Problems with opening balance after Truist conversion

gawws
gawws Member ✭✭
edited December 2021 in Investing (Windows)
My SunTrust checking accounts refused to update when SunTrust switched to the new Truist website. I deactivated the accounts and added back online services using Truist as the bank. It appears that process changed my opening balance. This has happened across all the SunTrust accounts. Do I have any recourse beyond a restore from backup or an "Opening Balance Adjustment". The account is too old for rekeying data to be an option and the checking account routinely transfers to investment accounts.

Best Answer

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Answer ✓
    Hi @gawws,

    I think your best "option" is to fix the "opening balance" which you are indicating Quicken incorrectly changed. 

    In short - there is no rational explanation for an opening balance to be changed in an accounting system - with the one potential explanation of "the opening balance was FLAT OUT WRONG".  Unfortunately, in its efforts to make everything work out in the short-cut way, the latest versions of this application have thrown aside the sacrosanct don't mess with the opening balance concept and have replaced it with the "Let's just try to get the current balance to what we think it should be".

    Nevertheless, if you are uninclined to go through the process of determining what transactions were "missed" or "incorrectly reported" in the interval between Sun Trust's transactions and the new Truist account, what Quicken has done is to let you move forward without looking back.  And, while I personally don't believe in that approach, I understand that it is at times necessary.

    Frankx

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

                                             - - - - Quicken User since 1984 - - - 
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Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Answer ✓
    Hi @gawws,

    I think your best "option" is to fix the "opening balance" which you are indicating Quicken incorrectly changed. 

    In short - there is no rational explanation for an opening balance to be changed in an accounting system - with the one potential explanation of "the opening balance was FLAT OUT WRONG".  Unfortunately, in its efforts to make everything work out in the short-cut way, the latest versions of this application have thrown aside the sacrosanct don't mess with the opening balance concept and have replaced it with the "Let's just try to get the current balance to what we think it should be".

    Nevertheless, if you are uninclined to go through the process of determining what transactions were "missed" or "incorrectly reported" in the interval between Sun Trust's transactions and the new Truist account, what Quicken has done is to let you move forward without looking back.  And, while I personally don't believe in that approach, I understand that it is at times necessary.

    Frankx

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

  • gawws
    gawws Member ✭✭
    Thanks for the response. On one of the affected accounts, I simply set the opening balance back to zero. I performed a reconciliation and that seems to have resolved the issue. Yet as you stated above, the fact that Quicken modified it is very concerning.
  • FWIW, I've had the same issue multiple times on my Citibank accounts, most recently today. Seems to be a Quicken issue and not bank specific. And yes, set the opening balance back to 0
  • GA Hiker
    GA Hiker Member ✭✭
    I have also had the same issue multiple times on my Citibank accounts, most recently today. Each time I have changed to opening balance back to zero which fixes the problem, temporarily. Annoying!
  • gawws
    gawws Member ✭✭
    Just happened again when attempting to reconcile the December statement from SunTrust/Truist. There's no excuse for this. The code should lock all existing records during the update process. I have almost lost all faith in the Quicken development team.