Using reconcile

You can reconcile an account directly within its register.

1. Select the account you want to reconcile from the sidebar.

2. Click the Reconcile icon on the lower-right side of the register action bar.

You can also open Reconcile from the menu bar: go to the Quicken menu, choose Accounts, and then choose Reconcile Account.

When you reconcile manually, you complete two steps. First, you choose whether to reconcile against an online balance or a statement balance. Second, you clear transactions against your bank until the difference reaches zero. If your account is online, Quicken can also reconcile it automatically. See Auto-Reconcile.

Step 1

Quicken asks how you want to reconcile your balance. Choose an option and click Next. The Previous Reconciliation panel on the right shows the results of your last reconciliation, or notes that the account has never been reconciled.

Reconcile against an online balance

Choose this option to reconcile against the balance Quicken has downloaded for the account.

1. Select Use online balance. The card shows the downloaded balance and the date it was last updated.

2. Click Next. Your reconciliation information appears.

Reconcile against a statement balance

Choose this option to reconcile against a balance from your bank. This includes the ending balance on a paper statement, or a balance you obtained from the bank's website or by phone.

1. Select Use statement balance.

2. In the Prior Balance field, optionally enter the beginning balance from your statement.

3. In the Ending Balance field, enter the ending balance from your statement.

4. In the Ending Date field, enter the statement's ending date. When the date field is selected, you can type a shortcut key instead of the full date:

   • Press t for today.

   • Press w, m, or y for the first day of the week, month, or year.

   • Press k, h, or r for the last day of the week, month, or year.

   • Press + to move forward one day, or - to move back one day.

   • Press > to move forward seven days, or < to move back seven days.

5. Click Next.

Step 2

On the Reconcile your account balance screen, clear the transactions that appear on your statement. As you clear them, Quicken updates the difference between your statement or online balance and your Quicken balance.

The top of the screen shows three figures: your Online Balance or Statement Ending Balance, the Difference, and your Quicken Balance. A summary bar below reports how many deposits and payments you have cleared and how much remains uncleared.

1. Review and compare the transactions in Quicken with the transactions listed on your statement.

2. Clear the transactions that appear on your statement. To clear or unclear every transaction at once, click Mark all as Cleared or Mark all as Uncleared.

3. To fix a mistake, select a transaction and click Edit, or click New to add a missing transaction. For example, if you entered a transaction as $40.75 when it should have been $60.75, correct the amount. To enter a balancing entry yourself, click Adjustment.

4. Watch the Difference. Your goal is for it to reach 0 (zero), though there are times when it may not.

   • If the difference is 0 (zero), click Finish. Your account is reconciled. If you are reconciling a credit card account, the ending balance should equal the amount currently owed.

   • If the difference is not 0 (zero), click Finish or Finish Later.

     • If you click Finish Later, the reconcile screen closes. You can return to it later using the Reconcile button.

     • If you click Finish while the account is not reconciled, Quicken prompts you to either Finish Later or Add Adjustment. If you click Add Adjustment, Quicken adds an adjustment transaction with the payee Reconcile Adjustment and an amount that brings the difference to 0 (zero).

Note: The reconcile screen includes a History button. Click History to open a screen that shows your past reconciliation attempts, which is helpful for identifying issues. See Using Reconciliation History to fix a previous reconciliation for more information.

Note: These steps assume you reconciled successfully in the previous reconciliation period. You must reconcile earlier months first because the starting balance, which is the sum of your reconciled transactions, must equal the bank's sum of all transactions up to but not including the current period.

Auto-Reconcile

Auto-Reconcile is available for online accounts only. When it is on and your Quicken balance matches your online balance, Quicken marks your downloaded transactions as reconciled automatically and notifies you only when there is a discrepancy.

To turn Auto-Reconcile on or off, use the Auto-Reconcile switch at the top right of the reconcile screen. The first time you turn it on, Quicken asks how you want it to work and offers two choices:

• Notify me only if discrepancies are found: Quicken reconciles automatically and alerts you only when your balances do not match.

• Ask me to review a reconciliation before saving it: Quicken prepares each reconciliation and waits for you to review and save it.

Select an option and click Save. Auto-Reconcile takes effect the next time you download transactions. Until then, you can continue to reconcile the account manually. You can change how Auto-Reconcile works for an account at any time in the account settings.