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Understanding account types

From: Quicken 2014 Essential Training

Video: Understanding account types

Quicken allows you to add a variety of account Spending and savings accounts are those primary Brokerage accounts also include accounts such as employee stock IRA or Keogh plan accounts are individual retirement accounts and IRA type accounts Property and asset accounts are used to track the value of property you own Loan and debt accounts are those accounts for the money that you owe.

Understanding account types

Quicken allows you to add a variety of account types for managing your finances and tracking your net worth. Quicken categorizes your financial accounts into four categories, spending & savings accounts, investing and retirement accounts, property and asset accounts and loan and debt accounts. Let's review each of these account categories in detail to give a detailed overview of the account types that are possible to track in Quicken. Spending and savings accounts are those primary accounts that you use for every day transactions. These include bank accounts, such as checking accounts or savings accounts, credit card and line of credit accounts, money market accounts or even cash accounts.

A cash account is exactly what it sounds like. A place to keep track of any cash that you use for everyday spending. For many people, tracking these everyday spending accounts is their primary use of Quicken. Investing and retirement accounts are those accounts that you use for your long-term investments. These include brokerage accounts, 401(k) or 403(b) accounts, individual retirement accounts or Keogh plan accounts, 529 education savings accounts, and even single mutual fund accounts. Now brokerage accounts include most investment account types.

Brokerage accounts can hold one or more securities such as stocks, bonds, or mutual funds, with or without an associated cash management or money market fund. If you hold your investments at a large brokerage firm like Charles Schwab, Vanguard, or Fidelity, you'd want to add a brokerage account. Brokerage accounts also include accounts such as employee stock plans, employee stock option grants, or employee stock purchase plans. In addition, you'd also add a brokerage account if you wanted to track a single mutual fund that you've invested in, variable or fixed annuities, real estate investment trusts, or unit trusts.

Just to add the appropriate number of shares and price and periodically update the security prices. 401(k) or 403(b) accounts are employer sponsored retirement plans. Contributions to these accounts are tax deferred, and employer may make matching contributions. Quicken can track your holdings whether or not your statement shows transaction level detail. IRA or Keogh plan accounts are individual retirement accounts and IRA type accounts including traditional IRAs, Roth IRAs, SEP or Self Employed Person IRAs, simple IRAs, education IRAs, Cloverdell ESAs or Keogh plans.

529 plans are education savings accounts. When you add a 529 plan to Quicken, Quicken automatically marks the account as tax deferred. 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. Quicken will help you track your appreciation and depreciation of the property or asset. These property and asset accounts are used by Quicken to help you accurately track your net worth. Quicken allows you to connect these property and asset accounts to an associated loan or debt account.

Loan and debt accounts are those accounts for the money that you owe. Quicken categorizes these accounts into loan accounts, home equity line of credit accounts and other liabilities. Lets take a minute to talk about each of these types of loan and debt accounts. A loan account is 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 setup a loan, Quicken creates a loan account that shows the balance owed on the account and keeps that up to date by connecting to the loan account online.

A Home Equity Line of Credit or HELOC account can be linked to your house account to better affect your net equity. It helps you track a changing balance of withdrawals and payments. Another type of liability account are those informal liabilities you may have, such as money you've borrowed from friends or family that doesn't have an interest rate or term associated with it. An important thing to keep in mind, is that the more accounts you add to Quicken, the more closely Quicken reflects your true financial situation. This can assist you in short and long term financial planning.

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This video is part of

Image for Quicken 2014 Essential Training
Quicken 2014 Essential Training

47 video lessons · 2541 viewers

Sally Norred
Author

 
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  1. 47s
    1. Welcome
      47s
  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
      33s

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