Check latency period

On Fri 23 Dec 2005 12:08:56p, Paul_B wrote in news:1rmt64r16l6zy $. snipped-for-privacy@pbpublic.invalid:

I believe most banks will have next day availablility for estabished accounts (they may require a clean account history).

When opening a new account ask about funds availability. It may be different for the first 30 days or so that the account has been opened, if so, either make a mental note or attach a sticky note somewhere near your monitor.

For the transaction I mentioned there is a 10 day wait, plus mail time. Mental notes, etc., are exactly what I'm trying to eliminate.

Paul

It might require some change to Quicken; but I don't think another column would be required.

I think another total - "Posted balance" - at the bottom of the register alongside "Ending balance" might cover it. Quicken transactions have a "Posting date" (nearly invisible); if there was a total of the amount "posted", that might give you the number you seek.

Another possible total could be "Cleared balance", though the cleared flag may be too easily altered. If you're willing to accept the "cleared balance" as the amount you need, you can get that in a Quicken Transaction report now.

And if Quicken were changed to offer a filter on cleared (and by implication, reconciled) transactions, you could get that balance in your register without any other change to Quicken. (I'm surprised that filter option isn't already available).

On Fri 23 Dec 2005 01:49:37p, Paul_B wrote in news:10z0vmfagpzoi$. snipped-for-privacy@pbpublic.invalid:

I just don't open that many new accounts to worry about a mental note; however Quicken does provide a reminder transaction.

Hi John,

I don't see any "posting date" field under transactions. Your idea of an additional total line is a good one. It could be called available funds.

The idea I had was a field to spec when funds would be available or would be debited when entering a transaction. I guess your posting date field is it. But where is it?

Thanks, Paul

I'd suggest you take the simple straightforward approach and enter the transactions that are actually happening or that will happen instead of using Quicken's Txfr function.

Enter the withdrawal in the correct account and specify the date that you actually tell it to transfer the funds from that institution. Those funds are no longer available to you regardless of how long they take to clear.

Enter another transaction with the date that you anticipate the deposit being released. That date should take into account the 10 day delay plus the mail transit time. (Very few transactions, if any, should take

Both accounts will be correct (or very nearly so, to the degree that the mail is on time). Both accounts will reconcile correctly.

Hope that helps. Bernie

I see. Doing that brings out another field at the bottom, Current Balance, much as we've been talking about nearby. I'll keep this in mind, but I'd hate to lose the simplicity of interaccount transfers. I'm juggling so many accounts that it's a real timesaver here.

Thanks, Paul

The "Posting date" is visible if you right-click the transaction, then hold down the CTRL key while you left-click "Copy Transaction". The information you will find is useful, but currently not for your purposes.

But if you take careful control of the "cleared" status, I think you can still get the number you want in Transaction reports.

And you can make suggestion to Intuit that they make the "Posting date" available to view in reports, as well as to be selected/sorted/subtotalled on.

Wow, that is a hidden feature. You work for Quicken? :)

I don't see how this or the Cleared status will help me. If the posting date manifested the Current Balance, as does postdating a transaction, that would do it.

I earlier did make the suggestion to Intuit that they offer a Days to Clear option when entering transactions.

Thanks, Paul

Citibank use there "Online Balance" as available balance. I get instant credit on all my deposit into my checking account. I have linked brokerage account when i sell securities some have T+1 others have T+3 or T+5 even tho Citibank banks downloads the transaction the day after the sale that amount wont be reflected in the "Online Balance" downloaded by Citibank into Quicken until the transaction seatles. I dont know if they do same thing on checks as they give me instant credit.

My bank accounts are faster than 10 days, but for some reason [at least] one of my brokers has a ten day hold on check deposits.

Merry Christmas, everyone.

Paul

Set up another account, call it "Limbo".

Transfer funds 1st to Limbo.

Your account balances then match instutional balances.

dick w

Paul_B wrote:

No idea what this means. What I was trying to explain to you maybe I did a bad job of it so I will try again.

I assume if Citibank downloads your "Online Balance" in Quicken as your cleared balance or true avalible balance as they do place a hold on my brokerage seatlements they might do same for holds placed on checks deposits. I cant verify it tho as I get instant credit on all checks. I assume other banks or brokerage houses could do the same. I know Fidelity downloads your total portfolio balance as your "Online Balance" so I guess banks are free to choose what they download as your "Online Balance". Also I using QDA from Citibank so not sure if I downloaded from there web page if the info would match or not.

I got a private reply to this effect also, except one doesn't have to wait the 10 days to write the second check - just postdate it and Quicken will differentiate between total and available funds.

The problem is the messiness. It would be harder to see where funds are going to and coming from, and there would be twice the work of entry. But it might be worth a try.

Thanks, Paul

If the cleared status of transactions in your Quicken register agrees with the cleared status of transactions at your financial institution, then a Quicken report showing only cleared transactions will show your cleared balance with the fi.

I meant the Cash Flow Transaction report specifically.