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Remove the mystery from your finances with Quicken 2014, the one-stop shop for managing your money and charting your financial future. In this course, Sally Norred takes you on a tour of this powerful personal finance tool, showing how to connect with your bank, and integrate your savings, retirement, loan, and credit card accounts to see the big picture of your financial health. Learn how Quicken automatically tracks and categorizes your spending, and then see how to customize this tracking to suit your needs. Walk through setting up bill and income reminders to stay on top of important payment dates and developing a budget that gives you the information you need to make sound financial decisions. Once you understand the basics, discover Quicken's tools for helping you get out of debt as soon as possible and create savings goals for your next big purchase. Last, see how to get the most out of your investments and check out the Quicken mobile app, which allows you to track purchases using photos of receipts taken with your mobile device.
Quicken makes it easy for you to track the account balance for any loan or debt account you have. You can link it to an associated property or asset to get an accurate picture of your net worth. Loan and debt accounts are those accounts for money that you owe. Quicken categorizes these accounts into loan accounts, home equity line of credit accounts and other liabilities. Let's take a minute to talk about each of these types of loan and debt accounts. A loan account is an account such as a loan you take out to purchase a house, a vehicle or any other type of loan you may take out from a bank.
When you set up a loan, Quicken creates a loan account that shows the balance owed on the account and keeps it up to date by connecting to the loan account online. Except in the case of a house or vehicle account, it's usually simpler to add the loan first and then add the asset account when Quicken prompts you to do so. A home equity line of credit or HELOC account can be linked to your house account to better reflect your net equity. It helps you track a changing balance of withdrawals and payments. Please note, that to track a standard line of credit, not a home equity line of credit, use the credit card account type, under spending and savings accounts.
Use the other liabilities category to track informal liabilities, such as money you borrowed from friends and family, that doesn't have an interest rate or term associated with it. Add a loan or debt account, click the Add an Account button at the bottom of the Account bar. In the Add Account pop-up that appears under loans and debt, select from loan, home equity line HELOC or other liability. I'll walk through the process by adding a loan account for a home mortgage. The process is similar for adding any loan or debt account. To add a loan account, click Loan under Loan and Debt on the Add Account pop-up.
On the next screen, search for and select your bank or brokerage. Jeannie has her home mortgaged to Countrywide, which is not listed below. So she is going to search for it up here. Once you have selected the bank or brokerage through which you have the loan, you'll be prompted to enter the username and password that you use for the bank or brokerage's website. Enter these credentials and click Next. Check Save this Password to add this to your password vault, if you've not created a password vault yet, leave this blank. Click Connect in the bottom right corner of the pop-up.
Quicken will take a few minutes to communicate with your bank or brokerage to gather information. When the connection has been established, the next screen will show you a list of accounts that Quicken has detected at your bank. You may see various settings in this list, if you have more than one account at this financial institution. This is a mortgage account, so we're going to make sure Mortgage is selected from this drop down here. Choose Add to create a new Quicken account in which to download these transactions. I want to add this mortgage account to Quicken, so I'll select Add. Next, enter the nickname you want to use to refer to this account in Quicken.
This name will appear in reports and in the Quicken interface. If you don't enter a nickname, Quicken will use the default name provided by financial institution for the account. We're going to call this My Mortgage. Click Next to add this loan account to Quicken. Quicken will once again communicate with your bank or brokerage to download transactions and the account balance. When it's finished with the connection process, you'll see the account added screen, listing the loan account or accounts you added. There will also be a small drop down to link an associated asset account to your loan.
This is optional, but it is a really good idea to take this step. Linking an asset with a loan account will allow you to track the value of the property or asset associated with your loan and to accurately track your net worth. For example, when tracking a mortgage, you should add the value of your home as an asset. To add the linked asset account, select the drop down under the mortgage in this account added pop-up window. To add a new asset, click home, auto or other, depending on the type of asset the loan is for. I've already added my home asset, so I'm going to select Existing Asset > Home.
When the asset is linked, the link between the loan and asset will display in the pop-up window, right here. Click Done. And now you will see this and the balance that is owed on this loan under Property and Debt tab on the Accounts bar. Click on the name of the loan, and you'll view the loan details in the main window. To add another loan or debt account, be sure to click on the correct account type on the add account screen
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