how to (re)reconcile an account

Posted by John on November 14, 2008, 8:21 pm

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I started downloading my checking account transfers
in 11/2007. A few weeks ago, I decided to reconcile
it, and at each download. A small correction was
placed in the file.

Now, after learning all about qif files, and having
a new cash account where I entered a full two years
of cash transactions (2 years as of 12/31 anyway),
(transferred from my Palm Pilot and Fortran-ed
into a qif) I decided to put in all check transfers
starting with 1/1/2007. I manually wrote a qif file
with all the transactions from 1/1/2007 up to the
beginning transfer that the download started with
(in 11/2007. I imported it and all went fine.

Then I manually put in the starting balance I saw
in the checkbook on 1/1/2007 (as a Deposit), and
removed the starting balance entry that had been
put in on the 11/2007 date, and removed the smaller
adjustment entered a few weeks ago (10/2008) when I
first actually reconciled the account (and reconciled
at each subsequent download, about 6 times).

The balance I see is pretty close to what the bank
thinks I have, so I now want to try to re-reconcile
the whole account from 1/1/2007-present, letting it
enter one adjustment to bring it in line with what
the bank says.

I can't figure out how to do it.

A reconcile brings me to a table of all 6 or 7 recent
reconciliations I have done, and the oldest (I think)
is WAY off, and if I select it anyway and try to adjust
it, it complains about something being not in order,
or something, no doubt because I manually removed an
adjustment and starting balance. I somehow got an
adjustment in, but then the current total was WAY off.

How do I get the full account to reconcile? All previous
reconciliations are moot. I can see how close it all is
by comparing the balance it thinks it has vs. the balance
the bank thinks I have. There must be a way ("trick"?).

[Mac Quicken 2007]

Thanks!

Posted by John Pollard on November 14, 2008, 8:54 pm

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John wrote:

> I started downloading my checking account transfers

> in 11/2007. A few weeks ago, I decided to reconcile

> it, and at each download. A small correction was

> placed in the file.

Here is where you lost it.

If you are interested in "reconciling" your account: you should
NEVER accept an adjustment.

> Now, after learning all about qif files,

This is just a matter of too much knowledge not being of any
useful value.

If you can't reconcile your Quicken data without resorting to
knowledge about qif files; you should stop worrying about
reconciling altogether.

If you just want to go through the motions; by all means,
continue to accept adjustments to your Quicken account.

--

John Pollard
First initial underscore Last name at mchsi dot com
Please reply to newsgroup

Posted by John on November 14, 2008, 9:06 pm

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John Pollard wrote:

> John wrote:

>> I started downloading my checking account transfers

>> in 11/2007. A few weeks ago, I decided to reconcile

>> it, and at each download. A small correction was

>> placed in the file.

> Here is where you lost it.

> If you are interested in "reconciling" your account: you should

> NEVER accept an adjustment.

>> Now, after learning all about qif files,

> This is just a matter of too much knowledge not being of any

> useful value.

> If you can't reconcile your Quicken data without resorting to

> knowledge about qif files; you should stop worrying about

> reconciling altogether.

> If you just want to go through the motions; by all means,

> continue to accept adjustments to your Quicken account.

So this is another way of saying that you don't know?

Anyone else care to address the question?

Thanks.

Posted by ebloch on November 15, 2008, 9:44 am

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Did your initial "check book" balance on 1/1/2007 agree with the bank
statement INCLUDING any uncleared checks or deposits?

If these existed you would have to enter them into Q with dates before
1/1/2007.

- - I would then:
1. Remove ALL adjustment entries in the Q file made by Q AND you.
2. Reconcile the complete file to your most recent checking statement
balance.
- You must change ALL "R"s back to "C"s or " " by comparing with all
past bank statements.
3. I would then use Q search to try to identify the remaining balance
errors, if any.
4. Once you are satisfied (I want exact figures to the .01 in my accounts)
if you decide
to enter an adjustment in Q then do it
5. Never enter another adjustment because bank statement-to-statement Q
should not have errors.

Have fun ... I hope you did not have too much activity in the account.

Eric

>I started downloading my checking account transfers

> in 11/2007. A few weeks ago, I decided to reconcile

> it, and at each download. A small correction was

> placed in the file.

> Now, after learning all about qif files, and having

> a new cash account where I entered a full two years

> of cash transactions (2 years as of 12/31 anyway),

> (transferred from my Palm Pilot and Fortran-ed

> into a qif) I decided to put in all check transfers

> starting with 1/1/2007. I manually wrote a qif file

> with all the transactions from 1/1/2007 up to the

> beginning transfer that the download started with

> (in 11/2007. I imported it and all went fine.

> Then I manually put in the starting balance I saw

> in the checkbook on 1/1/2007 (as a Deposit), and

> removed the starting balance entry that had been

> put in on the 11/2007 date, and removed the smaller

> adjustment entered a few weeks ago (10/2008) when I

> first actually reconciled the account (and reconciled

> at each subsequent download, about 6 times).

> The balance I see is pretty close to what the bank

> thinks I have, so I now want to try to re-reconcile

> the whole account from 1/1/2007-present, letting it

> enter one adjustment to bring it in line with what

> the bank says.

> I can't figure out how to do it.

> A reconcile brings me to a table of all 6 or 7 recent

> reconciliations I have done, and the oldest (I think)

> is WAY off, and if I select it anyway and try to adjust

> it, it complains about something being not in order,

> or something, no doubt because I manually removed an

> adjustment and starting balance. I somehow got an

> adjustment in, but then the current total was WAY off.

> How do I get the full account to reconcile? All previous

> reconciliations are moot. I can see how close it all is

> by comparing the balance it thinks it has vs. the balance

> the bank thinks I have. There must be a way ("trick"?).

> [Mac Quicken 2007]

> Thanks!

Posted by John on November 15, 2008, 8:56 pm

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ebloch wrote:

> Did your initial "check book" balance on 1/1/2007 agree with the bank

> statement INCLUDING any uncleared checks or deposits?

> If these existed you would have to enter them into Q with dates before

> 1/1/2007.

Yes, I entered a deposit on 12/31/2006 as a starting account value.

> - - I would then:

> 1. Remove ALL adjustment entries in the Q file made by Q AND you.

> 2. Reconcile the complete file to your most recent checking statement

> balance.

> - You must change ALL "R"s back to "C"s or " " by comparing with all

> past bank statements.

This was what couldn't figure out how to do. I finally figured it out
and posted what I did.

> 3. I would then use Q search to try to identify the remaining balance

> errors, if any.

> 4. Once you are satisfied (I want exact figures to the .01 in my accounts)

> if you decide

> to enter an adjustment in Q then do it

> 5. Never enter another adjustment because bank statement-to-statement Q

> should not have errors.

Indeed. Only this one modest adjustment. Not bad for not balancing my
checkbook for about 25 years!

> Have fun ... I hope you did not have too much activity in the account.

Only about 2000 transactions for the two years. :-(
But it is now done! :-)

> Eric

Thanks!

>> I started downloading my checking account transfers

>> in 11/2007. A few weeks ago, I decided to reconcile

>> it, and at each download. A small correction was

>> placed in the file.

>> Now, after learning all about qif files, and having

>> a new cash account where I entered a full two years

>> of cash transactions (2 years as of 12/31 anyway),

>> (transferred from my Palm Pilot and Fortran-ed

>> into a qif) I decided to put in all check transfers

>> starting with 1/1/2007. I manually wrote a qif file

>> with all the transactions from 1/1/2007 up to the

>> beginning transfer that the download started with

>> (in 11/2007. I imported it and all went fine.

>> Then I manually put in the starting balance I saw

>> in the checkbook on 1/1/2007 (as a Deposit), and

>> removed the starting balance entry that had been

>> put in on the 11/2007 date, and removed the smaller

>> adjustment entered a few weeks ago (10/2008) when I

>> first actually reconciled the account (and reconciled

>> at each subsequent download, about 6 times).

>> The balance I see is pretty close to what the bank

>> thinks I have, so I now want to try to re-reconcile

>> the whole account from 1/1/2007-present, letting it

>> enter one adjustment to bring it in line with what

>> the bank says.

>> I can't figure out how to do it.

>> A reconcile brings me to a table of all 6 or 7 recent

>> reconciliations I have done, and the oldest (I think)

>> is WAY off, and if I select it anyway and try to adjust

>> it, it complains about something being not in order,

>> or something, no doubt because I manually removed an

>> adjustment and starting balance. I somehow got an

>> adjustment in, but then the current total was WAY off.

>> How do I get the full account to reconcile? All previous

>> reconciliations are moot. I can see how close it all is

>> by comparing the balance it thinks it has vs. the balance

>> the bank thinks I have. There must be a way ("trick"?).

>> [Mac Quicken 2007]

>> Thanks!