Reconciling an Account in Quicken for Windows

Product Version
Windows 2015
Windows 2016
Windows 2017
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Overview

When you balance, or reconcile, an account, you compare your Quicken account records against your current bank statement and resolve any differences between the two. Reconciliation can be affected by transactions that occurred in the period shown on your current bank statement as well as by earlier transactions.

Important: Reconciling is not a required process, but some users choose to reconcile their accounts to ensure consistency between their information in Quicken and what is on their bank's statement. While reconciling is typically done with manual accounts (accounts where transactions are entered manually as opposed to downloaded from the bank), the option to reconcile an account connected to online services does exist.

You can find a more detailed review of Reconciling by visiting our community article, How Reconciling Works in Quicken for Windows

How to Reconcile:

To reconcile a spending account to a paper statement

  1. Open the account you want to reconcile.
  2. Go to Tools > Reconcile an Account.
  3. If you are presented a choice, select Paper Statement.
  4. Using your paper statement, verify the opening balance and enter the ending balance.
  5. Enter the amount, date, and category information, if there is a service charge or interest earned. (Optional)
  6. Click OK.
  7. Check off the transactions in the window that also appear on your statement. If necessary, you can click the column headings to sort the transactions.
  8. Click Done if the difference in the lower-right corner is zero.

To reconcile a spending account to an online balance

When you use this method Quicken reconciles your Quicken account to the latest downloaded data, so make sure you download your latest transactions and accept the transactions into your register.

  1. Open the account you want to reconcile.
  2. Go to Tools > Reconcile an Account.
  3. In the Reconcile Online Account window, select Online Balance.
  4. Click OK.
  5. Click Done, if the difference in the lower-right corner is zero.

Note: If you've reconciled this Quicken account to a paper statement before using transaction download, you may wish to continue with this method. You can switch at any time to reconciling to your online balance, which means that your Quicken register will be reconciled to information that is more current than that contained in a paper statement. However, you should not switch back to the paper statement method after reconciling to your online balance.

Important: If you completed the reconcile process and realized you may have completed it incorrectly or made several errors, the best solution is to restore a backup.

Auto Reconcile

With accounts that you've activated for transaction download and that you reconcile to an online balance, Quicken can save you steps.

If your Quicken balance matches your online balance, Quicken can automatically reconcile your transactions. It does this by placing an R in the Clr column of the register after your downloaded transactions are accepted in the Compare to Register window. 

If the balances don't match, Quicken displays the Reconcile window to help you find the problem.

Note: You can use the Auto Reconcile feature only with bank accounts that you've activated for transaction download, and you can use this optional feature anytime you like.

To enable Auto Reconcile:

  1. Open the account you want to Auto Reconcile. 
  2. Click Account Actions gear icon (the Account Actions icon), and then choose Reconcile
  3. Make sure the Online Balance option is selected. 
  4. Select the Auto reconcile downloaded transactions check box. 
  5. Continue to reconcile. The Auto Reconcile feature takes effect after your next online session. At that time, Quicken automatically reconciles your downloaded transactions after you finish comparing them to your account register

Please note, if you have already chosen to Reconcile to online balance, you will not see the Auto Reconcile option as being available to select. You will need to go to Tools > Account List and click Edit next to the account you want to Auto Reconcile.

Reconciling an Account in Quicken for Windows

In the Account Details windows, go to the Online Services tab and uncheck Reconcile using online balance in the bottom right corner. You will now be able to follow the steps outlined above to enable Auto Reconcile and also have the option to Reconcile to online balance again.

To disable Auto Reconcile

Select the option to reconcile your account (steps 1-2). In the Reconcile Online Account window, clear the Auto Reconcile check box.

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