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Posted by Oilcan on February 9, 2008, 1:44 am
Please log in for more thread options John made a good point. One of my banks will download a balance that might
have not cleared (a paycheck deposit). I really has cleared by the banks
standards and I can transact using the funds, but the download (my paycheck)
will not be reflected until the end of the day.
What you need to find is a day that you agree with the banks balance and
reconcile towards it. You might have to make an adjusting entry to get it
in sync (hopefully not too much).
I reconcile to online balances and generally do not have a problem as I can
quickly id the difference and it will usually clear up the next day with
another download that will correct the balance.
Oilcan
> PeaceHere@gmail.com wrote:
>> I've have automatic download of my bank's transaction for many
>> years. Unfortunately, for unknown reasons, the online balance and
>> the ending balance of the bank account in quicken don't match with
>> each other. Before I launch the laborious process of figuring out
>> what transactions are missing or wrong, but I'd like to begin by
>> finding out whether there is an easier way.
>>
>> I'm thinking of taking out my paper statement for each month, and
>> manually enter them in the memo area of blank transaction with the
>> correct date. This way, I can compare the bank's balance with the
>> registry balance. Still, it's a lot of work, because the discrepancy
>> of the 2 balance has been there fore a long time.
>>
>> I'm not familiar with the reconciliation feature of quicken. Can it
>> help me figure out where the mismatch occurred?
>>
>> I'm using quicken home and business 2005.
>
> In addition to what the others have said: do not assume that the "Online
> Balance" should agree with any other balance in Quicken.
>
> The Online Balance is a number supplied by your financial institution
> during a download, so it is never more accurate than the last time you
> downloaded.
>
> But even at the instant you download, the Online Balance may not equal
> your Quicken "current balance" or "ending balance". If your financial
> institution "pends" some of your transactions (as some fi's do), and does
> not download those transactions while they are pended, but does subtract
> their amounts from your Online Balance, your Online Balance will not equal
> any Quicken computed balance (unless you choose to manually enter those
> pended transactions).
>
> One more reason not to reconcile to an online balance.
>
> [I'd like to see two downloaded balances: "Cleared Balance" and "Available
> Balance".]
>
> --
> John Pollard
> First initial underscore Last name at mchsi dot com
> Please reply to newsgroup
>
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