Reconciling Accounts in Quicken Simplifi

Quick Review

• What: Use the Reviewed column to mark transactions as verified

• Why: Helpful if you need to match transactions with bank statements

• How: Banking > Gear icon > Enable Reviewed column

• Note: Most users won't need this feature since Simplifi automatically syncs with banks

Overview

Reconciling means comparing your downloaded transactions in Quicken Simplifi with your bank statement to ensure everything matches. Since Quicken Simplifi automatically downloads and categorizes your transactions, most users find reconciliation unnecessary.

However, if you prefer to verify transactions against your bank statement, Simplifi provides a Reviewed column that lets you mark transactions as checked. Ashley tried this feature when first learning Simplifi but found they rarely use it now that they trust the automatic downloads.

When You Might Want to Reconcile

Most Simplifi users never need to reconcile because:

• Transactions download automatically

• Balances update in real-time

• Duplicate detection prevents most errors

You might consider using the Reviewed column if:

• You're transitioning from manual bookkeeping

• You suspect missing or duplicate transactions

• Your bank has connection issues

• You need to verify transactions for tax or business purposes

Using the Reviewed Column

The Reviewed column provides a simple checkbox next to each transaction. When enabled, you can click to mark transactions as reviewed.

How to Enable the Reviewed Column

1. Select Banking from the top of your Accounts List on the Dashboard

2. Select the gear icon to the upper right of the register

3. Click Reviewed so it has a checkmark next to it

Alternative: Using the Flag Column

The Flag column can also mark transactions. Unlike the subtle Reviewed checkmark, flags are visually prominent. Ashley uses flags only for transactions needing action, like:

• Disputed charges

• Transactions to discuss with their accountant

• Purchases needing receipts

To enable flags, follow the same steps but select Flag instead of Reviewed.

If Your Balance Doesn't Match

Before starting a full reconciliation, check these common issues:

Pending Transactions: Some transactions may still be processing at your bank

Connection Delays: Occasionally transactions take 24-48 hours to download

Different Dates: Transaction dates in Simplifi might differ from bank posting dates

Manual Entries: Check if you've created any manual transactions

Ashley's Simplified Approach

After initially trying to reconcile monthly, Ashley developed a lighter touch:

1. Quick daily scan: Reviews new transactions for correct categories (tax purposes)

2. Monthly balance check: Compares Simplifi balance to bank balance

3. Investigation only if needed: Only does detailed checking if balances differ significantly

Ashley found that Simplifi's automatic downloads are accurate enough that formal reconciliation wastes time they could spend on their business.

The Bottom Line

While Quicken Simplifi doesn't offer traditional reconciliation features found in desktop accounting software, the Reviewed column exists for those who want it. However, most users find that Simplifi's automatic transaction downloads make manual reconciliation unnecessary. Trust the system, spot-check occasionally, and investigate only when something seems wrong.

Hint: If you're coming from Quicken Classic or other desktop software, resist the urge to reconcile out of habit. Give yourself a month to trust Simplifi's automatic downloads. You can always enable the Reviewed column later if needed, but most users find they save hours each month by letting go of manual reconciliation routines.