In a credit card account, using one-step update, the sign of the online balance is the right value but the wrong sign. When I reconcile the account, the statement ending balance is therefore the wrong sign and the variance/difference is exactly double instead of zero. Note that other credit card accounts work properly so the problem is unique to this particular account. How can this be corrected so that reconciliation works properly?
Online balance is the wrong sign
Apr 18, 2020
Last reply: 6 years ago
4 Replies
Regarding Quicken for Windows:
You can not correct this yourself. Nor can Quicken, Inc. do anything to correct it.
An account online balance is a single amount downloaded from the financial institution. Your Quicken software simply displays that amount exactly as it was downloaded.
In most cases it is the financial institution that is responsible for that amount (both $ and +/-). When the financial institution is responsible, only the financial institution can correct that balance (and only in future downloads).
In some cases the online balance is computed by Intuit, then supplied to Quicken in the download. For those situations, only Intuit can correct the online balance (in future downloads).
To determine who is responsible for the online balance: you need to know the "Connection Method" for the account - see the Online Services tab in the Edit Account dialog for the account.
If the Connection Method is either Direct Connect or Web Connect, the financial institution is totally responsible for the online balance.
If the Connection Method is Express Web Connect, either the financial institution or Intuit is responsible for the online balance. The only way to get the appropriate party notified is to contact Quicken Support, at:
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FYI: if your downloaded online balance is consistently incorrect, you can switch to reconciling to a paper statement.
New account? Sounds like it wasn't created correctly. Recreate the account making sure it's identified as a credit card account and not a checking account.
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