|
Posted by L on May 14, 2007, 1:42 pm
Please log in for more thread options >
> } Bernie Cosell wrote:
> } > This with Q2006 on XP/Pro: and some background. A while
> } > back [like 2 yrs ago or something -- likely just when I
> } > was first installing q2006 or the likely], I VERY
> } > mistakenly and unintentionally turned "online reconcile"
> } > instead of the "paper" reconcile ...
>
> } I have no underlying problem comparable to yours; I have never,
> } and will never, reconcile to an online balance.
>
> Me, too: I did it entirely by accident... sigh..
>
>
> } ... I asked them to return
> } the check to me. I then emailed BofA (my online billpayor) and
> } asked them what to do. They said, "no problem; we'll reverse
> } the charge in your account."
>
> OK, that mostly confirms what I thought: two points here. First, unlike
> with a normal check, *do*not* just void the transaction and destroy the
> check, and second, the money really is debited from your account when they
> issue the check, *NOT* when they cash it.
Ummm - no. Not unless your vendor has a 'special' arrangement with Wachovia
for EFT transfer.
Checks issued to vendors are debited when cashed. I can attest to that. My
bank is Wachovia, and many times online transactions have been listed as
'not cleared' for longer than I think they should. You can check if an
online payment was cashed either through Quicken, if you are paying for
one-step-update access, or through the Wachovia bill management screen, if
you initiated payment directly through Wachovia.
> [which leads to the question:
> where _is_ that money. It apparently is not still in my account [earning
> interest, propping up my average-daily-balance, whatever]
Sure it is!
> and the payee
> doesn't have it... Sounds like the traveler's-check-deal: the banks get
> to
> use my money during the 'float'...
If the payee doesn't have it, it was not debited.
The reason it LOOKS like it was debited from your account, is that you
reconciled to an online balance, marked all transactions as cleared, and let
Quicken make a corresponding 'balance adjustment'.
>
> I'll contact wachovia... thanks!
>
> } > AND: what should I do about my register. Will things
> } > still balance if I [somehow] cancel out that transaction,
> } > or will that now put me $900 out of kilter with the
> } > online balance or something?
> }
> } You have already reconciled a check that did not clear; nothing
> } can be right about that.
>
> I know.. UGH!
>
>
> } Personally, I would unreconcile every transaction in my account
> } (using Find/Replace), and I would note my most recent paper
> } statement (real-world) balance/date. If that old check was no
> } longer valid, I would delete that old never-cashed check
> } transaction (if it is still valid, you can leave it, it won't
> } appear in any "previous" statement, so it should not be
> } pertinent to a re-reconcile). I would change my reconcile to a
> } "paper statement", and re-reconcile all previous transactions
> } through the most recent known paper statement balance date.
> } Depending on how many statements there were for the account, and
> } how anal I was, I would either enter one manual adjustment with
> } whatever date suited ... or I would discover when any statement
> } imbalance occurred and enter my adjustment there.
This is what I would do as well.
>
> OK, I think can do the same thing, but less drastically, [because I'll
> have
> something like 2.5 yrs of transactions popping up if I un-reconcile] by
> doing three things:
> 1) call wachovia to cancel the transaction,
> 2) "void" [or delete or whatever] the bogusly reconciled
> transaction, and
> 3) reconcile the account against the most recent paper
> statement [which arrived just a few days ago], and
> enter a balance-correction transaction against the paper
> statement's balance.
Wouldn't be the same, as you have already ascertained, but would suffice I
suppose if you are not overly concerned with where your online balance and
paper statements differ.
| 
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap