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I know end of the year is best to start fresh but my accounts need fresh numbers

Chuck88

I am going to save my current files and start my new file on 11/30/19, am I doing the right thing?

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Comments

splasher

Why? What is wrong with your current file that you wish to abandon it?

Chuck88

The files wont balance and I have had to enter balance adjustments. They are in a mess.

thecreator

Hi @Chuck88 ,

When you mess with Balance Adjustments, instead of looking for causes of out of Balance errors, the Accounts will never be accurate again, until you search for the errors.

And see this FAQ: https://community.quicken.com/discussion/7307115/add-your-quicken-information-to-your-posts-plus-how-you-are-connected-to-the-internet

Comment back with additional information.

Chuck88

Which is why Im starting fresh, Im no accountant.

Ps56k2

It's always better to go back and methodically look for the reason the adjustments were added.

Are you downloading transactions using One Step Update or entering transactions manually.

Sometimes my mutual funds holdings will be off if I missed a monthly transaction or if my CC doesn't post a charge. It takes time, but once they are out of balance, you should try and correct them immediately.

Lastly - if they somehow have gotten messed up, they still have all their historical value and it really is worth trying to fix things.

Let us know - one at a time - what account is messed up and the adjustment that was added.

splasher

Inserting a balance adjustment should only be a last choice and definitely a one time thing.
If you have had to do it multiple times, starting a new file is not going to help. There is something wrong with how you are using Quicken that is causing either duplicate or missing transactions. I don't know if you are downloading transactions or manually entering them. Do not expect Quicken to run on "auto-pilot" and be correct. It takes an observant eye to ensure that EVERY transaction entered is correct.
I can't remember the last time my accounts did not reconcile correctly and I'm no accountant, but I don't let Quicken auto accept or auto match anything. I let it suggest matching, but I decide if it is correct and act accordingly.

Ps56k2

splasher said:
I can't remember the last time my accounts did not reconcile correctly and I'm no accountant, but I don't let Quicken auto accept or auto match anything. I let it suggest matching, but I decide if it is correct and act accordingly.

totally agree - make sure you are NOT doing any of the "auto-accept" features,
and take control... it is well worth having a complete, correct, and historical filing cabinet

Chuck88

I backed up my "old" file and created a totally new file with a fresh download from the bank. Im going to start 2020 a little different. I carefully check each transaction after download. If quicken suggests a match, I look at the transaction and if its true I accept. One of my biggest down falls is the transfering between accounts that I do. It drives me crazy when my reconcile is off because I didnt put the correct account in the boxes. When I do accept my transactions and select done, the reconcile window pops up, I wanted it to auto reconcile at one point but quickly changed my mind and I thought I had it fixed but it still pops up. I dont let it auto accept anyting. The only thing I do is One Step update. I also budget a month ahead on quicken using the previous month and I get my cleared transactions accepted and I have to find the budgeted item, the ones pending and erase. I also have on Persoal Line of Credit from the bank that quicken does not find. The tech at the bank said sometime quicken will, sometimes not. A last word about the transfers, I dont understand what it wants, it says where the money is coming from but I get confused about what it wants as far as where its going.

chitownhockey

Transfers should always show the transfer account name in SQUARE BRACKETS.

Thus, when you pay your credit card from your checking account, the checking account should show [CreditCard] in the category column...and a corresponding transaction will appear in the CreditCard account as [Checking] in the category. One transaction takes care of both sides of the transfer as they get entered in BOTH registers. ("Checking" and "CreditCard" should be replaced with the actual account names in Quicken).

Alternatively, when in the Category field, click the dropdown box and scroll all the way to the bottom of the list. Your Quicken accounts will be listed and you can select the account you are transferring funds to. It will automatically appear with square brackets, indicating a transfer.

BTW, sloppy practices in entering transactions with incorrect amounts or only one side of a transfer using a non-transfer category will mess things up pretty badly.

I agree that you need to be more diligent in finding data entry errors in Quicken rather than just entering balance adjustments. In my view, having an account not reconcile to the penny is unconscionable and ALWAYS requires further investigation why.

Chuck88

Is Quicken Mobile useful or waste of time?

thecreator

Hi @Chuck88 ,

Quicken Mobile uses the Data File / Accounts from the Desktop Quicken Data File. If you don't use the Desktop Application, then you can't use the Mobile Application, by itself.

splasher

Chuck88 said:

Is Quicken Mobile useful or waste of time?

Depends on you really. I don't see much use for it as I prefer to do everything with a keyboard/mouse/monitor that I can easily work with, my phone is not that device.
I also don't find it necessary to check my finances at the store before I decide to buy something, I know while in advance if I can afford it.