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Posted by Bernie on February 18, 2008, 1:27 am
Please log in for more thread options On 2/17/2008 4:23 PM, PortStG@nospam.invalid wrote:
> On 14 Feb 08 wrote:
>> Quicken is discontinuing support and functionality for Quicken 2005. Is
>> there any other program that can read Quicken files (I don't want to
>> loose existing work) and can download account information from banks and
>> credit card companies?
>
> Sorry, I can't answer your question(s). But I have one of my own.
> Am I the only Quicken user that prefers to NOT download their
> Bank/Broker/CC data? I mean, by doing that, don't you eliminate the
> whole point of the "Reconcile" function? I like to know my
> bank/broker/CC hasn't screwed up and reconciling my account(s) each
> month is the way I do that. It only takes a minute. And please don't
> tell me they don't make mistakes. The reason I know they screw up is
> because I *don't* just download their numbers without reconciling them
> to mine.
> Or maybe I'm missing something?
>
> Port
>
No, I don't think that eliminates the point of the reconcile function at
all, and yes, I think that perhaps you have missed something.
Downloading transactions and balances from banks/brokers/credit cards
simplifies and speeds up reconciliation.
Of course if ALL you do is download transactions then there is nothing
to reconcile against. If you enter transactions manually, daily, weekly
or monthly, then each time you download you quickly get to do an
"interim" reconciliation. I find that very useful. Then when you get a
statement from the financial institution reconciliation should take only
a few seconds!
Of course some people do think that mistakes are so rare and so
insignificant that it isn't worth entering transactions yourself and
having them compared to the downloaded transactions. That isn't my
preference, but that is why we have freedom of choice.
Bernie
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