You receive your checking account statement from the bank, and now you need to balance your account to correct any type of information, so your checking account becomes one hundred percent accurate with your bank. Quicken calls this "reconciling," a balancing process you can learn easily with this user-friendly software program.
Open the register of your checking account in Quicken.
Click on Quicken register's menu tab "reconcile."
View the dialogue box with Quicken's reconcile format. Read the amount from the previous reconcile, which should say "Opening Balance." Then, you enter the ending balance shown on your bank statement, bank service charge and any interest paid. Click the tab to enter the information.
Notice when the reconcile page opens up, you're viewing the bank service charge, which shows as already entered with a definite reconcile check next to it. Proceed to place a check where all transactions on your statement say they cleared.
Continue to compare what the bank statement says to what your Quicken program says. Keep an eye on the left hand lower corner where the "Difference" total shows the amount. Once the "Difference" 0.00 shows, hit the tab "Finished."
Print the "Reconcile Report" if you need one for your records.
Tips & Warnings
- Transactions mean check deposits, withdraws, service charges and transfers.
- It's not a problem if you accidentally check a transaction before it cleared. You simply check it again and the "check" goes away.
- If you come to a transaction that shows in your bank statement but not in your Quicken program, go ahead and add that transaction. Click "New," add the transaction to your register and then hit "Return" to reconcile.
- If you experience a hard time reconciling your statement, try not to fret. Take a break from the process by hitting the tab "Finish Later." Come back to the reconciling later. All your previous work remains.
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