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Once you have added your primary checking account to Quicken, you will want to add any other spending or savings account that you have so you can keep track of all of your everyday financial transactions. Remember, spending and savings accounts are those accounts that you use for everyday transactions. These include bank accounts such as checking or savings accounts. Credit card or line of credit accounts, money market accounts or even cash accounts. To add an additional spending or savings account, start by expanding the Accounts bar. Click the Add an account button in the bottom of the Accounts bar.
In the Add account pop up window that appears, you'll see a list of four different types of spending and savings accounts: Checking, Credit card, Savings and Cash. If you have an additional checking account that you want to add beyond your primary checking account, click Checking. You may choose to do this if you and your spouse each have a checking account, or if you keep a separate checking account for a small business. Add your financial institution in the same way you added your first account. Search for your bank's name, enter your online user ID and password for your bank, and follow the prompts to connect and customize this additional checking account in Quicken.
Adding a savings account is a similar process. If you want to additional savings accounts, especially if they're a significant part of your next worth or emergency reserves, click the Savings button. You can also add any certificates of deposit or money market accounts that you hold under Savings Accounts. To add a savings account, click Savings on the Add Account pop up. Then follow the same procedure you use for adding a checking account. Keep in mind that if you hold more that one type of account at the bank you select, you may be prompted to add all the accounts at once. And it's fine to do this, as long as you haven't added these additional accounts previously.
To add a credit card account, from the Add Account pop-up, click Credit Card. Select or search for the financial institution that issues your credit card account. Jeanie has a credit card through Bank of America, so she'll click Bank of America. Once you've selected the name of the financial institution where your credit card is held, you'll be prompted to enter your credentials for the financial institution where you have your credit card account. Your credit card credentials are the username and password that you use in to log in to your credit card bank's website. If you've never created an online account for your credit card before, go to your credit card's website, and set that up before adding the account in Quicken.
Enter your log in credentials that you use for your credit card on that financial institution's website here. Check Save this password if you'd like Quicken to save this password to your Password vault. You must have set up your Password vault previously for this to work. Click the Connect button in the lower right corner of this Add credit card pop up window. You'll see activity on the screen that's showing the communication between Quicken and your bank account. This back and forth conversation means that your bank account is verifying your credentials, and Quicken is preparing to download your recent credit card transactions and current balance. This can take a minute or two to complete.
When the account has been added, the pop-up window will display the credit card account that was added and note how many days worth of transactions were downloaded. The number of days of transactions that Quicken downloads is determined by your financial institution. Most financial institutions provide 90 days of your most recent transactions. But this number can vary based on financial institution policy. Now let's try adding a cash account. By clicking the Add Another Account button at the bottom of this pop up screen. Now, a cash account is exactly what it sounds like, a place to keep track of any cash that you use for every day spending.
If you want to know where absolutely all your money goes, or if you need to track petty cash for your small business, add a Quicken cash account. If you do add a cash account, you can save time by tracking cash expenses only to the nearest dollar. To add a cash account, click Cash under Spending and Saving. First, Quicken will prompt you to give a nickname to the account. You can keep the default cash account name or you can revise it. We'll call this one Jeanie's cash account, and click Next. Enter the date you want to start tracking your cash, and the amount of cash that you currently have.
This amount will become the opening balance of your cash account. Remember, this is the actual cash that you have on hand, not the money you have in a checking or savings account. Click Next, and the pop up will show that the cash account was added. Click Finish, and Quicken will take you back to your homepage. Now that we've added all of our spending and savings accounts, let's give them some friendlier names in the Accounts bar, this'll make it easier for us to read the Accounts bar and remember which account is which. To do this, click the Manage Accounts tool button in the top right of the Accounts bar.
Click the Edit button next to the account name you want to edit. In the Account Name field, highlight the name of the account and change it to a friendlier name that's brief and easy to read in the Accounts bar. You can add any other optional information here as well. You can do this with all of your accounts and make it real easy to read. When you're done editing your account list, click Done. It's smart to add all of your significant checking, savings, credit card and cash accounts to Quicken. It will help Quicken give you a more accurate picture of your finances.
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