Reconciling bank account

Jim Voorhies's Avatar

Jim Voorhies

26 Oct, 2015 09:30 PM

I just switched from Quicken by exporting all the Quicken transactions since 2012 into a QIF file and importing it into Moneydance. One of the first things I need to do is reconcile the monthly bank account statement, which just came in. However Moneydance shows the beginning balance to be 911.36 higher than it should be. I have no clue how I should fix this (or why should need to). The monthly statements have always reconciled prior to this.

  1. 1 Posted by Jim Voorhies on 26 Oct, 2015 09:33 PM

    Jim Voorhies's Avatar

    As further clarification after reading several other discussions, I haven't modified anything whatsoever. I literally imported the data, entered four reminders for auto debits, and then went to balance the account.

  2. 2 Posted by Scott Meehan on 27 Oct, 2015 11:23 PM

    Scott Meehan's Avatar

    Hi Jim,

    Have you already set an initial balance for your account? This is the balance that the account was at at the time of the first transactions in Moneydance.

    To change the Initial Balance of the account, open the account register and go to Account->Edit Account. You can enter mathematical equations in the Initial balance field in the account to calculate the amount it should be. For example if your current account balance is 1476.62, and the balance shown in Moneydance is 27.65, then enter 1476.62-27.65 (use the minus sign) in the Initial Balance field and hit enter. Moneydance will automatically calculate the proper Initial Balance.

    If you have and your balance is still off, then it's possible that at some point you accidentally uncleared an old transaction or deleted an old transaction after a reconciliation process. You can check to see if you have any uncleared transactions that you aren't aware of by using the "Uncleared" button above the register of the account that isn't balancing correctly, which will filter the transactions in the register to only show the uncleared ones.

    Scott Meehan
    Infinite Kind Support

  3. 3 Posted by Jim Voorhies on 27 Oct, 2015 11:40 PM

    Jim Voorhies's Avatar

    I set the initial balance at 0 and haven't cleared or deleted anything. I
    literally imported the data from Quicken, added a withdrawal and then
    started to reconcile. The uncleared items match what was on Quicken. When I
    saw that as a possibility in the help site, that was the first thing I
    checked. I'll go through it again but I don't think that's it.

  4. 4 Posted by Scott Meehan on 28 Oct, 2015 01:15 PM

    Scott Meehan's Avatar

    Hi Jim,

    So your account's balance was $0 at the time of the first entry in Moneydance?

    Scott Meehan
    Infinite Kind Support

  5. 5 Posted by Jim Voorhies on 28 Oct, 2015 01:58 PM

    Jim Voorhies's Avatar

    Yes, it was.

  6. 6 Posted by Jim Voorhies on 28 Oct, 2015 07:30 PM

    Jim Voorhies's Avatar

    I went through both the Quicken and Moneydance files. The uncleared items
    are identical in both and the running balances check throughout the
    registers. I checked the running balances at a dozen different transactions
    since 2013. They're all identical.

  7. 7 Posted by Jim Voorhies on 29 Oct, 2015 03:13 PM

    Jim Voorhies's Avatar

    I've been keeping both sets of files up to date so I went into the Quicken
    version and simply balanced the checkbook without issues. Despite the
    issues I have with Quicken, we do have work-arounds we have developed that
    deal with issues in their latest version. It will be simpler to just use
    the workarounds in the hopes they will find and fix the issues rather than
    deal with the learning curve of new software. As a result, I plan to
    uninstall Moneydance. Is it possible to get a refund of the cost?

    Jim Voorhies

  8. System closed this discussion on 19 Mar, 2016 05:02 AM.

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