Give Quicken 2012 the Bank’s Information to Balance Accounts
The first step when balancing an account is to supply Quicken 2012 with the bank’s account information. This information comes from your monthly statement. Supply Quicken with the figures it needs as follows:
Verify the opening balance.
Quicken displays a figure in the Opening Balance text box. If this figure isn’t correct, replace it with the correct figure. To do so, move the cursor to the text box and type over the given figure. (If you’re reconciling your account for the first time, Quicken gets this opening balance figure from your starting account balance.
If you’ve reconciled before, Quicken uses the Ending Balance that you specified the last time you reconciled.)
Enter the ending balance.
Move the cursor to the Ending Balance text box and type the ending, or closing, balance shown on your bank statement.
Provide the statement’s ending balance date.
Move the cursor to the New Statement Ending Date text box and type the ending date for the statement you’re using to reconcile.
Enter the bank’s service charge.
If your bank statement shows a service charge and you haven’t already entered it, move the cursor to the Service Charge text box and type the amount.
Type a transaction date for the service charge transaction.
Quicken supplies its best guess for the date. If you’re reconciling for the first time, Quicken uses the current system date from your computer’s clock. If you’ve reconciled the account before, Quicken picks a date one month later from the last time you reconciled the account. If the date Quicken picks isn’t correct, type the correct date.
You can adjust a date one day at a time by using either the + or – key.
Assign the bank’s service charge to a category.
Quicken helps you out by displaying the Bank Charge category in the first Category text box — the one beneath the Service Charge text box. If you want to use a different category, click the down arrow in the Category text box to open the Category drop-down list box; then select a category by scrolling down the list and pressing Enter.
Enter the account’s interest income.
If the account earned interest for the month and you haven’t already entered this figure, type the amount in the Interest Earned text box.
Enter a transaction date for the interest income transaction.
You already know how to enter dates.
Assign the interest to a category.
Type an appropriate income category for any interest — perhaps something like, er, Interest Inc.
Tell Quicken that the bank statement is complete.
To do so, just click OK. Quicken displays the reconcile window.