If you reconcile to an online banking balance and later reconcile to a paper statement, the opening balance in Quicken will disagree with the opening balance on your paper statement.Īre there special considerations when I reconcile a credit card account? In the Reconcile Online Account window, Quicken sets your statement opening balance to the ending balance of the previous reconciliation.It will seem that you're missing most of your transactions when, in fact, those transactions are already reconciled. If you want to reconcile to a paper statement, those reconciled transactions won't appear in the Reconcile window. When you reconcile to your online banking balance, Quicken marks the transactions as reconciled with an R.Once you've reconciled your account to your online balance, you shouldn't switch to reconciling to a paper statement. You can use either method to reconcile your online account, but you should choose one method and use it consistently.
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You can update your register throughout the month and then reconcile once a month to your paper statement, or you can reconcile to your online balance throughout the month. When downloaded transactions, account reconciliation is faster and easier because the update process clears the transactions in your Quicken register for you. What if I need to add earlier transactions to my account?.After you enter those transactions, and after Quicken and the bank agree on the amount of money in your account, reconciling your account each month will be easier. If the amounts don't match, change the amount in the Deposit column of the opening balance transaction in your Quicken register.īalancing your account the first time may take some extra time because many transactions that appear on your bank statement haven't yet been recorded in Quicken. If you used the closing balance from your previous statement as the opening balance for your Quicken account when you set it up, then the opening balance in Quicken should be the same as the beginning balance on the first statement you want to reconcile. Check that the opening balance in your Quicken register matches the beginning balance on the statement you want to reconcile.You should enter these transactions in your register even if they are dated before the opening balance transaction in your Quicken account.
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