AutoReconcile

This is 2014. Little need to visit ATM's except for depositing checks and occasional cash withdrawals. As far as checks--I use them mainly for gifts as they are cheaper at my bank than sending E-transfers. I wouldn't trust Quicken to make payments on my behalf any more than I would trust my arms to fly. Almost everything else can be done either online or by automatic measure--whether deposit or payment.

Sharxster has written on 6/6/2014 9:31 PM:

No need to visit the bank to deposit a check, either. :-)

Excuse me, but why would I care whether or not you use checks. I asked about auto-reconcile.

To each his own. I've been using Quicken's scheduled payments for more years than I can recall.

Do you ever reconcile your Quicken "checkbook"? If so, do you reconcile it against the paper statement or against your online balance?

Thanks.

I don't know how much you already know about Q's reconciliation process, so please forgive me if I'm stating already known info.

Each downloaded transaction (or Matched xctn) captures a "Posting Date", wh ich is the date that your FI posts the xctn to your account. You can see t he Posting Date on a transaction if you right click it, then hold down the Ctrl key while you select "Copy". You should see a pop-up & the Posting Da te will be at the bottom. Once that pop-up is open, the Posting Date is an editable field.

During reconciliation, when you enter the ending balance date, the Rec scre en filters out any xctns that have a Posting Date > Ending Balance date, ev en if you've downloaded them, matched them, & they currently show "c"leared in the Register.

I've had situations where my lunch habits resulted in 3 transactions that h ave the exact same amount and posting date. I've also had situations where my FI decided, after I downloaded, that I really hadn't downloaded & they send me the xctns again. I've had situations where I inadvertently deleted a downloaded & "c"leaded transaction & had to rebuild it, including the ma nual edit of the Posting Date. Until about a year ago, DiscoverCard didn't understand the concept of a Posting Date & it made reconciling against the ir statement a bit of a dickens. Reconciling probably would have been easi er if I had done it weekly or semi-monthly against the online balance. But Discover was an exception & they've addressed the issue by aligning all of their xctns to the posting date.

I still choose to reconcile against the statement balance, but I don't supp ose it really matters, as long as you know what's happening and can trouble shoot in the unlikely event that things get messed up.

If you have an exceptionally large number of transactions or you've noticed an anomaly like mine w/ Discover, it may make sense to reconcile to the on line balance because the number of transactions each time would be fewer.

Against the paper statement from the bank--each and every month. Ditto for all accounts, actually.

snipped-for-privacy@gmail.com has written on 6/9/2014 4:07 PM:

You're forgiven. :-) I've been reconciling against statements for more years than I care to think about.

I'm interested in the automatic reconciliation function. Have you heard of or used it?

Sharxster has written on 6/9/2014 4:34 PM:

So since you apparently don't know anything about auto-reconciliation, why did you waste your time (and mine) in responding? :-)

, so please forgive me if I'm stating already known info.

suppose it really matters, as long as you know what's happening and can tro ubleshoot in the unlikely event that things get messed up.

iced an anomaly like mine w/ Discover, it may make sense to reconcile to th e online balance because the number of transactions each time would be fewe r.

Sorry, I misunderstood exactly what you were looking at. I thought you wan ted to reconcile against the online balance.

I've never used AutoRec and only read the description, but I believe the en d result would be the same as if you reconciled to the online balance after every download, inclusive of system actions that included the exception xc tns I mentioned earlier. The main difference is that you'd have no chance to intervene. The download would act, whether you wanted it to or not.

I've been bitten too many times to trust the feature. The problem isn't Q, it's either the FI or it's me & the way Q would treat the exceptions.

However, if you haven't ever had a reconciliation unwind, I'd say go for it & post back with the results, especially if you haven't found any feedback here or the Q Community about individual experiences.

I'd recommend copying your data file & running them in parallel for a month or two, just to make sure nothing goes wrong. If, like me, you enter xctn s then wait for the download to appear, you can copy xctns between files, b ut only one at a time.

snipped-for-privacy@gmail.com has written on 6/9/2014 6:15 PM:

I was OK up to the last 'graph. :-)

I back up after every sessions. Are you suggesting that I copy the backup file to a different location?

The last sentence confuses me. I enter transactions as the need arises

-- generally to pay bills. When I reconcile, I first make sure the data file is up-to-date vis-a-vis the bank's info, and then I click Reconcile. Or have I completely misunderstood?

On another note, the Reconcile screen has (almost) everything checked off. I then uncheck everything then start the reconciliation process: my wife reads me a transaction from the paper statement and I verify the check number and amount, and I check that transaction.

Thanks.

wanted to reconcile against the online balance.

e end result would be the same as if you reconciled to the online balance a fter every download, inclusive of system actions that included the exceptio n xctns I mentioned earlier. The main difference is that you'd have no cha nce to intervene. The download would act, whether you wanted it to or not.

t Q, it's either the FI or it's me & the way Q would treat the exceptions.

r it & post back with the results, especially if you haven't found any feed back here or the Q Community about individual experiences.

onth or two, just to make sure nothing goes wrong. If, like me, you enter xctns then wait for the download to appear, you can copy xctns between file s, but only one at a time.

First, as fate would have it, one of my FI's is acting up & sending me dupl icate downloads. I'll try to see how the AutoRec handles that, so stay tun ed...

Next, if you're fortunate enough that all of your accounts "close" at the s ame time, you may be able to simply enable the AutoReconcile feature & if y ou don't like it, just go back to a prior backup copy. However, if you're like me & your statements (each coming from a different FI) close on a diff erent day of the month, you may need a longer time period to decide whether you like the AutoRec feature.

When I got bitten by reconciliation issues (not AutoRec, just rec issues), I had way too many transactions to re-enter them & it took me a significant amount of time to find where things went wrong, then fix them. The parall el test method preserves the integrity of your main file, while letting you see whether you like the AutoRec feature in a second file that you can sim ply delete if you don't like the feature.

When I say run in parallel, I'm not talking about a backup/restore operatio n. I'm talking about running two independent Q files at the same time that are almost identical, then comparing the two.

To parallel test, you copy "Quicken Data" to "Quicken Data2". You leave th e AutoReconcile feature off in "Quicken Data", but turn it on in "Quicken D ata2". Then you do the same things to each file as you would normally do. If you normally enter transactions and wait for the downloads to match aga inst what you've entered, you enter the transaction in one file, then right click the transaction you just entered & "Copy Transaction". Then use the menu: File>>"Quicken Data 2" That will close "Quicken Data" & open "Quick en Data2" (the copied transaction will stay in Windows memory/clipboard). Go to the Register (in Quicken Data2) & paste the copied transaction into t he same register. Now the same transaction is in both files.

See how you like AutoRec with Quicken Data2 & if you find you don't like it , just delete the file & stay with your current method of reconciling.

Needless to say, parallel testing is a PITA, but some of the problems I men tioned aren't predictable & can't easily be introduced into a test. i.e. I can't simulate my FI double-dipping on their downloads.

However, I just so happen to have one of the circumstances I described occu rring. I can use my current file, with a FI that's misbehaving, & see what the AutoRec feature does with that. I can't cover all of the things that I've seen go wrong w/ reconciliations, but I think I might be able to tell you how it will behave for the most frustrating one that you'll have very l ittle control over.

Give me a little while to play with my current file...

ou wanted to reconcile against the online balance.

the end result would be the same as if you reconciled to the online balance after every download, inclusive of system actions that included the except ion xctns I mentioned earlier. The main difference is that you'd have no c hance to intervene. The download would act, whether you wanted it to or no t.

n't Q, it's either the FI or it's me & the way Q would treat the exceptions .

for it & post back with the results, especially if you haven't found any fe edback here or the Q Community about individual experiences.

month or two, just to make sure nothing goes wrong. If, like me, you ente r xctns then wait for the download to appear, you can copy xctns between fi les, but only one at a time.

plicate downloads. I'll try to see how the AutoRec handles that, so stay t uned...

same time, you may be able to simply enable the AutoReconcile feature & if you don't like it, just go back to a prior backup copy. However, if you'r e like me & your statements (each coming from a different FI) close on a di fferent day of the month, you may need a longer time period to decide wheth er you like the AutoRec feature.

, I had way too many transactions to re-enter them & it took me a significa nt amount of time to find where things went wrong, then fix them. The para llel test method preserves the integrity of your main file, while letting y ou see whether you like the AutoRec feature in a second file that you can s imply delete if you don't like the feature.

ion. I'm talking about running two independent Q files at the same time th at are almost identical, then comparing the two.

the AutoReconcile feature off in "Quicken Data", but turn it on in "Quicken Data2". Then you do the same things to each file as you would normally do . If you normally enter transactions and wait for the downloads to match a gainst what you've entered, you enter the transaction in one file, then rig ht click the transaction you just entered & "Copy Transaction". Then use t he menu: File>>"Quicken Data 2" That will close "Quicken Data" & open "Qui cken Data2" (the copied transaction will stay in Windows memory/clipboard). Go to the Register (in Quicken Data2) & paste the copied transaction into the same register. Now the same transaction is in both files.

it, just delete the file & stay with your current method of reconciling.

entioned aren't predictable & can't easily be introduced into a test. i.e. I can't simulate my FI double-dipping on their downloads.

curring. I can use my current file, with a FI that's misbehaving, & see wh at the AutoRec feature does with that. I can't cover all of the things tha t I've seen go wrong w/ reconciliations, but I think I might be able to tel l you how it will behave for the most frustrating one that you'll have very little control over.

I've done some experimenting & here are my 2 cents (just my opinion):

With the option turned on, once you've found a place (either match, accept, or delete) all of the downloaded transactions, the Recon window pops up. If everything is in order, your imbalance shows $-0- & all you have to do i s click the "Done" button. If you've got an imbalance, typical Reconciliat ion functionality will prompt you for an adjusting entry.

I didn't test the Recon report, so I can't comment on how it would behave, but if you use the AutoReconcile feature and you don't have a need to send an unreconciled items report or share your file with someone like a CPA (wh o will be comparing your reconciled balance against an official statement) and if you typically enter transactions, then scrutinize downloaded xctns u ntil everything is "Matched", you'll probably be fine using the AutoReconci le feature. You'll just be presented with the Reconcile window each time y ou clear out the downloaded transactions area in each account. (I prefer t o only see it once a month for each account, but that's my preference, your doesn't have to be the same.)

If you're the type that trusts the FI data & you commonly click the "Accept All" button at the bottom of the download section, I don't recommend using Auto-Reconcile. If you do, you may end up generating an "adjusting entry" for each download that includes erroneous transactions.

Admittedly, bad data from a FI isn't very common, but when it happens, it c an be maddening. I prefer to keep the effects of bad data corralled.

snipped-for-privacy@gmail.com has written on 6/10/2014 2:30 PM:

I don't think I've ever had one of those. Can you give me an example that would fit my situation? My downloaded transactions are "checks" (real and electronic transfers), ATM, deposits, and interest.

Thanks. I appreciate all that you've done.

ept, or delete) all of the downloaded transactions, the Recon window pops u p. If everything is in order, your imbalance shows $-0- & all you have to do is click the "Done" button. If you've got an imbalance, typical Reconci liation functionality will prompt you for an adjusting entry.

ve, but if you use the AutoReconcile feature and you don't have a need to s end an unreconciled items report or share your file with someone like a CPA (who will be comparing your reconciled balance against an official stateme nt) and if you typically enter transactions, then scrutinize downloaded xct ns until everything is "Matched", you'll probably be fine using the AutoRec oncile feature. You'll just be presented with the Reconcile window each ti me you clear out the downloaded transactions area in each account. (I pref er to only see it once a month for each account, but that's my preference, your doesn't have to be the same.)

cept All" button at the bottom of the download section, I don't recommend u sing Auto-Reconcile. If you do, you may end up generating an "adjusting en try" for each download that includes erroneous transactions.

It is uncommon, but as fate would have it, my Capital One account has been acting up since the beginning of June.

Each downloaded transaction is supposed to have a unique identifier. That identifier is supposed to be used to prevent duplicate downloads.

I haven't yet searched thru my log files, but after I've downloaded & Match ed a Xctn, a day or two later, it shows up again as a New Xctn.

If you typically Accept All downloaded Xctns & you happen to have a data hi ccup like I'm experiencing right now, you'll double dip the downloaded tran sactions & at the end, the system will try to post an adjusting entry.

To get your balance clean, you'll have to search through all of your xctns to find the duplicates, then delete them & the adjusting entries that offse t them.

snipped-for-privacy@gmail.com has written on 6/10/2014 4:16 PM:

Is that a checking account or a credit card account?

If you can! As I have recently mentioned in POSTS in the last couple of weeks, for certain types of linked investment account transactions, apparently you CAN'T delete transactions and you HAVE to add adjusting entries to offset the results.

This particular account, this time, is a credit card, but I believe I've seen blips on checking accounts before.

Andrew has written on 6/11/2014 7:06 AM:

I don't have any linked investment accounts.

That's good for you. (Note, btw just in the spirit of clarification, I said linked investment account TRANSACTIONS.)

Just shows that I don't know which adjective modifies what!!

Sorry if I was confusing! When I say 'linked transactions', I mean those individual transactions that have a different Quicken account in the CATEGORY field. That causes Q to do it's "double entry bookkeeping" thing by linking the debit/credit across the two different Q accounts.

In the case that I refer to, apparently you can hose Q enough so that you can NOT delete either of these two transactions under a fairly straighforward set of circumstances which the original web reference relates. I find that very odd and disturbing.