Date: Thu, 28 Mar 2024 22:27:12 +0000 (UTC)
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When you reconcile (balance) a spending account, =
you compare your Quicken account records against your current bank statemen=
t and resolve any differences between the two. Reconciliation accuracy can =
be affected by transactions that occurred in the period shown on your curre=
nt bank statement as well as by earlier transactions.
What can I=
do?
Frequently asked questions
What is my op=
ening balance?
Transactions processed in the past make up your opening balance.
When you enter an opening balance in the Reconcile Bank Statement window=
, you're creating a common starting point for Quicken and your bank stateme=
nt. The opening balance is the first agreement between your records and you=
r bank statement. If your records and your bank statement don't have the sa=
me opening balance, your account won't reconcile unless you make an opening=
balance adjustment.
What should I do before I balance my account the first time?=
h3>
When you reconcile your account for the first time, make sure you:=20
- Enter all transactions that have occurred between the date of your last=
statement and the date of your current statement. Include all deposits and=
withdrawals, checks you've written by hand or printed with Quicken, ATM tr=
ansactions, and electronic payments and transfers.
- Enter any transactions dated before the ending balance of your last sta=
tement that have not yet appeared on any statement. You should enter these =
transactions in your register even if they are dated before the opening bal=
ance transaction in your Quicken account.
- Check that the opening balance in your Quicken register matches the beg=
inning balance on the statement you want to reconcile. If you used the clos=
ing balance from your previous statement as the opening balance for your Qu=
icken account when you set it up, then the opening balance in Quicken shoul=
d be the same as the beginning balance on the first statement you want to r=
econcile. If the amounts don't match, change the amount in the Deposit colu=
mn of the opening balance transaction in your Quicken register.
Balancing your account the first time may take some extra time because=
many transactions that appear on your bank statement haven't yet been reco=
rded in Quicken. After you enter those transactions, and after Quicken and =
the bank agree on the amount of money in your account, reconciling your acc=
ount each month will be easier.
- What if I need to add earlier transactions to my account?
You may want to add earlier transactions to your Quicken bank account so yo=
u can create more comprehensive reports and graphs and budgets. For example=
, if you start using Quicken in the middle of the year, you could add all y=
our transactions from January 1 so your records for the year are complete. =
To keep your account information accurate, wait until you reconcile your cu=
rrent bank statement. Then add the earlier transactions, and balance each m=
onth separately starting with your earliest statement.
- What's the difference between c =
and R in the Clr field?
The symbol c means that the transaction w=
as previously downloaded, or that you have marked the transaction as cleare=
d.
The symbol R means that Quicken has recon=
ciled the transaction.
After you reconcile, the transactions marked as cleared (c) become marked as reconciled (R=
span>) in the Clr column. Don't delete a reconciled transaction. Also, don'=
t manually insert or delete the R in the Clr=
column.
If you click Finish Later to return to the register whi=
le you're still reconciling your account, you'll see c in the Clr field of all transactions you just marked as cleared =
in the Reconcile window.
Avoid changing the amounts for reconciled transactions. Changing the amo=
unt for a reconciled transaction will affect your next reconciliation and m=
ake it more difficult to balance your account.
Are there special considerations when I recon=
cile an online banking account?
When downloaded transactions, account reconciliation is faster and easie=
r because the update process clears the transactions in your Quicken regist=
er for you.
You can update your register throughout the month and then reconcile onc=
e a month to your paper statement, or you can reconcile to your online bala=
nce throughout the month. You can use either method to reconcile your onlin=
e account, but you should choose one method and use it consistently. Once y=
ou've reconciled your account to your online balance, you shouldn't switch =
to reconciling to a paper statement. Here's why:
- When you reconcile to your online banking balance, Quicken marks the tr=
ansactions as reconciled with an R. If you w=
ant to reconcile to a paper statement, those reconciled transactions won't =
appear in the Reconcile window. It will seem that you're missing most of yo=
ur transactions when, in fact, those transactions are already reconciled.=
li>
- In the Reconcile Online Account window, Quicken sets your statement ope=
ning balance to the ending balance of the previous reconciliation. If you r=
econcile to an online banking balance and later reconcile to a paper statem=
ent, the opening balance in Quicken will disagree with the opening balance =
on your paper statement.
Are there special considerations when I reconcile=
a credit card account?
When you reconcile your credit card accounts each month with your monthl=
y statements, you can:
- Review your credit transactions and make sure your records match those =
at your financial institution.
- Record any credit or finance charges to your credit card account.
As the final step in reconciling your credit card account, you can recor=
d a transaction in the check register (to represent a handwritten check), o=
r prepare a check to print with Quicken.
For specific procedures, see Reconcile a spending account.
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