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Quicken makes it easy for you to track the value of any property or assets that you own. Property and asset accounts are used to track the value of property you own, such as houses, vehicles or valuable assets such as art, collectibles or capital equipment. As a rule of thumb, decide whether you consider the item to be truly an investment or a salable item. Add the item if you're figuring its value into your net worth, and if it would be helpful for you to track its appreciation or depreciation. Note that if you have a loan associated with the property or asset, such as an auto loan or a home mortgage loan, you'll be prompted to enter that loan account separately into Quicken to track the payment schedule, principal and interest.
To add a property or asset account, click the Add an Account button at the bottom of the account bar. In the Add Account pop-up window that appears, select from house, vehicle or other asset account types under property and assets. I'll walk through the process by adding a house account, but the process for adding any of these types of property and asset accounts is the same. To add a house as a property account, click House under Property & Assets on the Add Account pop-up. On the next screen, you'll be prompted to enter a nickname for your house account. I'll call this house Home and click Next in the bottom right corner of the pop-up window.
On the next screen, estimate the date you purchased the house, the purchase price and current value of the property. It's okay to estimate these because you can always revise these later. Click Next. On the next screen, you'll be asked if there's a mortgage or loan on the property or asset. Click Yes if so. If you want to set up that account at this point, select the first option under Yes, I'd like to track this mortgage in Quicken and set up a new account. If you've already added the loan account, select I'm already tracking the mortgage in Quicken. And select the account from the list.
If you'd like to set this up later, select I do not want to track the mortgage in Quicken. If there's no loan or mortgage associated with the property or asset, select No. I'm going to set it up later, so I'm going to select I do not want to track the mortgage in Quicken. Click Next. When the account has been added, the pop-up window will display the property or asset account that has been added. Click Finish and now you'll see this asset and its current estimated value under the Property and Debt tab in the Accounts bar. You may need to click on the name of the asset in the Account bar to refresh and display the value. To add another property or asset account, be sure to click on the correct account type from the Add Account screen.
Monitoring the value of property and assets that contribute to your net worth is an important part of understanding your financial picture. Make sure to associate any loans with your property and asset accounts, so you can keep on top of payment schedules, principal and interest.
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