Quicken - do you still reconcile?

[SueInBoston]

I've used Quicken for years and i haven't reconcile my bank statements in years. I download all transactions and make sure all the in and out are correct and leave it at that. I was talking to a friend today and she still reconcile to her bank statement, when I asked why...she couldn't give me a good answer but just said that she didn't want to miss any 'transactions'...

So do you still reconcile?

 

[Minnie404]

Nope I quit a long time ago. I do get on my bank online and write in all my transactions-I never do it at the time I buy something so this is the only way to watch so I always have $$ in my account. I think it depends on each person though and what they are comfortable with. Some people probably want to see where all their money goes too and although I would like to do that too-just don't have the time.

 

[goodeats]

Well I make sure that my ending balance in Quicken is my ending balance online less any outstanding checks. Sometimes things download wrong, so I like to keep tabs on it.

 

[NYCDiane]

No. I don't use Quicken or any other computer program for my banking.

I use a good, old fashioned composition book and record all my transactions there.

When I write a check, I record it in the book and wait until it's cashed and then write in the date it was cashed and print out a copy of the cancelled check from the bank's website.

When I make payments online or make a debit purchase, I record the payment along with any confirmation code.

I go online every morning and check my checking account. As items post, I highlight them in my composition book to keep track of what's been posted/paid.

This has been working for me for many years and I've never, ever had an overdraft!

 

[Sadie22]

I put everything in Quicken and I reconcile everything.

 

[rsschneck]

I put everything in Quicken and I reconcile everything.

Same here. Reconcile every month

 

[vacationer1954]

We reconcile to the online balance for the accounts that offer that. It takes two or three seconds at most. Our main checking account though doesn't offer that because it is a Linked Checking Account. So whenever I happen to be on their website entering bills to pay I take the balance then and reconcile that account in Quicken. I have had too many problem with Quicken missing data to rely on the download of transactions entirely.

 

[Pembo]

I reconcile to Quicken and also to my paper register every month.

 

[jm0925]

Well I make sure that my ending balance in Quicken is my ending balance online less any outstanding checks. Sometimes things download wrong, so I like to keep tabs on it.

Same here. I've used Microsoft Money and Quicken and when I used the download transaction feature I found that transactions downloaded wrong or multiple times and it took me more time to delete and fix the information.

I think just as a safety pre-caution it always a good idea to reconcile your account anyways.

 

[Disneefun]

I always reconcile to make certain that something didn't go haywire somewhere. Online banking is wonderful, but errors happen. Besides, I have to at least read my statement every month b/c that's where my bank sticks notices of fee changes, etc. so as long as I'm reading, I take the time to match everything up.

 

[disykat]

I always reconcile.

I just don't think I could stop doing what I've always known as the "right" way. It helps me feel in control of my money because I know I'll catch any error that occurs.

 

[momof1princess]

I've used Quicken for years and i haven't reconcile my bank statements in years. I download all transactions and make sure all the in and out are correct and leave it at that. I was talking to a friend today and she still reconcile to her bank statement, when I asked why...she couldn't give me a good answer but just said that she didn't want to miss any 'transactions'...

So do you still reconcile?

I use quickbooks at work, and I reconcile every month.

 

[mikehn]

always reconcile. the bank is not always right. My mortgage statement had a $900 mistake once.

 

[ceemys]

Yes, I still reconcile, even with quicken. Helps me feel in control. I print out my statements and staple all my receipts to them. I found an error last month, a restaurant submitted my bill plus someone else's for an extra $35.

 

[Hofmanns4]

Quicken has an automatic reconcile feature. I have it set to reconcile to the online balance after every download. After I finish reviewing the downloaded transactions and click done, Quicken auto reconciles and i see the screen blink quickly. If there was a problem, it would pop up. I just had an issue last month when i accepted a transfer that had the wrong account listed so i was off. It told me i did not match the online balance and i had to figure out my mistake.

 

[mel&me]

I use quickbooks, reconcile every month

 

[DonnaL]

We've used Quicken for years and years (I want to say 1996) however, I use it as a transaction record only and do reconcile. We use an airline cc for most household purchases, gas, some utilities, groceries.......and I also record those in Quicken with a notation in the memo column that it was a cc purchase. This way those purchases are deducted (at least in Quicken if not in reality)and it helps me get a better handle on those cc purchases and keep track. Once a week I add all the cc purchases and pay the cc (ours allows 4 payments per month) online from our checking account. Once I've paid the cc and entered the amount I paid, I then zero out the individual purchase amounts from that week. By using this method, we've racked up countless airline miles, plus tons of gift cards for gifts or dining out, etc. and never pay interest. It's really very easy to do and doesn't take that long to reconcile to the online cc statement if done on a weekly basis. Once in while I'll forget to record something in Quicken, but, catch it quickly with this method.