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Posted by John Pollard on June 6, 2006, 3:04 pm
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> John & Jerry... Help please!
>
> I think I'm getting the hang of this but I've got a dilemma.
> But first, let me make a statement then you guys comment if
> you will. "What I'm doing here with this on-line banking
> "Download Transactions" (DT's) section is merely reconciling
> my bank balance on-line."Right?
I wouldn't choose to describe it that way, but I'm not sure you
and I think the same or treat the process the same.
> Nothing is changing when I "Accept" these entries,
*If* you only accept transactions that "Match" existing
transactions, then the only data that you see on the screen that
will change is the "Clr" field value (assuming it was blank when
you did the download): it should be changed to "c" because the
transaction has "cleared" the fi.
Behind the scenes - what you don't see - is the the existing
transaction is marked as "Downloaded" and its Date Posted is
changed from blank to the Date Posted per the fi. And an OFX
transaction id is associated with the transaction.
> though the dates often don't match. I'm not uploading anything
> to the bank after this download has been made and I don't
> think I remain connected to them while I running through that
> acceptance procedure. Right?
As far as I know, the connection to each fi is closed when the
transactions for that fi have been downloaded.
If you are not using your fi's "billpay" (or have no billpay
transactions to send when you start the download), and you do
not setup any online transfers in Quicken; then you don't send
anything to the fi when you download.
> Now my problem. A check showed up as "New" to a payee in a
> much smaller amount than that appearing in my Quicken
> register. (Wouldn't you know it. I picked the worst time to
> begin this online stuff.) What actually happened - so I
> discovered earlier this week - was that I apparently entered
> the amount of the bill correctly but I manually wrote the
> check for a different sum (confused it with another bill
> setting next to it).
>
> To correct my error when I discovered it this week, I simply
> made a memo adjusting entry with reference to that check
> number to bring my balance in line, then wrote another check
> for the difference.
>
> Now comes the "Downloaded Transactions" list. The check for
> the lesser amount appears (as "New") along with the one I just
> wrote for the balance (also "New") but no adjusting entry (I
> understand why. These came from the bank, not my register.)
>
> Since everything I've done with these DT's so far has merely
> involved changing "New" to "Match" where necessary, I've had
> no cause to see - nor did I see - any numbers change... even
> dates. All that's changes is the addition of "c" to the Clr
> column. However... I'm now facing a situation were the amount
> of a check does NOT match my register. The question is, will
> the program change the amount in the register to match the
> transaction I tell it to accept? Or with I get a screen
> putting the brakes on the whole thing drawing attention to the
> discrepancy? If it accepts the transaction but doesn't change
> the amount, my register will still be in balance because of
> that memo adjustment I made. But then... that makes this
> entire "reconciliation" routine rather meaningless if it
> doesn't catch this ... doesn't it?
>
> I'm still trying to get a handle on just what to expect in all
> cases from this "DT" process. Everything - at least for me -
> is unidirectional; everything but an entry for interest
> originates with me and appears on my register before I connect
> to my bank. They're telling me what checks they've received
> and what interest they've added and I'm merely verifying that
> against my register. But since I haven't gone through a
> complete cycle of verifying all these DT's (waiting for
> guidance from you on the questions above), I've put the file
> on a "Finish Later" status. I don't what to expect when I get
> through the list.
I must not be understanding something. If the first check was
written for a different amount than the amount you entered in
Quicken, then just change the amount of check 1 in Quicken to be
the actual amount of the check. Then, either manually enter
check 2 in Quicken, or just let the download add it to Quicken
as a new transaction. And delete the memo adjustment.
--
John Pollard
First initial underscore Last name at mchsi dot com
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