The method of reconciling makes sure that your account transaction records in Quicken is constant with your bank. If you are manually adding transactions into Quicken, then you have the option of double-checking the accuracy of your transactions. The method of reconciling is not required only when you have downloaded transactions from your financial institutions. To know the process of Quicken reconcile, you need to know the details of reconciliation.
Let’s learn the exact procedure to reconcile accounts in Quicken initially.
How to Reconcile in Quicken for the First Time?
Follow the procedure given here to reconcile your account for the first time in Quicken:
- In the beginning, you have to choose the account that you want to reconcile.
- Then after, add all your transactions that take place since the date of the opening balance transaction.
- Thirdly, choose the action gear icon (Ctrl + Shift + N).
- After that, you have to select the reconcile option.
- The opening balance will be taken from your ending balance of the previous statement initially at the time of reconciling an account.
- Check the opening balance contrary to your financial institution statement.
- Make the correction in the opening Balance amount if essential.
- Add the ending balance amount.
- In case there is an interest earned or service charge, add the info into the right fields.
- Click ok.
Steps to Reconcile an Account in Quicken for Windows
Here is the process to reconcile a spending account to a paper statement:
- Initially, you have to open the account that you want to reconcile.
- Go to Tools and then click reconcile an account.
- Choose the paper statement.
- Verify the opening balance and add the ending balance.
- Afterwards, add the date, amount, and category details, in case there is a service charge or interest earned. (optional)
- Click ok.
- In the window, you have to check off the transactions.
- For sorting the transaction, click the column headings.
- If the lower-right corner is zero then, click done.
Steps to Reconcile a Spending Account to an Online Balance
These are the steps to reconcile a spending account to an online balance:
- To start with, open the account which you want to reconcile.
- You have to go to the tools option and then click reconcile an account.
- After that, in the reconcile online account window, choose Online Balance.
- Click ok.
- Finally, click done.
Reconciling Accounts in Quicken for Mac
Let’s know the process of reconciling account in Quicken for Mac by discussing the steps to reconcile a checking/savings account, reconcile a credit card account, and steps to be followed if the difference is not zero.
Steps to Reconcile a Checking/Savings Account
- Initially, select the account that you have to reconcile. The process of reconciliation process will be done directly within the register you opt for.
- Add interest, finance and bank charges before beginning the reconciling.
- You have to click the reconcile button,
- Select accounts > reconcile account.
- Add the date and balance for the first day of the period you are reconciling.
- Then, you have to check off the boxes in the reconcile column for all the transactions.
- At last, click Finish Now option when the difference is 0 and all the transactions are checked.
Also Read: How to Troubleshoot Quicken Error CC-892?
Steps to Reconcile a Credit Card Account
- Firstly, from the accounts section, you have to choose the account to reconcile.
- Add interest, finance charges or bank charges before the beginning of reconciling.
- You have to click the reconcile button or select accounts then click the reconcile account from the menu bar.
- You have to add the data and balance for the first day of the reconciliation period, in the ending balance area.
- In the reconcile column, you need to check off the boxes for all the transactions that have appeared on your bank statement.
- In case you see the difference is 0 and all the transactions are checked, you have to click finish now option.
Steps to be Followed if the Difference is Not Zero
- Initially, you need to check that you have added all of the transactions, interest, and bank charges into your register.
- Also, check that you have placed a checkmark that is placed next to all of the transactions.
- Check whether the transactions that are appearing in your bank statement and register are falling outside of the ending dates of the reconcile or not. If they are falling, then you have to adjust the transaction’s starting and ending dates.
- You have to drag the bottom date indicator down for including the un-reconciled transactions in the range, if you found any that falls in the register before the starting date on the bank statement.
- Finally, make certain that you have added the right starting and ending balances. Also, make sure that the dates and amounts should match which is shown on your bank statement.
Quicken Auto Reconcile
In case your Quicken balance is matching with your online balance, the Quicken software will automatically reconcile your transactions. The process is done by placing R in the clr column of the register, just after downloaded transactions got accepted in your compare to register window.
If the balances are not matching, then the software will show the reconcile window to assist you.
Note: Auto reconcile feature can be used with your bank accounts that has been activated for the transaction download. Also, the optional feature can be used anytime.
To enable Quicken Auto Reconcile, go through the points:
- First of all, you need to open the account which you want to Auto Reconcile.
- Then, you have to click the account action gear icon.
- Now, select the option of reconcile.
- Select the use online balance option which is shown on the screen.
- You have to select, the auto reconcile downloaded transactions checkbox with the help of a keyboard.
- At last, continue to reconcile.
Auto reconcile option will not be visible to you in case you have already selected to reconcile to online balance. You have to go to tools option, then account list and click edit option. Go to the online services tab and uncheck reconcile using the online balance, in the account details window.
After implementing these steps, Quicken will automatically reconcile your downloaded transactions.
To Sum Up
Quicken reconcile is performed to ensure that there is no discrepancy between the bank statement and Quicken info. The content has covered the portion of how to reconcile in Quicken along with this reconciling an account in Mac and Windows, also auto reconciling. Surely, you have got a good understanding of how to reconcile in Quicken. There will be no error possibilities if the process is performed in the correct manner.
If you are still facing hurdles while performing Quicken reconcile, then dial Quicken Support Phone Number and get your queries resolved. Feel free to get connected with the experts as they are always happy to help you.
Now, let’s move further and discuss the frequently asked questions of the Quicken users.