Home Quicken for Mac Download, Add/Update Accounts (Mac)

how to initialize daily balance on new CC account?

I added a credit card to my account (Q2018 for Mac).  I was able to link to the online CC bank and download the account info.  I got all the transactions in that card account (charges, credits, payments).  It transferred 90 days of data.

Is it normal to get 90 days?

The Today's Balance is very different from the online balance.  The Online balance matches exactly to the account online records.  But I can't figure out how or why the Today's balance is so different.  I haven't done anything to this account (reconcile or adjust anything).  All I did was import the data for the first time.  Is there a procedure for adding a credit card account and then transferring data from the bank?  Something seems missing.

Comments

  • RickORickO SuperUser ✭✭✭✭✭
    edited January 2018
    Most banks only supply 90 day of transactions for download. Since there is history before that, and a balance on the date of the first transaction, you are going to need a balance adjustment to make it correct going forward. One way to do that would be to reconcile to your last statement, or to the online balance, and Quicken will tell you what the adjustment number needs to be.

    If you think about it, when you first opened the card account with the bank, the balance was zero. Then there were a whole bunch of transactions that happened that are not in your register in Quicken. Whatever the grand total of those transactions is (positive or negative) is how much your register is off. You can fix this with a single adjustment transaction that reflects that grand total.


    If the history of this account doesn't go back too far, it may be possible to get more than the 90 days of transactions by downloaded a QFX file of earlier transactions from the bank's website and importing that into Quicken. It all depends on if and how far back the bank will generate a QFX file.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • MatthewMatthew Member
    edited January 2018
    Makes sense.  This is the first time I've tried adding a CC, we've been using Q for a long, long time, but only linked into our checking/savings accounts.

    I wasn't able to find very much in the way of documentation on all this, so I wasn't sure what to expect.  90 days seems like it's fair.  We've had this card for quite a few years.

    In the last 90 days, we have approx 80 transactions on that card.  I suppose I could add all the debits and credits to see if they add up to what's being shown in the Today's Balance and then generate a reconciliation amount to try to sync it with the Online Balance.
  • RickORickO SuperUser ✭✭✭✭✭
    edited January 2018
    Matthew said:

    Makes sense.  This is the first time I've tried adding a CC, we've been using Q for a long, long time, but only linked into our checking/savings accounts.

    I wasn't able to find very much in the way of documentation on all this, so I wasn't sure what to expect.  90 days seems like it's fair.  We've had this card for quite a few years.

    In the last 90 days, we have approx 80 transactions on that card.  I suppose I could add all the debits and credits to see if they add up to what's being shown in the Today's Balance and then generate a reconciliation amount to try to sync it with the Online Balance.

    If you've had the card for years, there's no way you're going to get all the history downloaded and imported. So if were me, I think I'd just delete everything before Jan 1st and have the Quicken history start on Jan 1st with an adjustment to make it balance. Or keep the 90 days. Whatever seems right for you.

    As far as adding it all up manually, you shouldn't have to do that. Just turn on the Balance column (menu View > Columns) and sort by date. You will see that the running balance adds up to match the Today's Balance.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • MatthewMatthew Member
    edited January 2018
    Matthew said:

    Makes sense.  This is the first time I've tried adding a CC, we've been using Q for a long, long time, but only linked into our checking/savings accounts.

    I wasn't able to find very much in the way of documentation on all this, so I wasn't sure what to expect.  90 days seems like it's fair.  We've had this card for quite a few years.

    In the last 90 days, we have approx 80 transactions on that card.  I suppose I could add all the debits and credits to see if they add up to what's being shown in the Today's Balance and then generate a reconciliation amount to try to sync it with the Online Balance.

    Balance column is displayed, but it's empty.  I did a "select all", it shows a balance that does add up to the "Today's Balance".  Maybe the balance column starts getting populated the first time I reconcile?  I'll try playing with it sometime tomorrow.

    I think I'll keep the last 90 days, rather than starting 1 Jan.

    And thanks a lot for the help, it got me started.
  • RickORickO SuperUser ✭✭✭✭✭
    edited January 2018
    Matthew said:

    Makes sense.  This is the first time I've tried adding a CC, we've been using Q for a long, long time, but only linked into our checking/savings accounts.

    I wasn't able to find very much in the way of documentation on all this, so I wasn't sure what to expect.  90 days seems like it's fair.  We've had this card for quite a few years.

    In the last 90 days, we have approx 80 transactions on that card.  I suppose I could add all the debits and credits to see if they add up to what's being shown in the Today's Balance and then generate a reconciliation amount to try to sync it with the Online Balance.

    Follow these steps to get the balance column populated:

    Running Balance Not Showing
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • MatthewMatthew Member
    edited January 2018
    Matthew said:

    Makes sense.  This is the first time I've tried adding a CC, we've been using Q for a long, long time, but only linked into our checking/savings accounts.

    I wasn't able to find very much in the way of documentation on all this, so I wasn't sure what to expect.  90 days seems like it's fair.  We've had this card for quite a few years.

    In the last 90 days, we have approx 80 transactions on that card.  I suppose I could add all the debits and credits to see if they add up to what's being shown in the Today's Balance and then generate a reconciliation amount to try to sync it with the Online Balance.

    Thanks - I'll verify that the next time I get a chance.
This discussion has been closed.