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Subject Author Date
Download of Bank Transactions PatJennings 04-12-2007
Posted by PatJennings on April 12, 2007, 2:12 pm
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 Using Quicken Premier 2006
My bank recently provided download transactions. When I receive the
downloads and attempt to accept them, a pop-up indicates that there is a
matching transaction. The choices that are available are (1) to accept the
matching transaction and there will be two transactions posted to the
register. Alternatively, (2) cancel the acceptance and correct the register
entry. Inconsistencies: Original entry when I created the check payment has
the date the check was written and the real payee. The date of the download
is the day it was posted to the bank account by the payee and in the payee
field shows "Check # Ref #."

So, why would I want either two entries for the same check or why would I
want to change the legitimate register entry? It would seem to me that the
option would be to ignore the download transition (in this instance).

Or, possibly, am I misunderstanding this process?



Posted by PatJennings on April 12, 2007, 2:29 pm
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 After attempting to work my way through this conundrum, I began to accept
the transaction. Upon further scrutiny, the pop-up indicates that there are
"two DIFFERENT AMOUNTS for this check number". In the pop-up is indicated
that the amount in the register is 63.60 and for the download transaction
the amount indicated is 63.60.

As that guy in the ad riding around on his lawnmower pleads: "Please help
me!"

> Using Quicken Premier 2006
> My bank recently provided download transactions. When I receive the
> downloads and attempt to accept them, a pop-up indicates that there is a
> matching transaction. The choices that are available are (1) to accept
> the matching transaction and there will be two transactions posted to the
> register. Alternatively, (2) cancel the acceptance and correct the
> register entry. Inconsistencies: Original entry when I created the check
> payment has the date the check was written and the real payee. The date of
> the download is the day it was posted to the bank account by the payee and
> in the payee field shows "Check # Ref #."
>
> So, why would I want either two entries for the same check or why would I
> want to change the legitimate register entry? It would seem to me that
> the option would be to ignore the download transition (in this instance).
>
> Or, possibly, am I misunderstanding this process?
>



Posted by Bob Wang on April 12, 2007, 3:45 pm
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Pat:

I'm pretty sure that Q2006 has the Edit-Match Manually option.

Downside to using that is you will probably be presented with ALL your
previous transactions since your FI only just started offering downloads.

Depending on how anal you are, you COULD go back through ALL your previous
transactions using CTRL-Copy Transaction and assign a posting date to your
other entries, that way they won't be presented as options.

Bob

>>>
After attempting to work my way through this conundrum, I began to accept
the transaction. Upon further scrutiny, the pop-up indicates that there are
"two DIFFERENT AMOUNTS for this check number". In the pop-up is indicated
that the amount in the register is 63.60 and for the download transaction
the amount indicated is 63.60.

As that guy in the ad riding around on his lawnmower pleads: "Please help
me!"

> Using Quicken Premier 2006
> My bank recently provided download transactions. When I receive the
> downloads and attempt to accept them, a pop-up indicates that there is a
> matching transaction. The choices that are available are (1) to accept
> the matching transaction and there will be two transactions posted to the
> register. Alternatively, (2) cancel the acceptance and correct the
> register entry. Inconsistencies: Original entry when I created the check
> payment has the date the check was written and the real payee. The date of
> the download is the day it was posted to the bank account by the payee and
> in the payee field shows "Check # Ref #."
>
> So, why would I want either two entries for the same check or why would I
> want to change the legitimate register entry? It would seem to me that
> the option would be to ignore the download transition (in this instance).
>
> Or, possibly, am I misunderstanding this process?
>




Posted by John Pollard on April 12, 2007, 4:45 pm
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PatJennings wrote:
> After attempting to work my way through this conundrum, I
> began to accept the transaction. Upon further scrutiny,
> the pop-up indicates that there are "two DIFFERENT
> AMOUNTS for this check number". In the pop-up is
> indicated that the amount in the register is 63.60 and
> for the download transaction the amount indicated is
> 63.60.

I don't know why Quicken is telling you the amounts don't match
if they really do.

But your preference should be to accept downloaded transactions.
Given the choices you gave yourself in your first post, I
suggest that you have virtually nothing to lose by accepting the
downloaded transaction (as a "match" to your existing register
transaction), then noting what happens ... since you can always
modify, or even re-enter, the resulting register transaction if
you don't like the results.

If all is well, only three things will change about your
existing register transaction: it will be marked "Cleared"
("Clr" will be changed to "c"); the "Downloaded" attribute will
be set; and the "Posting date" will be recorded. (The latter
two fields are not normally visible; to see them, right-click
the register transaction, hold down CTRL and left-click "Copy
Transaction"). If that's what happens, you're good to go.

--
John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup




Posted by PatJennings on April 12, 2007, 5:32 pm
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Between the time of my last message and your response, I accepted the
transactions - which I then had to modify, restoring the original dates that
I wrote the checks and restoring the payees. This is significant in that by
keeping the downloaded transaction as downloaded, my yearly history is out
of kilter: December payments clearing in January, and complete and utter
loss of the original payee. For example replacing "12/13/2006" and "US
Treasury" with "!/31/2007" and "check # 6287 Ref # 020100263" in the payee
field serves no meaningful purpose. Compound that by having to search the
returned checks for the accurate information and reenter it is folly. Then,
items beyond (in time) that have been downloaded and for which I have not
performed a statement reconciliation are appearing in the register as "R".
How is that happening? To clarify, I am reconciling February's bank
statement. Items in March are marked "R". I have not as of yet reconciled
March's statement.

What am I doing wrong? Thanks for your assistance.

> PatJennings wrote:
>> After attempting to work my way through this conundrum, I
>> began to accept the transaction. Upon further scrutiny,
>> the pop-up indicates that there are "two DIFFERENT
>> AMOUNTS for this check number". In the pop-up is
>> indicated that the amount in the register is 63.60 and
>> for the download transaction the amount indicated is
>> 63.60.
>
> I don't know why Quicken is telling you the amounts don't match
> if they really do.
>
> But your preference should be to accept downloaded transactions.
> Given the choices you gave yourself in your first post, I
> suggest that you have virtually nothing to lose by accepting the
> downloaded transaction (as a "match" to your existing register
> transaction), then noting what happens ... since you can always
> modify, or even re-enter, the resulting register transaction if
> you don't like the results.
>
> If all is well, only three things will change about your
> existing register transaction: it will be marked "Cleared"
> ("Clr" will be changed to "c"); the "Downloaded" attribute will
> be set; and the "Posting date" will be recorded. (The latter
> two fields are not normally visible; to see them, right-click
> the register transaction, hold down CTRL and left-click "Copy
> Transaction"). If that's what happens, you're good to go.
>
> --
> John Pollard
> First initial underscore Last name at mchsi dot com
> Please reply to newsgroup
>
>
>



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