on a new account where to put the opening balance

Jimf2

I have almost 3 months of transactions in a csv in the suggested format. (Jan 01, 2024 to Mar 18, 2024). At the time of Bank account creation, I needed to put in an opening balance. I opened my bank account and found the balance at Jan 01 and put that in. I then imported the cvs file, but noticed quicken's balance was way different that the actual balance. Any thoughts on what may be wrong?

UrsulaA

When you say the balance is wrong, is it incorrect on the transaction list and/or reports in Quicken Simplifi?

When the balances that Simplifi had did not match the bank, I used a balance adjustment transaction to adjust the balance to match the bank. I do not use opening balances when setting up the accounts as they cause issues like the one you are describing above for me.

Jimf2

@ursulaA

Yes, the quicken balance is way out. The difference is quite significant, like 700.00. so, if I wanted line then up even close, would you suggest a 'current' balance adjustment entry just to get them somewhat close?

DannyB

@Jimf2

If you are only wanting data from the first of the year, why are you importing from a csv file instead of the data directly from your bank?

Jimf2

@DannyB ,

To answer your question, my bank does not provide external access via a finance application, nor will they export transaction data in Quicken or CSV format only in PDF format, therefore the only option I have is to use Bing AI Copilot to format the copy/paste pdf data into a csv format. Then I have to modify column names and combine deposits and expenses into a single column to conform to Simplifi's CSV template.

DannyB

Wow! OK, so the data you import is the actual bank data. Now the question is what is causing the discrepancy. One way is a good old fashion account reconciliation. But entering a balance correction entry per @UrsulaA 's practice, would be quicker.

If you don't mind my asking, is there a compelling reason you don't switch to a bank that will allow a connection with financial apps?

UrsulaA

https://community.simplifimoney.com/discussion/comment/32030#Comment_32030

Yes, that is what I am suggesting

Jimf2

My current bank holds my mortgage as a (split) line of credit/mortgage. Not many other banks will entertain that scenario, and if they do the interest rate is significantly higher. So, for the time being I'm stuck with this bank and some manual manipulating to create the CSV file in the suggested template form.
I think you and @ursulaA may have the answer, just do a balance correction. I learned a long time ago, it does not really matter what balance Quicken has the Bank balance is the rule.

Jimf2

OK, This is bizzarre. I updated my opening January 1 2024 balance to Zero. 0.00 and now simplify balance is exactly matches my bank balance dead on.

DannyB

That actually makes sense if the data you started with from your bank started with the balance current on January 1 before any new transactions were added.

Jimf2

Thanks folks. Now I'm off to add my credit card statements, we'll see what surprises that brings.