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Subject Author Date
How can Quicken help me to match the online balance? PeaceHere 02-08-2008
Posted by Han on February 9, 2008, 7:45 am
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 <previous discussion snipped>


> 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
>
I have noticed many times with both Citibank and Chase that there are
indeed different balances reported, as Oilcan also explains. I do not
"reconcile to online balances". I match what is reported online in 2
ways: downloaded transactions get a "c" for cleared status, as do
transactions that might not yet be downloaded, but are reported on the
FI's website. The difference is that some transactions get reported on
the website, but are not yet "ready" (??) to be downloaded from the
Quicken-compatible download server. There may be a day or so delay
between them.

I reconcile to statements. Only then do transactions get an "R". This
way I have multilevel control, and have a chance to correct mistakes
several times. Luckily for me there are not many this way.

HTH


--
Best regards
Han
email address is invalid

Posted by speedlever on February 9, 2008, 9:25 am
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 199.45.49.11:

> <previous discussion snipped>
>
>
>
> I reconcile to statements. Only then do transactions get an "R". This
> way I have multilevel control, and have a chance to correct mistakes
> several times. Luckily for me there are not many this way.
>
> HTH
>
>

I made the painful transition >away< from reconciling to paper statements a
couple of years ago. It was difficult to leave my comfort zone of
reconciling monthly with paper statements.

I now reconcile online multiple times per month... whenever it suits me. I
find that I have fewer errors to track down and the process seems much
easier to me. Maybe I have given up some control as Han mentioned above.
But it works well for me.


Posted by Han on February 9, 2008, 1:52 pm
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speedlever <speedlever.at.yahoodotcom> wrote in

> 199.45.49.11:
>
>> <previous discussion snipped>
>>
>>
>>
>> I reconcile to statements. Only then do transactions get an "R".
>> This way I have multilevel control, and have a chance to correct
>> mistakes several times. Luckily for me there are not many this way.
>>
>> HTH
>>
>>
>
> I made the painful transition >away< from reconciling to paper
> statements a couple of years ago. It was difficult to leave my comfort
> zone of reconciling monthly with paper statements.
>
> I now reconcile online multiple times per month... whenever it suits
> me. I find that I have fewer errors to track down and the process
> seems much easier to me. Maybe I have given up some control as Han
> mentioned above. But it works well for me.
>
Maybe I was not clear.
I check my Quicken entries very frequently against the bank's records,
and then mark transactions as cleared. It's just that I only do
"official" reconciliation once a month, when I get a statement from each
bank/FI. The marking as "cleared" is the in-between "non-
reconciliation" to check my records agains the FI's.

--
Best regards
Han
email address is invalid

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