WHY DID ALL MY QUICKEN ACCOUNT BALANCE INCORRECT? This is a common query among a large number of users. Here, in this article, you will find answers and handy ways to get rid of the reconciliation problem. Check the following list below-
!! Are you working on the right account?
The problem of incorrect balance exactly occurs when you are maintaining a bunch of accounts. Make sure that you are dealing with the right one. It can be done simply by clicking on the account name in the column that appears on the left side of the main bank window. Select Account, next tap Adjust the balance and then type the correct balance of your account. At last, press the OK button.
Also, you can change the date of the Balance Adjust Transaction once the Balance Adjust Transaction is recorded by you. Doing so, it appears at the beginning of your a/c in iBank.
!! Checking the transaction you missed to record but the bank didn’t:
Efforts must be made to verify the bank statement. Be sure that you have recorded each and every transaction that has been recorded by the bank. There shouldn’t be a case of any mismatch of transactions. Automatic withdrawal, service / special fees (for your checks or safety deposit box), cash machine withdrawal, direct deposits are something we tend to forget.
Note: In case, the difference is (+) positive, that means bank thinks you have less money than you think you should have — you forget a withdrawal transaction. If the difference is (-) negative, you forget a deposit transaction.
!! Looking for Reversed Transaction:
Chances are there that users record deposit transactions as a withdrawal and vice versa. It could be another possible reason for incorrect balance and sometimes hard to find.
The Reconcile: Checking window displays all the correct transactions. But the amount of transaction appears to be positive when it should be negative and vice versa.
!! Checking the Transaction equal to the difference:
Suppose, if you find the difference b/w bank record same as one of your transaction in the register. We can say, you marked the transaction as cleared by mistake or left that particular transaction as uncleared.
!! Checking the Transaction that is equal to half the difference:
A simple way to find backward transactions (if it is only one) is you just need to find a transaction that’s the same as half the irreconcilable difference. Let’s say, the difference is $400. You may have recorded a $200 withdrawal as a deposit or a $200 deposit as a withdrawal.
!! Is there any other person to look over your work..?
Ask your spouse, if using Quicken at home. And if using it at the workplace, ask your owner or colleagues.
!! Checking the Transposed Number:
A transposed number more often creates reconcile problems. These are those numbers when you flip-flop two digits in a number like $35.68 and $36.58.Because the digits are the same, finding an error isn’t an easy task. When you try to compare check amount of $35.68 in your register with that of a check for $36.58 shown in the bank statement, both check amounts display the same digits i.e 3, 5, 6, and 8. The only difference is that the order is changed.
Here’s how you can check transpose number:
- First, in reconciliation, divide the difference.
- Check Windows by nine.
- If you see an even number of dollars or cents, it means you have a transposed number.
!! Finding Multiple errors:
If you detect error using a laundry list and still fail to balance your account. Once again, go through the top of the list. You will see an error of transposed number.
!! Auto Reconcile:
In case, your Quicken balance is equal to online balance, the application automatically reconciles your transactions. It places an ‘R’ in the ‘Clr’ column of the register as your downloaded transactions are accepted in the ‘Compare to Register’ window. If it’s a case of balance mismatch, Quicken displays the ‘Reconcile window’ to help you come out of the problem.
!! Credit Card Balance:
Please ensure that your credit card account appears in a bank with a negative balance thus representing the money you owe. On the other side, a positive balance will show overpayment.
!! First -time reconciliation:
If it’s your first time that you reconcile the statement. Let me tell you, Quicken uses the opening balance transaction amount in your register as Bank Statement opening balance. It might be possible that at the time of setting account, you entered the amount that was not the same as the exact amount in your bank a/c. It will surely affect the balance.
!! Is it your second time and the Ending balance is not correct..?
Understand it with an example. Suppose, it’s August and you are maintaining record and entering transactions from June itself. Now, you reconcile the account for the month of June and July.
You move back and entered the transactions starting in February. What you notice is that after recording these transactions, the ending balance appears to be wrong. So what you do is update the date and amount of original opening balance transaction as Quicken records in your register when you set up a/c in the month of June.
!! Get Help from your Bank
Last but not the least, you may seek aid from your bank to reconcile the account. Also, get to know whether they are charging for this service or not. Bank hardly makes any mistake while recording the transaction, just ask them to provide appropriate guidance.
!! Conclusion: After applying all the above steps if you still face the problem then kindly contact us via chat support and experts will help assist you with this.