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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.
In Quicken, transaction categories are labels that track how much you're spending on particular items, such as rent, groceries, or dining, and how much you're receiving each month for income. With Quicken, you can categorize transactions that are downloaded from your bank, as well as those transactions you've entered into your register by hand. To get the most out of Quicken,. Assign one or more categories to each transaction. Categories track the source of a deposit such as your paycheck. The reason for an expenditure such as dining out. Or the name of the count to which you're transferring funds such as the savings account.
Quicken category list provides a selection of commonly used categories. The category list, then becomes the central location from which you can add, edit, delete, and otherwise manage categories. When you categorize your transactions you're able to easily create Quicken reports that show how much you're spending in particular areas, such as on entertainment, on groceries, or how much you're earning from different sources or across different periods of time. Let's take a look at the transaction categories that are available in Quicken. To see the category list, select the Tools menu, and click Category List.
As you see, along the left side of the category list pop-up window, there are several category types. Business income, business expenses, personal income, personal expenses, investment, and transfers. Investments and transfers, are for custom transactions that you'd set up yourself. Transfers and investment will automatically populate with your investment account names. To track your spending and income, you'll use the personal income categories for transactions like your paycheck, and the personal expense categories, for transactions like bills and purchases.
When we look at the personal income categories and we scroll down the list, we notice that there's all kinds of categories and even sub-categories within these categories. Same with the personal expenses categories. For instance, for the auto and transport categories, there are six sub-categories for auto. These labels include fuel, insurance, loans, registration, and service. When you're categorizing a transaction you can just use the main category in the bold label, or you can use the sub-category which will classify the expense on more detailed level.
You can edit, delete, or add to these categories and sub-categories using this category list. If your categories or sub-categories look different than what you're seeing in this video, don't worry. Quicken's always updating categories and sub-categories, and you can always change yours to suit your needs. When you're just starting out with Quicken, the most efficient thing to do is just to use the categories that came with Quicken. You'll get up and running fast, and you can always add more detail later.
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