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Reconciling accounts


From:

Quicken 2014 Essential Training

with Sally Norred

Video: Reconciling accounts

You can think of reconciling your accounts like balancing your check book. When you reconcile your spending accounts, you compare your bank records with your Quicken register so you can be certain that neither you nor the bank has recorded any transactions incorrectly. First you should know that reconciling your account is optional. It's just a way of giving you extra confidence that both your online balance, and your Quicken account register balance are accurate. When you balance or reconcile an account, you compare your Quicken account records, against your online current bank statement and resolve any differences between the two.
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  1. 47s
    1. Welcome
      47s
  2. 10m 45s
    1. What is Quicken 2014 Premier?
      2m 45s
    2. Defining common Quicken terminology
      2m 58s
    3. Touring the Quicken interface
      5m 2s
  3. 36m 42s
    1. Setting up your Intuit ID
      2m 54s
    2. Using the Account Bar
      2m 46s
    3. Understanding account types
      3m 59s
    4. Adding your first account
      3m 11s
    5. Updating your accounts
      3m 44s
    6. Setting up your Password Vault
      2m 55s
    7. Adding other spending and savings accounts
      5m 15s
    8. Adding investing and retirement accounts
      4m 45s
    9. Adding property and asset accounts
      2m 44s
    10. Adding loan and debt accounts
      4m 29s
  4. 42m 13s
    1. Understanding spending account registers
      4m 59s
    2. Searching, sorting, and filtering transactions
      2m 31s
    3. Downloading transactions for a specific account
      1m 53s
    4. Entering spending transactions manually
      2m 15s
    5. Understanding transaction categories
      2m 42s
    6. Categorizing transactions
      4m 37s
    7. Customizing the Category List
      3m 54s
    8. Recording split transactions
      3m 31s
    9. Transferring funds between accounts
      1m 21s
    10. Saving time with memorized payees and QuickFill
      4m 30s
    11. Reconciling accounts
      4m 8s
    12. Using the Spending tab
      2m 28s
    13. Creating and understanding spending reports
      3m 24s
  5. 20m 8s
    1. Using the Bills tab
      4m 6s
    2. Setting upcoming bill reminders
      5m 11s
    3. Setting upcoming income reminders
      4m 6s
    4. Projecting future account balances
      2m 54s
    5. Using Quicken Bill Pay
      3m 51s
  6. 24m 39s
    1. Using the Planning tab
      2m 34s
    2. Creating a budget
      5m 48s
    3. Creating a debt-reduction plan
      3m 53s
    4. Using the Lifetime Planner
      3m 32s
    5. Using the Tax Center
      3m 29s
    6. Creating savings goals
      5m 23s
  7. 18m 11s
    1. Using the Investing tab
      4m 22s
    2. Viewing your portfolio
      4m 45s
    3. Tracking your portfolio performance
      3m 10s
    4. Monitoring asset allocation
      3m 46s
    5. Creating and understanding investment reports
      2m 8s
  8. 10m 58s
    1. What is the Quicken mobile app?
      2m 51s
    2. Installing the Quicken mobile app
      3m 59s
    3. Quicken mobile app overview
      4m 8s
  9. 33s
    1. Next steps
      33s

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Watch the Online Video Course Quicken 2014 Essential Training
2h 44m Appropriate for all Jun 19, 2014

Viewers: in countries Watching now:

Remove the mystery from your finances with Quicken 2014, the one-stop shop for managing your money and charting your financial future. In this course, Sally Norred takes you on a tour of this powerful personal finance tool, showing how to connect with your bank, and integrate your savings, retirement, loan, and credit card accounts to see the big picture of your financial health. Learn how Quicken automatically tracks and categorizes your spending, and then see how to customize this tracking to suit your needs. Walk through setting up bill and income reminders to stay on top of important payment dates and developing a budget that gives you the information you need to make sound financial decisions. Once you understand the basics, discover Quicken's tools for helping you get out of debt as soon as possible and create savings goals for your next big purchase. Last, see how to get the most out of your investments and check out the Quicken mobile app, which allows you to track purchases using photos of receipts taken with your mobile device.

Topics include:
  • Touring the interface and setting up an Intuit ID
  • Understanding account types
  • Adding and updating accounts
  • Tracking spending
  • Searching, sorting, and filtering transactions
  • Categorizing transactions and customizing categories
  • Reconciling accounts
  • Creating and understanding spending reports
  • Projecting future balances
  • Using Quicken Online Bill Pay
  • Creating a budget
  • Creating a debt reduction plan and savings goals
  • Using the Lifetime Planner and the Tax Center
  • Tracking investments
  • Viewing your investment portfolio
  • Creating and understanding investment reports
  • Using the Quicken mobile app
Subject:
Business
Software:
Quicken
Author:
Sally Norred

Reconciling accounts

You can think of reconciling your accounts like balancing your check book. When you reconcile your spending accounts, you compare your bank records with your Quicken register so you can be certain that neither you nor the bank has recorded any transactions incorrectly. First you should know that reconciling your account is optional. It's just a way of giving you extra confidence that both your online balance, and your Quicken account register balance are accurate. When you balance or reconcile an account, you compare your Quicken account records, against your online 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. For online enabled spending accounts, you have a choice, you can compare the transactions, and click into your paper bank statement, or you can compare them to your latest online balance. If there are any spending or savings accounts that you track manually, the process of reconciling is simply to compare the transactions and click into your paper bank statement. For cash accounts, all you need to do is update the account balance to the cash on hand.

Let's talk about how to reconcile an account with your online statement, this is the preferred way of reconciling, especially if you're downloading transactions from your bank. Let's walk through the process for reconciling a spending account to an online balance. When you use this method, Quicken reconciles your Quicken account to the latest downloaded data. So first, make sure you download your latest transactions, and accept the transactions into your register. From within the account register, click the Account Actions icon, and then choose reconcile, in the Reconcile Online Account window, select Online Balance.

By default, when you reconcile your account, you'll always see the Reconcile Online Account dialog. If you select the always use online balance for this account checkbox, Quicken automatically uses your online balance for that specific account, you'll no longer see the Reconcile Account Online dialog every time you reconcile. If you select this check box, auto reconcile downloaded transactions, click automatically marks your downloaded transactions as Reconciled, if they match transactions already in your register. In the future, Quicken will prompt you to reconcile if the transactions don,t match.

This is just a great time saver, because now, you'll only be alerted if there's a problem and reconciliation will happen automatically. Click OK to start the reconciliation check as you can see in the next window, Quicken checks every deposit and payment in your Quicken register to check, every green check mark denotes a check transaction. If the difference between your account register and your online statement is zero, that means your account matches, and you have reconciled your accounts. Say I'm using a sample account with sample data here. The online balance doesn't match the Quicken register balance, If your account balances don't match, you may need to do a one-step update to download the latest transactions, I'll click done, and I'm just going to adjust my account balance.

A pop-up window may appear on your statement asking if you'd like to create a reconciliation report If you do, click Yes, and you can follow the prompts to fill one out. A pop-up window may also appear, asking if you want to pay the account now, If you do, click Yes, and follow the prompts. You'll notice now that all the transactions were reconciled, and they'll have a little R in the CLR, clear column, denoting that they've been reconciled with the bank. The text for reconciled transaction will also turn a lighter shade of grey, to show that all these transactions have been reconciled.

Reconciling your accounts can be a pain, but if you use online banking it can be almost painless. All you need to do is turn on automatic reconciliation, when you reconcile. Let's take a quick look at how to reconcile a cash account, click on your Cash Account, in the Account Actions drop-down, select Update Balance. Enter the amount of cash that you have on hand currently, as the cash balance. Enter the date, and enter a category for the adjustment transaction. Click OK. The first time you reconcile each of your spending accounts, remember to set the account to automatically reconcile, Quicken will alert you if there are any transactions that need to be adjusted.

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