how to reconcile old accounts

Posted by Tim on May 24, 2006, 7:02 am

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Hi I have been using quicken and stopped using reconcile several years ago,
and just enter transactions.

I would now like to get back to reconcileing, by downloading statements each
month, and comparing to receipts.

What would be the best way of starting, ie opening and closing balances etc,
thanks tim

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Hi I have been using quicken and stopped using reconcile several years ago,
and just enter transactions.

I would now like to get back to reconcileing, by downloading statements each
month, and comparing to receipts.

What would be the best way of starting, ie opening and closing balances etc,
thanks tim

Posted by Laura on May 24, 2006, 8:43 am

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Tim wrote:

> Hi I have been using quicken and stopped using reconcile several years ago,

> and just enter transactions.

> I would now like to get back to reconcileing, by downloading statements each

> month, and comparing to receipts.

> What would be the best way of starting, ie opening and closing balances etc,

> thanks tim

The easiest method might be to just reconcile all existing transactions
through the current month. Your opening balance would be the balance as of
your last reconciliation and the ending balance is the one from your bank
statement.

I would go back through this year's bank statements and confirm that all of
your transactions match the statements. Figure out which checks are
outstanding since 1/1/06 and mark everything prior to that as cleared.Sort
by check number to see if there are any missing checks or if there could be
a check from 2005 that is still outstanding.

You may have to enter an adjustment to get the account to reconcile properly
if there are any missing transactions.