community.quicken.com/discussion/comment/20464614#Comment_20464614

Jacobs show me an example of using the "option click" Didn't realize it was there. Now I'm good. Thanks

DougHoegh

https://community.quicken.com/discussion/comment/20464664#Comment_20464664

Jacob I really appreciate your patience with my many questions. This has been quite a learning experience but I'm starting to like the Mac version. Thanks Again.

DougHoegh

https://community.quicken.com/discussion/comment/20464526#Comment_20464526

Jon thanks for your patience as I ask a million questions. Thanks again.

jacobs

@DougHoegh Glad we could help you find a way to do what you were wanting to do. 😀

Asking lots of questions is fine; there is undeniably a bit of a learning curve to master all the ends and outs of how Quicken Mac works — and for people coming from Quicken Windows, it can be doubly hard because your brain and muscle memory are fighting against the new interface and way of doing things. Stick with it and you'll likely get "over the hump" as more time passes. 😀

DougHoegh

https://community.quicken.com/discussion/comment/20465037#Comment_20465037

So very true. And I'm a little disappointed in the Help area. I have yet to find the trick you showed me with the option click on the CLR box to reconcile in help. Probably buried somewhere, but tough, at least for me, to find.

jacobs

@DougHoegh There are undoubtedly a number of small "tricks", especially with keyboard commands, which have never made it into the online Help. As you may have seen, some areas in online help are very detailed and helpful, and some are very brief and don't cover everything you see on a screen and might be wondering about.