How can I undo a reconcilation in quicken 2012

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PeteO
PeteO Member ✭
edited February 2021 in Registers & Transactions (Windows)
My credit card (discover) sent me a bill with new account balance. I reconciled the bill based on that info. When they withdrew funds (automatically) from my bank account three weeks later they withdrew my stated balance less a charge that I had disputed and that was supposedly closed weeks earlier. So now my reconciliation is off. Can I manually undo that month's reconciliation, and redo it to reflect the correct amount they deducted? My last back up is two months prior. I don't want to go back that far and rebuild all my accounts and activities. Help. Please. I have been using quicken since 1992 without major problems until now!

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  • UKR
    UKR SuperUser ✭✭✭✭✭
    Answer ✓
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    If you changed that disputed charge transaction to
    • Amount: $0.00
    • Memo: Void, disputed charge, original amount $123.00
    or recorded an additional offsetting transaction then no, it won't cause another balance difference. I'd leave it in the register as a record that something unusual happened.
    And come next statement, the amount of the monthly payment to the credit card should back to normal, too ... unless, for some reason, the disputed charge were reinstated and charged again ...

Answers

  • UKR
    UKR SuperUser ✭✭✭✭✭
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    Happens to me, too, on occasion. The credit card companies don't like to debit more than the actual balance after credits/refunds, so they will charge less than indicated in the statement.
    Just edit the credit card payment transaction amount to what was really debited by the credit card company and your reconciliation and both your credit card and checking account balances should be in sync again. No need to redo the credit card reconciliation at all.
    And speaking about not having enough backups ...

    How to properly set up Quicken Backup
    How to make Quicken create a backup for you automatically every time you close Quicken
    What Quicken backups are available where?

    For the sake of this discussion it is assumed that your Quicken data file is located in the Default (and recommended) place: C:\Users\username\Documents\Quicken

    Review the backup settings available in Quicken (under Edit / Preferences / Backup).

    In there you will find two types of backup: Automatic and Manual Backup.

    Automatic Backup should be enabled and always goes to a \Backup folder that's part of the folder which contains your current Quicken data file, e.g. \Documents\Quicken\Backup. Set it to create a backup after running Quicken [1] times and to keep [9] (or more, your choice) backup copies.
    The file name for Automatic Backup files contains a date and time stamp as part of the file name, e.g. QDATA-2020-03-22.PM03.45.QDF-backup

    To create a Manual Backup copy of your Quicken data file on an external device (USB-hard drive or USB memory stick recommended), put a checkmark at "Manual Backup Reminder" to enable the function and set "Remind me after running Quicken [xx] times" to [1].

    Click OK to save the changes.

    From now on, when you close Quicken using the red X button, you will get a popup window.

    When you get this window for the first time, on some versions click the radio button for "Backup on my computer".
    Change the Backup File name's drive letter and path to point to your external device so that it looks something like this: E:\Quicken Backup\QDATA-2019-04-01.QDF-backup
    or use the Change button and work your way through the dialog.

    Do not change the filename portion! Just overtype the drive letter and choose a backup folder name. If the folder does not exist, it will be created.

    Also choose the option to "Add date to backup file name".

    Every day when you run Backup or close Quicken, an additional backup file is created. Without the Add Date option you only have 1 backup copy which is overwritten every day ... and that may prove bad in a problem recovery situation.

    Allow this backup to run to save the changes made on the screen.

    Of course, once in a while you will have to go in and delete some of the oldest backup files, at your discretion, to avoid filling up your USB device.

    One can never have enough backups of a Quicken data file. BTDTGTS!


  • PeteO
    PeteO Member ✭
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    Thanks for your help. I did what you suggested and it resolved the problem with the current imbalances in both my credit card and bank account. But won't that effect my next credit card statement, as the problem transaction (the one that I cleared but that they did not deduct funds for) still shows as reconciled?
  • UKR
    UKR SuperUser ✭✭✭✭✭
    Answer ✓
    Options
    If you changed that disputed charge transaction to
    • Amount: $0.00
    • Memo: Void, disputed charge, original amount $123.00
    or recorded an additional offsetting transaction then no, it won't cause another balance difference. I'd leave it in the register as a record that something unusual happened.
    And come next statement, the amount of the monthly payment to the credit card should back to normal, too ... unless, for some reason, the disputed charge were reinstated and charged again ...
  • PeteO
    PeteO Member ✭
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    Got my new statement this morning, and was able to resolve the reconciliation issue following your advice. Can't thank you enough. This issue really had be flummoxed! Hope your day is going as good as mine now is! Pete
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