Is anyone having an issue with account reconciliation?

Credit card account reconciliation shows out of balance when it is not. I have to let it insert a balance entry and then delete it.
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Answers

  • MoneyMike
    MoneyMike Member ✭✭
    My online balance seems to sync in real time for my some of my CCs. However, transactions seem to download a day later. The account then reconciles. I just manually reconcile the accounts where I have this problem.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    edited February 19
    @Kenneth Hill We really can't tell what is wrong with just your screenshot.

    "Cleared Balance" is a bit a misnomer, because it includes reconciled transactions.

    If you were to set all your cleared transactions to uncleared then that number would be the total of all of your reconciled transactions.
    Example:

    Notice that the Cleared Balance is equal to my last Reconciled transaction balance (-1900,40)  (and there isn't any unreconciled transactions before it, or after the date, Quicken would count reconciled transactions in the future too)

    If you start with a reconcile balance that is off by $50 then you would see the same thing as you have in your screenshot.  I'm going to add a $50 reconciled transaction to this account for comparison.


    I purposely put the reconciled transaction past the statement date to show that, but it doesn't matter what date it is.

    Now I mark my one transaction cleared.


    And note on your screenshot you pointed out that the debit transaction total is the same as your statement ending date.  Then the assumption there is that the one credit transaction brought the start to zero.  A good assumption if the reconciled transactions balance actually match your credit amount, but it doesn't look like it because you are off by $50.
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  • Kenneth Hill
    Kenneth Hill Member ✭✭
    I didn't have a reconciled transaction beyond the statement closing date. I didn't have a $50 pending transaction within the closing date. I could not find a $50 charge in the register within the statement date range that did not appear on my statement.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    The problem doesn't have to be in a given "date range".  It can be any reconciled transaction in the register.

    Try this.  Sort by the Clr column.
    That will put all of your reconciled transactions first, just in case they weren't when by date.  Look at the last reconciled transaction's running balance.  That balance should be the opening statement balance (or whatever balance you last reconciled to).
    If not this is the problem, you are starting with the balance that you think you are.

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  • Kenneth Hill
    Kenneth Hill Member ✭✭
    The last reconcile balance before the balance adjustment is $2417.51 which is $50 higher than the balance on my statement. I guess I will have to manfully the reconciled charges in my Quicken register against the last tow Amex statements to see if I can find the discrepancy. Otherwise give up and leave the $50 adjustment by Quicken in place.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Yeah the problem is that you are not necessarily even just looking for a $50 transaction.  It can be a transaction that is different than it should be by $50.

    One thing if you do decide to go the re-reconcile there is a relatively fast way to do it.
    You start by setting all the reconciled transactions to cleared by selecting the first one and the hold down the shift key and right click on the last one.  This will select all the transactions and bring up the menu where you can select Reconcile status -> Cleared.

    Then what you do is pick a date where you have the balance about half way through your transactions and run a reconcile.  If it reconciles you know that half is good.  If not you un-reconcile the transactions and do the splitting again for half of the first half of the transactions.  You repeat this halving and reconciling operation until you get close where you can start inspecting individual transactions for the problem.

    You can see how this would be much faster given that you want to find the problem down to a month.  If you had 20 years of transactions it would go something like this.
    10 years
    5 years
    2.5 year
    15 months
    7 months
    3 or 4 months
    2 months
    1 month

    It is a bit more for when the reconcile fails resetting and such, but it is lot faster than say doing it by month or even by year.

    Just be aware of the fact that you have to always reconcile "forward" because of the fact that Quicken will include any reconciled transactions even if they are after the closing statement date you enter.
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  • GeoffG
    GeoffG SuperUser ✭✭✭✭✭
    Are the two transactions highlighted below legit?

    user since '92 | Quicken Windows Premier - Subscription | Windows 11 Pro version 21H2
  • annieca34
    annieca34 Member
    Oh Kenneth! I feel your pain! I wasted hours on not being able to reconcile my 10/20 bank statement when I'd never had the problem before. So I went back a month. Same problem, different amount. Then I skipped back 3 months. Ditto. After spending literally hours over two days with Quicken representatives and being "escalated", or whatever they called it, I finally got someone who "solved" the problem. The issue wasn't "first you plug it in" like your previous advisors were trying to tell you. The issue is with Quicken and its coders. It has now been months of promises and it hasn't been fixed. I got one representative to say, "I don't think it's a high priority with them." All of my other accounts balance without a problem. Here's my question: "Who did I need to talk to to get this problem resolved.?" It's starting to make me crabby.
  • Kenneth Hill
    Kenneth Hill Member ✭✭
    In regards to the question from GeoffG, yes they are legit. Last monthly payment on interest free loans for 2 iPhone purchases.
    My experience is similar to annica34'a. The $50 discrepancy appeared when I tried to reconcile my 1/2/21 statement. I wrote it off as a one time anomaly in Quicken due to the huge number of entries with may $50 donations to charities. until it reappeared, $50 discrepancy, when reconciling my 2/17/21 statement. I never have had a problem before and all my other accounts are OK. I don't have reconciled entries beyond the account statement because I always reconcile to the statement close date.
  • Kenneth Hill
    Kenneth Hill Member ✭✭
    Correction in previous post "1/20/21" not "1/2/21".