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Defining common Quicken terminology

From: Quicken 2014 Essential Training

Video: Defining common Quicken terminology

Quicken 2014 Premier uses some specialized terminology. Reports display information about your finances in a clear, easy to read format.

Defining common Quicken terminology

Quicken 2014 Premier uses some specialized terminology. Let's get familiar with what these terms mean before we dive into the detail of how to use the product. Your Quicken file is the file you open from the Quicken software that contains all the information that you've added to Quicken. Accounts refer to your personal accounts including checking, savings, credit card, loan, investment, retirement, or even cash accounts that you can add to Quicken. All of your accounts are listed in the account bar on the left side of your screen. When you look at an account, you'll open up an account register for the account.

You can think of the account register like a checkbook register, where you'd see each of expense and income transactions, and the current balance on the account. Each account register lists the transactions for the account. These transactions are the expenses, such as purchases or bill payments, as well as income transactions and transfers. The account register also shows you the balances on the account. The online balance is the balance that is currently shown on your financial institution's web site. The current balance includes any recurring payments or bills that may not have been cleared by your bank, but have been entered into Quicken.

The ending balance is the upcoming balance based on any future bill and income reminders that you've entered into Quicken. Within the account register, you can track your spending in different categories and subcategories. These categories are used by your budget, to help you manage your monthly spending. As you enter transactions Quicken uses the memorized payees feature to store information associated with payees. So, the next time you enter a transaction with that payee, the register fields will be prefilled. Reconciling an account means comparing your bank records with your Quicken register, so you can be certain that neither you nor the bank has recorded any transactions incorrectly.

One Step Update is a tool that Quicken uses so that you can update your transactions and balances online from all of your accounts at once. Quicken's Password Vault helps make that One Step Update work by saving all of your usernames and passwords with a single master password. So you only have to enter one password to update all of your accounts. The Tabbed Centers in Quicken allow you to access tools and features that are organized around common financial activities. Reports display information about your finances in a clear, easy to read format.

Often there's an option to show a graph to give you a visual summary of your financial information along with your report. Let's talk about a few extra add-ons that are provided by Intuit. There's Quicken Bill Pay, which is a monthly fee-based subscription service you can optionally sign up for to pay bills directly from your Quicken software. There's also the Quicken 2014 mobile app, a free app for tablets and smartphones that syncs your Quicken data to your mobile device. In the Quicken help tool, available in the Help menu, there's a comprehensive glossary of financial and Quicken-specific terminology.

Click Help > Quicken Help > Contents. And click Glossary to access this glossary.

Show transcript

This video is part of

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Quicken 2014 Essential Training

47 video lessons · 1138 viewers

Sally Norred

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  1. 47s
    1. Welcome
  2. 10m 45s
    1. What is Quicken 2014 Premier?
      2m 45s
    2. Defining common Quicken terminology
      2m 58s
    3. Touring the Quicken interface
      5m 2s
  3. 36m 42s
    1. Setting up your Intuit ID
      2m 54s
    2. Using the Account Bar
      2m 46s
    3. Understanding account types
      3m 59s
    4. Adding your first account
      3m 11s
    5. Updating your accounts
      3m 44s
    6. Setting up your Password Vault
      2m 55s
    7. Adding other spending and savings accounts
      5m 15s
    8. Adding investing and retirement accounts
      4m 45s
    9. Adding property and asset accounts
      2m 44s
    10. Adding loan and debt accounts
      4m 29s
  4. 42m 13s
    1. Understanding spending account registers
      4m 59s
    2. Searching, sorting, and filtering transactions
      2m 31s
    3. Downloading transactions for a specific account
      1m 53s
    4. Entering spending transactions manually
      2m 15s
    5. Understanding transaction categories
      2m 42s
    6. Categorizing transactions
      4m 37s
    7. Customizing the Category List
      3m 54s
    8. Recording split transactions
      3m 31s
    9. Transferring funds between accounts
      1m 21s
    10. Saving time with memorized payees and QuickFill
      4m 30s
    11. Reconciling accounts
      4m 8s
    12. Using the Spending tab
      2m 28s
    13. Creating and understanding spending reports
      3m 24s
  5. 20m 8s
    1. Using the Bills tab
      4m 6s
    2. Setting upcoming bill reminders
      5m 11s
    3. Setting upcoming income reminders
      4m 6s
    4. Projecting future account balances
      2m 54s
    5. Using Quicken Bill Pay
      3m 51s
  6. 24m 39s
    1. Using the Planning tab
      2m 34s
    2. Creating a budget
      5m 48s
    3. Creating a debt-reduction plan
      3m 53s
    4. Using the Lifetime Planner
      3m 32s
    5. Using the Tax Center
      3m 29s
    6. Creating savings goals
      5m 23s
  7. 18m 11s
    1. Using the Investing tab
      4m 22s
    2. Viewing your portfolio
      4m 45s
    3. Tracking your portfolio performance
      3m 10s
    4. Monitoring asset allocation
      3m 46s
    5. Creating and understanding investment reports
      2m 8s
  8. 10m 58s
    1. What is the Quicken mobile app?
      2m 51s
    2. Installing the Quicken mobile app
      3m 59s
    3. Quicken mobile app overview
      4m 8s
  9. 33s
    1. Next steps

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