Sometimes, when settling an account in Quicken 2014, things don’t seem to balance. Here are some quick tips on what to do when your account is off-balance:
Please confirm that you are working with the correct account.
Sounds silly, doesn’t it? However, if you have several different bank accounts, it’s pretty easy to get rid of the wrong account. So go ahead and confirm, for example, that you want to liquidate your Mammoth International Bank checking account using a Mammoth International checking account statement.
Search for transactions that the bank recorded but did not record
Review your bank statement and make sure you have recorded all your bank transactions. Cash withdrawals at ATMs, special rates or charges for services (such as checks or safes), ATMs, direct deposits, etc. are easy to forget.
Find reverse transactions
Here’s a trivial one. If you accidentally make a delayed transaction (deposit as withdrawal or withdrawal as a deposit), your account will not be balanced. And the error is difficult to achieve. The Reconcile: Quicken Check 2014 window shows all successful transactions, but the transaction size appears to be positive when it should be negative or negative when it should be positive. For example, the check you wrote to Mrs. Travis for her son’s piano lessons appears to be a positive number (deposit) rather than a negative number (check).
Find a transaction equal to half the difference
A useful way to retrieve a transaction that you have found if you only have one transaction is to retrieve a transaction that is half the conclusive difference. For example, if the difference is $ 200, you may have entered a $ 100 deposit as a withdrawal or a $ 100 withdrawal as a deposit.
Find a transaction equal to the difference
As I talk about explaining the difference by looking at individual transactions, let me make an obvious point. If the difference between your bank details and yours is the same as one of the transactions listed in your registry, you may have mistakenly marked the transaction as liquidated or may have mistakenly marked it as unregulated.
Alternatively, you may have entered a transaction twice. This is another way to get an error.
Check the transposed numbers
Transposed numbers occur when two digits are inverted into a number. For example, enter $ 45.89 as $ 4. Ask someone else to review your work.
This idea may seem obvious enough, but you’ll be amazed at how often a second pair of eyes can find something you’ve missed.
If you use Quicken 2014 at home, ask your spouse a question. If you use Quicken 2014 at work, ask the owner or one of your colleagues (perhaps someone who always has too much free time).
Beware of multiple errors
If you find an error while using this laundry list and you can not yet balance your account, you should check again at the top of the list. For example, after receiving a dial-up number, you may find that you have reversed another transaction or that you have incorrectly canceled or deactivated a transaction.
Try again next month (and maybe next month)
If the difference is not large compared to the size of your bank account, you may want to wait until next month and try to settle your account again.
Consider the following example. Set up your account in January and the difference is $ 24.02. Then settle the bill in February and the difference is $ 24.02. So we settle the bill in March and, surprisingly, the difference is still $ 24.02.
What’s going on here? Well, the initial account balance was probably down $ 24.02. (The more months you try to settle your account and find out you still have a $ 24/2 discount, the more likely this type of error is to blame).
After the second or third month, it is quite reasonable to tell Quicken 2014 that you need to enter a $ 24.02 adjustment transaction for your account to be balanced.
Ask the bank for help
As an alternative to the above idea, whoever thinks the bank statement is correct and their records are incorrect, try this idea: Ask the bank people to help you settle your account. (Of course, first, check if they charge for this service).
Keeping bank records is generally good. However, your bank may have made a mistake, so ask for help from people who are there.
Compare your balances.
Check your worksheet balances on the balance sheet by comparing them to your diary and ledger totals. Make sure you did not make a mistake shifting your balances to the balance of the test.
It is not very difficult or It takes to correct these problems. Correct the incorrect balances and add the test balance columns again.
Check your diary summaries.
Check the math for all the summaries in your diary, making sure that the totals are correct and that the totals you entered in the general ledger are correct. This type of checkup takes some time, but it’s still better than checking each transaction twice.
If you find errors in the diary summaries, correct them, re-enter the totals correctly, change the test balance numbers to match the correct totals, and reconnect the test balance test.
Check the journal entries and general ledger entries.
Check the actual transaction entries. The process takes time, but the information on your books is not useful until your debt equals your credits.
If this step is your last resort, scan your entries for a few specific suspects. If you see an office supply item that is much larger or smaller than you would normally expect, check the source material for that item to make sure it is correct.
If you have carefully created the Accounts Payable and Accounts Receivable journals, you can focus your efforts on accounts with separate journals. After you have found and corrected the error (s), run another test scale. If things still don’t match up, repeat the steps listed here until your debits and credits are the same.
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