Reconciling your Quicken account with your bank statements is crucial for maintaining accurate financial records. If you're behind on reconciliation, Quicken allows you to systematically catch up. Here's how to efficiently reconcile past statements before tackling the current month.
Steps for Catching Up on Reconciliation
Sequential Reconciliation: Quicken processes one bank statement at a time. If multiple statements are pending, begin with the oldest one and reconcile each statement individually to ensure accuracy.
Aggregate Reconciliation: It's possible to reconcile all outstanding statements collectively, but this method may compromise the precision of your records.
Recommended Method for Reconciliation
Method #1: Month-by-Month Reconciliation
Start with the Earliest: Begin reconciliation with your oldest bank statement, progressing through each month sequentially. This approach ensures the highest level of accuracy.
Method #2: Collective Reconciliation
While reconciling all statements at once is an option, it's less precise than handling them month by month.
How to Reconcile in Quicken
Accessing Reconciliation: Open the account you wish to reconcile, click on the Account Actions icon (), and select Reconcile.
Entering the Ending Balance: Input the ending balance from your most recent bank statement into the Ending Balance field.
Marking Transactions: Check off the transactions listed in your Quicken register that match those on your bank statements for the period being reconciled.
Addressing Discrepancies: If there's a difference between your Quicken record and your bank statement, you can allow Quicken to create an adjustment transaction. This ensures your records align during your next reconciliation session.
