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Posted by Marty K on June 4, 2007, 9:41 pm
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Bernie Cosell wrote:
> Some of you might recall that a few weeks back I got to wondering two
> things about online payments [this in the wake of my running into one that
> was never cashed]:
>
> 1) what, exactly, goes on in your register [in particular, when does its
> status change to 'c' and thence to 'R']
>
> 2) how, if at all, can you tell if a mailed-online-payment was actually
> cashed.
>
> In mid-May I Quickened myself a payment, due on 1 June. I can report:
> 1) the payment arrived on 1June, exactly on time.
> 2) my register reflected a 'status' with "Process on 28 May, deliver by
> June 1". that's what Wachovia did and it worked perfectly.
>
> Both are fine and what I would have hoped. More interesting to me is that
> as I type this, 4 June, that transaction still has _no_ status -- that is,
> even though the check has been issued and delivered, and the money has been
> removed from my account, the status has not changed, neither to 'c' nor
> 'R'. Curious... so I'm waiting now: I'm not going to cash the check any
> time soon just to see what happens (and when) and in particular, to see if
> I can find any way through quicken to figure out how and when the check is
> actually cashed.
>
> /bernie
>
In order to get the status to update (to "C")you will need to "cash" the
check.
When I make paper check payment with Quicken (using Quicken bill pay)
the amount of the check will be debited from my account on the date the
payment is designated to arrive at the creditor. If its in the register
your balance will be updated but the check will not be marked as cleared
(C) until you cash the check. When you reconcile the next statement the
check will then be marked as reconciled (R).
Marty
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