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Thread: Quicken 2011 Debit/Credit Issues
2012-11-27, 15:27 #1
- Join Date
- Sep 2001
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Quicken 2011 Debit/Credit Issues
Depending on the financial institution, Quicken reports a transaction as a credit or a debit. For example, when looking at the Groceries and Drug Store expenses, B of A Visa shows charges in red as debits while AmEx shows charges in black as credits. The net result is that the totals automatically calculated by Quicken donít reflect the true expenses, as the credits and debits offset one another. Thus, the Quicken generated reports are pretty useless.
1. Is there a way to set up Quicken so that data downloaded from the financial institutions comes in formatted as the user prefers.
Because of this annoying feature, in order to analyze the Quicken data, I export from the Quicken report into an Excel spreadsheet. This requires cleaning up the data by hand, changing the polarities of the negative numbers into positives (unless it really is a credit) in order to then use Excel functions to sum it all up. Itís a lot of extra work which, in theory, should be easily done automatically within Quicken.
2. Is there an easy way to change the polarity of a column of numbers in Quicken. It takes a long time to go through a whole yearís worth of expenses cell by cell to make sure the polarity is right in order to get true summations.
This has been an issue for me in Quicken for years. I would finally like to get this resolved.
I appreciate any help/suggestions.Thanks,
Caroline in lala-land
2012-11-29, 09:52 #2
- Join Date
- Dec 2009
- Milwaukee, WI
- Thanked 64 Times in 52 Posts
Try downloading a CSV file from each of the prospective institutions and see how they are formatted. I'm also curious to know how you are importing the data. In most instances, you can log into your CC account online and will have the option to download statements in various formats. I always have Quicken open when I do this, and choose the Quicken format for the statement. Quicken should import it without any issues.Chuck
2012-12-06, 11:50 #3
- Join Date
- May 2010
- Philadelphia, PA, USA
- Thanked 27 Times in 26 Posts
How are you entering your credit card transactions?
I always enter the transactions directly into Quicken. I "sync" the transactions periodically with the issuer. This doesn't change the nature of the entry (a charge or a payment).
When my statement comes I reconcile the account. Again, this doesn't change the nature of the entries.
Long ago I took an Accounting course in college. One of the topics was the "Normal Balance of an Account". I'm not sure Quicken follows the same rules.