How to Reconcile in Quicken

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Reconciling your financial accounts ensures the accuracy of your financial information. You will catch any mistakes and be able to track them back to their source. Sometimes, the source may be you. Perhaps you made a data entry error. Occasionally, your financial institution may make a mistake that would have cost you money if you had not caught it. Reconciliations also ensure the accuracy of your financial data when it is used in filing a tax return. You can use Quicken to perform reconciliations quickly and accurately.

  • Go to "Tools" on the top menu and select "Reconcile an Account" to open the "Choose Reconcile Account" dialog box.

  • Click the arrow next to "Account" in the "Choose Reconcile Account" dialog box and select the account you want to reconcile from the pull-down menu. Click the "OK" button when you are done to open the "Statement Summary" dialog box.

  • Enter the requested information in the "Statement Summary" dialog box and click the "OK" button when done to open the "Statement Summary" window.

  • Put checks next to all transactions that match transactions in your financial statement by clicking them in the "Statement Summary" window.

  • Verify any inconsistencies you find by pulling out the original documentation for the transaction. If the original documentation matches your transaction, you are correct. If it matches your financial statement, the financial institution is correct. Documentation could be a receipt or bill.

  • Edit a transaction by double-clicking it to edit it in the "Banking" tab. Click the amount to change, make the change and click the "Enter" key while holding down the "Ctrl" button ("Ctrl" and "Enter") to enter the transaction.

  • Click the "Statement Summary" button in the lower right corner of the "Banking" tab to return to the "Statement Summary" window.

  • Click the check mark next to any remaining matching transactions in the "Statement Summary" window.

  • Review the "Difference" box in the lower-left corner of the "Statement Summary" window to be sure it is zero. If it is, you have successfully reconciled your account. Skip the next two steps. If it is anything other than zero, troubleshoot the reconciliation.

  • Check that the opening balance, closing balance and all the transactions you checked off in Quicken match your financial statement. Verify that you accounted for all transactions. If all the transactions match, the "Difference" will be zero. If a difference that you do not want to search for remains, enter an "Adjusting Balance" entry into the register. Otherwise, skip to step 12.

  • Click the "Finish" button to open the "Adjust Balance" dialog box. Quicken will add an adjusting entry to your register for the difference. Click the "Adjust" button to enter the adjusting entry and open the "Reconciliation Complete" box. Skip the next step.

  • Click the "Finish" button to open the "Reconciliation Complete" dialog box.

  • Click the "Yes" button in the "Reconciliation Complete" box to open the "Reconciliation Report Setup" dialog box, which is the first step to print a reconciliation report.

  • Complete the requested information in the "Reconciliation Report Setup" and click the "OK" button when done to open the "Print" dialog box.

  • Complete the requested information and click the "Print" button in the "Print" dialog box to print the report.

Tips & Warnings

  • If a financial institution makes a mistake on a transaction, generally a phone call to their customer service line will resolve the issue.

References

  • Photo Credit Alistair Berg/Digital Vision/Getty Images
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