Reconciling Accounts in Quicken for Mac

Quicken for Mac

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

When you manually enter transactions into Quicken (i.e. do not download), reconciling is a useful way of double-checking the accuracy of your transactions. But if you download transactions from your financial institutions reconciling may not be necessary.

If the balance shown on your most recent bank statement is different from the balance in your Quicken register, don't assume that something's wrong. You may have entered or downloaded transactions in Quicken after the bank prepared your statement, or you may have transactions in your register that have not been cleared and downloaded, so the bank balance is not as up-to-date as your register. You may also have checks or other transactions from earlier months that have not yet cleared the bank.

Reconcile a Checking/Savings Account

  1. Select the account you want to reconcile from the Accounts section is the sidebar on the left. The reconciliation process is done directly within the register you select.
  2. Before you begin reconciling, enter any interest, bank charges, or finance charges. Quicken does not automatically enter this information for you.
  3. Click the Reconcile button in the bottom, register toolbar or choose Accounts > Reconcile Account from the Menu Bar.
  4. In the Ending Balance area, enter the date and balance for the first day of the period you are reconciling. You will find this amount on your bank statement.
  5. Check off the boxes in the Reconcile column for all the transactions that appear on your bank statement. If the transactions were downloaded into your register, all of those transactions will already be checked.
  6. Click Finish Now when the difference is 0 and all the transactions are checked. If you are reconciling a credit card account, the ending balance should equal what is currently owed.

Reconcile a Credit Card Account

  1. Select the account you want to reconcile from the Accounts section is the sidebar on the left. The reconciliation process is done directly within the register you select.
  2. Before you begin reconciling, enter any interest, bank charges, or finance charges. Quicken does not automatically enter this information for you.
  3. Click the Reconcile button in the bottom, register toolbar or choose Accounts > Reconcile Account from the Menu Bar.
  4. In the Ending Balance area, enter the date and balance for the first day of the period you are reconciling. You will find this amount on your bank statement.
  5. Check off the boxes in the Reconcile column for all the transactions that appear on your bank statement. If the transactions were downloaded into your register, all of those transactions will already be checked.
  6. Click Finish Now when the difference is 0 and all the transactions are checked. If you are reconciling a credit card account, the ending balance should equal what is currently owed.

Note: Enter a positive amount as an opening balance and ending balance. For example, in the register the ending balance is $-580 you need to enter $580 as the ending balance and start reconciling the credit card account.

If the difference is not zero

  • Make sure you've entered into your register all of the transactions, bank charges, and interest that appear on your bank statement.
  • Make sure you've placed a check mark next to all of the transactions that appear in both your bank statement and in your register.
  • Make sure that transactions that appear in both your bank statement and in your register do not fall outside of the ending dates of the reconcile. If this is the case, adjust the transaction dates or start/end dates, as necessary.
  • If you see that you need to include un-reconciled transactions that fall earlier in the register than the starting balance on your bank statement, just drag the bottom date indicator down to include the un-reconciled transactions in the range (or adjust the starting balance at the top of the reconcile window). In most cases having the starting date vary from your statement starting date will not disrupt reconciliation. The starting balance, however, should match the value on your statement.
  • Make sure that you've entered the correct starting and ending balances. The amounts and dates should match what is shown on your bank statement.
  • If the difference is green
    • There is more money in the account than expected. A payment may be missing. Find the payment and enter it.
  • If the difference is red
    • There is less money in the account than expected. A deposit may be missing. Find the deposit and enter it.
  • If you can't find the discrepancy
    • Click the Gear menu at the top of the window and then choose Start Fresh. This will mark any transacttion prior to the Starting Balance date as reconciled.
      •  If you have used the Start Fresh feature and find that the next time you reconcile the difference is not zero, transactions that fall before the Starting Date of your current statement may already be reconciled. If this is the case, un-reconcile those transactions (ensure the dates match), then attempt to reconcile again, checking those items again as part of the current reconcile.
    • Click the Gear menu at the top of the window and then choose Add an adjustment transaction. This will zero out the reconcilation. This step should only be used when all other options have been tried.
    • Do you feel like you are stuck? Click the Gear menu and choose Save and finish later, review your register for any unusual or unexpected transactions and try again.

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