Question for Quicken users

May 12, 2017, 06:49 PM

Ronin1069

A LONG time ago I was a regular Quicken user....I got away from it but not am back. (barely recognize the newer version)

Is there a way to add a subcategory or tracking function to an account?

For example, let’s say I have $10k in savings and I want to be able to see that $5k of it is earmarked for upcoming vacation and the other $5k is designated for individual categories….(birthday, Christmas, boys 16th birthday party, etc)

I'd want to look something like:

SAVINGS $10,000
- Trip: $5000
- Party: $1000
- XMas: $3000
- B'Day: $1000

Problem is, as listed above I'd have a balance of $20k and I only want it to reflect $10k.

May 12, 2017, 07:07 PM

OldChimney

You could use Tags, setting up one for each of your items. This would allow you to subtotal reports by Tag.

May 12, 2017, 07:10 PM

Ronin1069

quote:
Originally posted by OldChimney:
You could use Tags, setting up one for each of your items. This would allow you to subtotal reports by Tag.

Thanks for that...I'll do some research into Tags. Sounds like it might be what I am looking for.

May 12, 2017, 07:17 PM

Rey HRH

I use tags minimally. that just tags the category to that tag. Like for example, I have two cars. When I enter a transaction under category Car Maintenance. I then tag it to either Car 1 or Car 2.

Here's something I found that might be closer to what you're looking for:
Link

quote:

Using Savings Goals

Quicken’s Savings Goals feature helps you save money by “hiding” funds in an account. You set up a savings goal and make contributions to it using the Savings Goals window. Although the money never leaves the source bank account, it is deducted in the account register, thus reducing the account balance in Quicken. If you can’t see the money in your account, you’re less likely to spend it.

Kind of sounds silly, doesn’t it? Using Quicken to transfer money from your checking account to another account that doesn’t even exist?

But don’t laugh—the Savings Goals feature really works. A friend used a similar technique. She simply deducted $10 or $20 from her checking account balance, thus giving the illusion that she had less money in the account than was really there. This helped her save money by making her think twice about writing a check for something they really didn’t need. It prevented her from bouncing checks during the time when the needs of her growing family caused her to keep a dangerously low checking account balance. When her daughter graduated from high school, there was enough money in this “secret” account to pay for a new laptop as the girl went off to college!

"It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life – daily and hourly. Our answer must consist not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual." Viktor Frankl, Man's Search for Meaning, 1946.

May 12, 2017, 07:45 PM

mcrimm

Here's what I do.

I set up my main checking account. I then set up accounts for things like Savings, Tire Accrual, Utilities, Vacation, Taxes, Insurance.

When I get my income, I have a memorized transaction that distributes the income to these other accounts.

The balance in my main account stays a zero as I have distributed the funds to the other accounts but the totals of these other accounts equals the main checking account balance.

When the bills roll in, I transfer these transactions to the proper account from the main checking account.

I have done this for years and it works like a charm.

Mike

May 13, 2017, 07:40 AM

V-Tail

I don't use Quicken, so I don't know whether it can do what you want to do with it, but QuickBooks (Quicken's big brother) has sub-accounts and can do exactly what you're asking for.

You probably don't need the latest and greatest version of QB, you can probably find older but unused versions on Amazon or eBay.

Note that I really despise Intuit for the way that they treat customers, but unfortunately I have not found a product that suits my business needs better than QuickBooks.