I recently started using the Online version of Quicken and for the most part I love it.
However, I am running into a particular issue. When Quicken is updated with my checking account activity, it updates the current "balance". However, that "balance" includes pending transactions. Since QO only updates cleared transactions, you can see how there is a gap in the information provided.
For example, if I started the day with $1000 balance in my checking account and updated QO, then it would also show a balance of $100. Then after I go out and use my ATM card to spend $10, my online banking site will almost always update automatically with a pending charge of $10 and in turn updating my current balance to $90. If I then go back to QO and request an update for that account, my "balance" will be $90 BUT my transactions will not be updated to show that $10 charge. I certainly could add it manually but then in turn I believe I will have a double charge once the transaction clears my bank and QO is updated again.
I guess my question is whether or not there is a way around this? Is there something that I can do either within QO or my bank's website to keep the information even. In other words, to make sure that if only cleared transactions are updated in QO, then only the cleared balance from my checking should update.
Issues with balance information from my bank Oct 27, 2008 01:40 pm
This post is about: Quicken Online
Hi primcharly,
Glad you're enjoying Quicken Online!
Right now, this would seem to be an issue with the way your bank is passing the information--I'm not sure what bank you're using, but banks will sometimes differentiate between an actual (total money in account) and available (total money in account minus pending transactions) balance.
So, even though the transaction is still pending, your bank and Quicken alike want to present you with the amount you can actually spend without going over your available balance; that's why your balance changes, even if your transactions don't.
Eventually this will even out, when the transactions clear and are dowloaded into Quicken Online--but right now the only way to keep track is to enter the amount into the Upcoming Transactions window--
HTH--
Quicken Kathryn
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