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Quicken Catch-Up Plan

I asked ChatGPT for a strategy to catch up on Quicken, and all I got was an excellent list.

The best way to catch up on Quicken is never to fall behind! Do it monthly, and you will be just fine.

TL:DR Skip the ChatGPT twattle if you want to read what I did.

ChatGPT Quicken Jibber-Jabber

Reconciling many months in the Quicken application can be a time-consuming task, but there are some strategies you can follow to streamline the process. Here’s a step-by-step guide:

1. Organize your financial documents: Gather all your bank statements, credit card statements, and other relevant financial records for the months you need to reconcile. Having these documents readily available will make the process smoother.

2. Start with the oldest month: Begin by reconciling the oldest month first and work your way towards the most recent month. Before moving forward, this approach helps you address any discrepancies or outstanding issues from previous months.

3. Use the Reconcile feature: Quicken provides a built-in reconciliation feature that can help simplify the process. To access it, navigate to the account you want to reconcile, click on the “Account Actions” button (represented by a gear icon), and select “Reconcile.”

4. Enter statement information: Quicken will prompt you to enter the statement date, ending balance, and any service charges or interest earned. Input the info accurately based on your bank statement or financial records.

5. Review transactions: Quicken will display a list of transactions during the statement period. Compare these transactions with your bank statement, checking each item as you verify its accuracy. Be diligent in your review to ensure all transactions are accounted for.

6. Investigate discrepancies: If you encounter any differences between your records and the bank statement, carefully examine the details. Look for missing transactions, duplicates, or incorrect amounts. It’s helpful to sort transactions by date, payee, or quantity to facilitate the search.

7. Adjust transactions: If you find errors or missing transactions, you can make the necessary adjustments directly in Quicken. Add missing transactions, delete duplicates, or modify incorrect amounts. Ensure that the adjusted balance matches your bank statement.

8. Repeat each month: Once you complete the reconciliation for one month, proceed to the next one, following the same steps outlined above. Continue until you have reconciled all the months you need.

9. Reconcile investment accounts separately: If you have investment accounts in Quicken, it’s best to reconcile them separately from your regular banking accounts. The process may vary slightly but Quicken provides specific tools and options for investment account reconciliation.

10. Maintain backups: Regularly back up your Quicken data throughout the process to prevent any accidental loss of information. This way, you can always revert to a previous backup if needed.

Remember, reconciling for many months can be time-consuming, so be patient and meticulous throughout the process. It’s essential to ensure the accuracy of your financial records for effective budgeting and fiscal management.

My Commentary

The last paragraph is about AI taking the mickey. If I were patient and meticulous, I wouldn’t be in this situation. ChatGPT can “do one” in the words of my ancestors.

My Resolution

Ignoring the AI twattle above, I knew what needed to be done. Don’t get me wrong, ChatGPT can create excellent code examples, but for financial advice, it sucks.

My fix was to start again from scratch. I was moving from a Mac platform to a PC, and the transfer of a massive data file failed. There was no uncomplicated transfer method, so I started with a clean slate. The old data is now archived and can be used to reflect on past financial follies.

Feel Free to Comment

  1. After a billion years using quicken I went to using YNAB in 2016. It’s more intuitive for non accounting people (apparently there are a lot of those, including my husband). YNAB focus is on budgeting (duh it’s called you need a budget) so it doesn’t handle investment tracking well. But it has changed my life because now my husband and I are a team rather than me being the household accountant.

    1. Good to hear! Using a tool you can work with is important. So far my “New” Quicken set up is working OK, but I am not sure I am completely sold. We’ll see where this leads. For now, it is working.

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