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Subject Author Date
Re: OFX - Online Banking & Bill Paying Disciple 06-12-2006
Posted by Disciple on June 12, 2006, 11:17 am
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 On Mon, 12 Jun 2006 06:21:10 GMT, John Gregory wrote:

> This is the part I need to clarify >>.If you prefer to reconcile to your
> monthly bank statement, you can. do so. Simply
> click on Reconcile, change the option from online bank balance to monthly
> statement, and enter the appropriate information from your bank. <<
>
> I just checked the Reconcile button in the account I set up for online bill
> paying and see that it has changed; there IS an option to reconcile to the
> online balance or the paper statement. Can one do both? I would think not
> since those entries have to be marked by Quicken somehow (R) when they're
> reconciled. Quicken probably doesn't distinguish the manner in which they
> were reconciled; online or on paper. An "R" is an "R" is an "R". Right?

[...]

While "An "R" is an "R" is an "R".", a Paper Statement Ending Balance is
not an Online Balance. The difference being the Paper Statement Ending
Balance reflects a cutoff date in the Balance as of <insert date here> (or
however your FI worded this) line, and the statement does not show any
transactions after that date. While an Online Balance is always shows the
current state of the account, the balance and transactions as of that
download. Thus it is possible to reconcile via an Online Balance and mark
items reconciled that are not shown on the Paper Statement.

HTH.
--
Disciple - Team Z
And now abide faith, hope, love, these three; but the greatest of these is
love. 1 Cor. 13:13

Posted by Marc Auslander on June 13, 2006, 7:36 pm
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 The problem I see with trying to do a paper reconcile with transaction
downloads is that checks whose date is before the cutoff, but which
cleared after the cutoff, will be marked as cleared in the register.
I believe that this will mess up the reconcile, since those checks are
NOT cleared as of the paper statement.

After worrying for a while, I convinced my self the automatic
continuous reconcile to online balance will catch all the errors that
the old paper reconcile did. The key is to make sure every downloaded
transactions matches something in the register, or otherwise verify
that it is correct.
--

Posted by John Pollard on June 13, 2006, 10:08 pm
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> The problem I see with trying to do a paper reconcile with
> transaction
> downloads is that checks whose date is before the cutoff, but
> which
> cleared after the cutoff, will be marked as cleared in the
> register.
> I believe that this will mess up the reconcile, since those
> checks are
> NOT cleared as of the paper statement.

It's not a problem Quicken uses the "Posting Date" for
reconciles to paper statements, not the transaction date.



Posted by Marc Auslander on June 15, 2006, 9:17 pm
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> It's not a problem Quicken uses the "Posting Date" for
> reconciles to paper statements, not the transaction date.
>
>

Is there any way to display the "posted date" of a transaction in the register?
--

Posted by John Pollard on June 16, 2006, 9:03 am
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"Marc Auslander" wrote
>> It's not a problem Quicken uses the "Posting Date" for
>> reconciles to paper statements, not the transaction date.

> Is there any way to display the "posted date" of a transaction
> in the register?

Select the transaction; right-click, hold down CTRL and
left-click "Copy Transaction".



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