When you balance, or reconcile, an account, you compare your Quicken account records against your current bank statement and resolve any differences between the two. Reconciliation can be affected by transactions that occurred in the period shown on your current bank statement as well as by earlier transactions.
Click a link below to see a brief overview of the topics covered in this section.
If you have used Quicken for a number of months and have just decided that you want to reconcile, or if you used to reconcile an account and have not done it for several months, you need to go back and reconcile your Quicken account with the bank statements for months you skipped before you start to reconcile the statement for the current month.
Quicken reconciles one bank statement at a time. If you have two or more bank statements that need reconciling, start with the earlier statement and reconcile each one individually. If you were to add up all the previously reconciled transactions in your register, you would find that the total equals your bank statement's opening balance.
With accounts that you have activated for transaction download and that you reconcile to an online balance, Quicken can save you steps.
If your Quicken balance matches your online balance, Quicken can automatically reconcile your transactions. It does this by placing an R in the Clr column of the register after your downloaded transactions are accepted in the Compare to Register window.
If the balances do not match, Quicken displays a Statement History window to help you find the problem, highlighting the individual statement where the discrepancy occurred.
Transactions processed in the past make up your opening balance.
When you enter an opening balance in the Reconcile Bank Statement window, you are creating a common starting point for Quicken and your bank statement. The opening balance is the first agreement between your records and your bank statement. If your records and your bank statement do not have the same opening balance, your account will not reconcile unless you make an opening balance adjustment.
In your register the symbol c means that you have marked the transaction as cleared, the symbol R means that Quicken has reconciled the transaction.
After you reconcile your account, the transactions you marked as cleared have an R 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 while you are 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 amount for a reconciled transaction will affect your next reconciliation and make it more difficult to balance your account.
When you compare downloaded banking transactions and update your Quicken register with them, account reconciliation is faster and easier because the update process clears the transactions in your Quicken register for you.
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. You can use either method to reconcile your online account, but you should choose one method and use it consistently. Once you have reconciled your account to your online balance, you shouldn't switch to reconciling to a paper statement. Here's why:
As the final step in reconciling your credit card account, you can record a transaction in the check register (to represent a handwritten check), or prepare a check to print with Quicken.