IntroductionWelcome| 00:00 | Hi! I'm Tom Negrino and I would like to welcome
you to Quicken 2009 for Windows Essential Training.
| | 00:05 | I have written more than
three dozen computer training books
| | 00:07 | and seven of those were about
Quicken for both Windows and Mac.
| | 00:11 | I have also been writing about personal
finance software for different computer
| | 00:14 | magazines since the early 90s.
| | 00:16 | I'm excited about teaching you
Quicken 2009, because I believe that getting
| | 00:20 | your finances under control is one of
the most important things you will ever
| | 00:23 | do. I say that because Quicken
literally changed my life. When I first tried at
| | 00:27 | using Quicken more than 15 years
ago, my financial life was a mess.
| | 00:31 | I was living from paycheck to
paycheck and I never seemed to know where my
| | 00:34 | money was going. I realized that I was
tired of feeling like my finances were
| | 00:38 | out of control, so I bought a copy of
Quicken. I started using it to figure out
| | 00:42 | where I was going wrong with handling my money.
| | 00:44 | Today, I always know my current
fiscal situation. I'm not rich, but I don't
| | 00:48 | stress about money any more and I'm
following my plan for retirement. So to me,
| | 00:52 | the main reason I get your finances
organized with Quicken is to set you free
| | 00:56 | of worry about money. Quicken makes
managing your money easier and faster, so
| | 01:00 | you have more time to do the
things that you really want to be doing.
| | 01:04 | I can help you balance your
checkbook too. There are several versions of
| | 01:07 | Quicken available. In this training, we
will be covering Quicken Deluxe through
| | 01:11 | Quicken Home & Business. With Quicken
Deluxe you can manage your checking,
| | 01:14 | savings, credit card accounts and your
investments. It's the right version for
| | 01:19 | most people.
| | 01:19 | If you have a home business or if you
are self-employed, you want Quicken Home
| | 01:23 | & Business, because it handles your
personal accounts and has the ability to do
| | 01:27 | invoicing and track business related
expenses. So what are we waiting for?
| | 01:32 | Let's get started.
| | Collapse this transcript |
| Using the example files| 00:00 | If you are a premium member of lynda.com
Online Training Library or if you are
| | 00:04 | watching this tutorial on a DVD ROM,
you have access to the exercise files used
| | 00:08 | throughout this title. But first, let
me suggest that instead of using the
| | 00:12 | exercise files that you follow
along with the movies and put your own
| | 00:15 | information into your Quicken data files.
| | 00:18 | Using the exercise files will allow
you to practice using the different
| | 00:21 | features of the program. Just be sure
to open your personal data file before
| | 00:25 | you use that practice to enter in
your personal financial information.
| | 00:29 | You don't want to accidentally put your
data into one of the exercise files.
| | 00:32 | Some movies don't have exercise files,
including early movies that don't have
| | 00:36 | any example data, all of Chapter 7,
which covers online banking, and a video in
| | 00:40 | Chapter 9 that covers scheduling
online updates. Whether you have downloaded
| | 00:45 | the exercise files folder or copied it
from your DVD ROM, go ahead and open the
| | 00:49 | folder called exercise files.
| | 00:51 | Inside that folder you will find
folders for each chapter. Inside each chapter
| | 00:56 | folder, you will find individual
folders for each movie. Double-click to open
| | 01:00 | up a movie file and you will find the
exercise files for that movie. Because of
| | 01:05 | the way Quicken does its data files,
you are going to find four or five files
| | 01:08 | inside each movie folder. The only one
you have to worry about though is the
| | 01:12 | one with the red Q badge on it.
| | 01:14 | To start up the exercise file, double-
click on the badge file, and Quicken
| | 01:24 | opens up. Now you can follow along with
the movie and enter your practice data.
| | 01:28 | If you are a monthly subscriber or
annual subscriber to lynda.com, you don't
| | 01:32 | have access to the exercise files,
but you can follow along from scratch in
| | 01:36 | your own data file.
| | Collapse this transcript |
|
|
1. Exploring the Quicken WorkspaceTouring the basic Quicken window| 00:00 | Before we get started setting up
Quicken for your finances, let's take a quick
| | 00:03 | overview of the Quicken window. Like
almost every Windows program, you've got a
| | 00:08 | menu bar up here at the top. Below
that we have a customizable toolbar and we
| | 00:12 | will see how to customize
that in an upcoming video.
| | 00:16 | At the right of the toolbar is the
Search field that you can use to search
| | 00:19 | through your transactions and we will
look at that later too. All the way over
| | 00:22 | here at the end is an icon
that opens up Quicken Help.
| | 00:25 | Below the toolbar, you have got the Tab
bar which is set up for Bills, Banking,
| | 00:30 | Business; all the different areas that
you might need to handle your finances.
| | 00:34 | Within each tab there are sub tabs. So
in this case, we are in the Setup tab.
| | 00:39 | There is Overview, Accounts, Bills
and Deposits, which allows you to set up
| | 00:43 | each of those areas.
| | 00:44 | In the upper left there is the
Accounts bar and you can open that up by
| | 00:47 | clicking the Plus button. In this case
we haven't yet set up our accounts, but
| | 00:51 | you can see that we will be setting up
Banking, Business, Investing, Property
| | 00:55 | and Debt, that sort of thing.
| | 00:56 | Down here at the bottom it shows your
Net Worth. Right now sadly we have a Net
| | 01:00 | Worth of zero, but we will be fixing
that soon. Over here in the main part of
| | 01:03 | the window, you've got different
sections that allow you to work through the
| | 01:06 | different functions associated with that tab.
| | 01:08 | For example, since we're on the Setup
tab, we can do things like setup checking
| | 01:12 | and saving accounts, credit cards, bill
reminders and other items. We will get
| | 01:18 | to a lot of this later. On any of these
tabs you can choose to show or hide the
| | 01:23 | different sections.
| | 01:24 | For example, if I want to hide the
Customize Quicken section, I just click the
| | 01:28 | Minus button and it closes up there.
To show it again, just click the
| | 01:36 | Plus button. So that gives you a quick
overview of the Quicken interface.
| | 01:40 | Now let's get started
customizing Quicken for our needs.
| | Collapse this transcript |
| Using the Setup tab| 00:00 | I know you just can't wait to start
creating accounts and entering those
| | 00:03 | financial transactions, but there are
a few things that Quicken wants to know
| | 00:05 | about you first, and a few things
that you need to tell Quicken first.
| | 00:09 | Here on the Customize Quicken section
of the Setup tab, Quicken wants to know a
| | 00:13 | few things about you and I'm going to
answer its questions. Personally,
| | 00:17 | I am married. I do have dependents.
I do own a home and I own a business.
| | 00:24 | By telling Quicken these things, it
allows Quicken to behind the scene set up
| | 00:28 | the categories that I'll need.
| | 00:30 | Now we are going to be going into
categories in a lot more detail in later
| | 00:33 | videos. But for now, all you need to
know is categories are where your money goes.
| | 00:37 | For example, medical expenses,
or rent, or unfortunately, taxes.
| | 00:44 | Behind the scenes, Quicken is setting up
default categories based on the information
| | 00:48 | I just gave it.
| | 00:49 | Now if you customize Quicken a bit by
choosing to show or hide the different
| | 00:54 | tabs that appear up here at the top of
the screen. The reason you might want to
| | 00:59 | do this is because maybe you just
don't want to use all of Quicken right now.
| | 01:03 | You still want to have the ability to use
all of Quicken when you are ready to do it.
| | 01:07 | But let's say that you are not ready to
track your investments in Quicken yet.
| | 01:10 | You can hide that by clicking the
Show checkbox next to Investing.
| | 01:16 | The Investing tab disappeared up here
in the Tab bar and the Investing Accounts
| | 01:21 | disappeared from the Account bar.
| | 01:24 | In the same way, if you don't want to
show, oh say Net Worth or Planning, you can
| | 01:29 | click those off too. Now you might
want to hide the Tax tab, but I suggest
| | 01:33 | you don't, because sadly
taxes are just too important.
| | 01:36 | One other thing, throughout the
Quicken interface you will see these blue links.
| | 01:40 | Click on them to get a quick help
window. It's not terribly detailed;
| | 01:45 | it just tells you what you need right then
so that you can get on with your work.
| | 01:48 | I'm going to close it again by
clicking the Close box. That wraps up our
| | 01:52 | initial setup; now let's
start working with your finances.
| | Collapse this transcript |
| Customizing the toolbars| 00:00 | Up towards the top of the screen, the
toolbar lets you navigate through the
| | 00:03 | program and also lets you jump easily
to a particular part of the program. For
| | 00:07 | example, let's say that I wanted to
show the Calendar, I can just click the
| | 00:10 | Calendar icon and it brings up the
Calendar. By default it gives you a Back
| | 00:17 | button, a Forward button and as you
will see, as you hover the cursor over one
| | 00:22 | of the icons, you get a little tooltip
that tells you what's going on.
| | 00:27 | You've got the Report Center, Services,
Quicken.com, the Calendar as I mentioned and
| | 00:34 | an icon for One Step Update, which is a way
for you to quickly download all of your
| | 00:38 | information from any of the financial
institutions that you're hooked up to for
| | 00:41 | online banking. This is an okay
selection of tools but you can make the
| | 00:45 | toolbar work a lot harder
for you by customizing it.
| | 00:48 | Now why might you want to customize it?
Mainly to give you one-click access to
| | 00:52 | any of the different areas within the
program that you use frequently, for
| | 00:55 | example, if you like to print reports,
you can put a Print button on the
| | 01:00 | toolbar. To customize a toolbar, right-
click on one of the blank areas on the
| | 01:03 | toolbar and you will get the Customize
Toolbar shortcut menu. Choose that and
| | 01:09 | the Customize Toolbar dialog box appears.
| | 01:12 | On the left side you've got the Add To
Toolbar list, which shows a variety of
| | 01:16 | things that you can add to the
toolbar, and then the right side list shows
| | 01:19 | what's currently on the toolbar. Down in
this area of the dialog, in the Show box,
| | 01:26 | you can choose the Show Icons only,
which is what we are looking at now, or you
| | 01:29 | can choose icons and text. You can see
how the toolbar changed. It takes up
| | 01:33 | a little bit more room, but it's a bit
easier to use especially when you are just
| | 01:37 | getting used to the program.
| | 01:38 | For now we will show icons only. To add
an item to the toolbar, choose the item
| | 01:44 | from the Add To Toolbar list, let's
say the Calculator, then click the Add
| | 01:49 | button. Calculator moves from Add To
Toolbar over here and if I click OK,
| | 01:57 | the Calculator icon appears on the toolbar.
Clicking that button brings up an on
| | 02:01 | screen calculator.
| | 02:06 | Now this is okay, but let's say that I
always want the One Step Update icon to
| | 02:10 | be all the way to the right side of
my toolbar. To do that I customize the
| | 02:16 | toolbar again, choose One Step Update
in the Current Toolbar Order and just
| | 02:23 | move it down. When I click OK, you
will see the icon move. You might want to
| | 02:27 | get rid of some of the things that are
on the toolbar by default. For example
| | 02:30 | you might want to go to Quicken.com,
but you are not going to go there that often.
| | 02:34 | So you can just click on it on in the
Current Toolbar Order list then click the
| | 02:39 | Remove button. In a minute when I
click OK, you will see the Quicken.com icon
| | 02:43 | disappear from the toolbar. Finally
Quicken has a lot more functions than what's
| | 02:47 | shown in this list. To show all those
just click this button down here,
| | 02:51 | Show All Toolbar Choices and you get a list
of all the things that Quicken can do.
| | 03:00 | As you can see it's a pretty long list
and you can add one of these items to
| | 03:04 | the toolbar in the same way you would
add anything else. Let's say for example,
| | 03:07 | you want to add a Create Invoice button.
Just click here, click the Add button
| | 03:14 | and click OK. By customizing the toolbar,
you can make Quicken work the way
| | 03:18 | you want it to, making it really easy
to get to the different parts of the
| | 03:21 | program, so that you can
get your work done faster.
| | Collapse this transcript |
| Customizing your workspace preferences| 00:00 | Quicken's Preferences allow you to
set the program up to match to your own
| | 00:03 | personal style. To change the
preferences, go to the Edit menu, choose
| | 00:07 | Preferences then choose Quicken Program.
In the Preferences window, there are a
| | 00:11 | large number of Preference categories on the
left side and the details on the right side.
| | 00:16 | Here in the Startup Preferences, the
first thing we will set is On Startup Open To
| | 00:20 | and the items in this pop-up menu
are the different tabs that are available
| | 00:24 | in Quicken. You can see them on the
background here. Bills, Banking, Business
| | 00:28 | and Tax. It doesn't make a lot of
sense to me to always start Quicken up to
| | 00:32 | the Setup tab since you only do that
when you are first using the program.
| | 00:35 | Instead set it for either Bills or
Banking. We will set it for Banking. If you
| | 00:40 | don't like Quicken's basic color
scheme of blue, you can change it with this
| | 00:43 | pop-up menu. Your other choices are Green,
Purple, certainly not my favorite, and
| | 00:52 | Tan. Fairly soothing, but we
want to go back to the basic blue.
| | 00:59 | In the Setup category, you can choose
whether you want the Account bar, which
| | 01:02 | you recall is over here, if you want
it on the left side of the screen or the
| | 01:06 | right side of the screen. If you
click Right side of the screen, things are
| | 01:11 | going to change immediately; they won't
change until you click OK and then the
| | 01:15 | Account bar will move.
Let's go back into Preferences.
| | 01:18 | We will see that change the next time I
click OK. The Side Bar Display section
| | 01:27 | covers this bar over here. This has
various tabs such as Guide Me, which gives
| | 01:33 | you help information, Community,
which gets you to Quicken Forums, and then
| | 01:37 | different tools that are associated
with each of tabs that your are on. Finally
| | 01:42 | it gets you Quicken Services, which are
variety services that Intuit offers.
| | 01:46 | I won't be covering the sidebar, so
I'm going turn it off. It hasn't gone away
| | 01:51 | yet, but when I click OK it will. In
the Keyboard Mapping sections you can
| | 01:55 | change the way Quicken handles Ctrl+Z,
X, C and V. You can go to the Quicken
| | 02:01 | standard ways or you can use the
Windows standard ways, which I find to be
| | 02:06 | easier to remember. So that Ctrl+Z, X,
C and V are simply Undo, Cut, Copy and Paste.
| | 02:13 | If you don't like the sound that
Quicken makes when you accept transactions or
| | 02:17 | when you start up the program, you can
turn it on and off here and throughout
| | 02:21 | the program, Quicken may show a little
animation when things change on screen.
| | 02:25 | If you don't like the animation, you
can turn it off by unchecking this box here.
| | 02:32 | In the Calendar and Currency category
you can use whether you want to use the
| | 02:36 | Calendar Year, in other words
January to December, or if you are running a
| | 02:40 | business and you prefer to run on a
fiscal year, you can click Fiscal Year and
| | 02:45 | start on any month that you like. In
this training, we will be using the
| | 02:50 | Calendar Year throughout.
| | 02:51 | The last category we will look at
is the Backup category. Quicken will
| | 02:55 | automatically remind you to backup and
that's a great thing. You can tell it to
| | 02:59 | remind you after you run Quicken
three times, which is a default, or anytime
| | 03:03 | between zero and 99. Three is a good
number so I suggest you to keep it that way.
| | 03:07 | You can also set the maximum
number of backup copies that Quicken will
| | 03:11 | keep. Anywhere from one backup copy up
to nine. I also suggest that you keep
| | 03:16 | the Warn Before Overwriting
Old Files option turned on.
| | 03:20 | Those are all the Preferences that we
need right now, so I'm going to click OK
| | 03:24 | and you saw two things happen. The
Account bar moves back to the left side of
| | 03:28 | the screen and the side bar disappeared
altogether. Quicken Preferences allow
| | 03:33 | you to setup your workspace to work
more efficiently to add or remove features
| | 03:37 | as you wish.
| | Collapse this transcript |
| Backing up your financial data| 00:00 | The sad fact of life is that computers
crash. They don't crash that often but
| | 00:05 | it does happen. In fact it always
seems to happen at the worst possible time.
| | 00:08 | Such as when you need to pay your bills
or pay your taxes. Quicken will remind
| | 00:13 | you automatically to backup and it's
up to you to click OK instead of Cancel,
| | 00:18 | when it asks you if you 'd like to backup now.
| | 00:20 | I recommend you get into the habit of
backing up regularly to some external
| | 00:24 | drive. It could be a writable CD; it
could be a second hard drive or best of
| | 00:28 | all it could be a USB flash drive.
They are cheap, they are fast, they are
| | 00:32 | really convenient. So I recommend that
USB flash drive be your primary means
| | 00:36 | of backup. That doesn't mean it should
be your only means of backup. Backing up
| | 00:40 | to a recordable CD once a month or so
and then taking that CD out of your home
| | 00:45 | or out of your office is a
great thing. Because, face it.
| | 00:49 | If your home or your office was to
burn down and all your backups are in your
| | 00:53 | home or office, they don't do you as
much good as they could. To backup your
| | 00:56 | Quicken data file, go to the File
menu and choose Backup. The name of the
| | 01:01 | Backup data file is shown at the top
of the dialog. Next you need to tell
| | 01:04 | Quicken where you want to backup to. We
will click the Browse button and we are
| | 01:10 | going to find the USB
flash drive that's connected.
| | 01:13 | There it is. It's in the G drive.
And then the Quicken Backup folder.
| | 01:19 | I click OK and now we see that the path is
G:/Quicken Backup. I recommend that you also
| | 01:26 | select the option to add the date to
the file name, because that really does
| | 01:30 | help you identify which of your many
backup files is the latest one. Click OK,
| | 01:39 | and then Quicken reports success.
| | 01:41 | Now I can remove the USB flash drive
from my computer and know that my data is
| | 01:44 | safe. You are going to spend a lot of
time and effort in working in Quicken
| | 01:48 | and you want to make sure that it's
as safe as possible. And hey, it's about your
| | 01:51 | money; you want that to be as safe as
possible. I can't stress this enough.
| | 01:56 | Backup early, backup often, protect your data.
You will be happy you did, when things go bad.
| | Collapse this transcript |
|
|
2. Creating Financial AccountsUnderstanding accounts, categories, and tags| 00:00 | Before we get started creating
accounts and entering transactions,
| | 00:03 | it's important to understand a little of the
terminology that Quicken uses. When you
| | 00:06 | install Quicken and created a data file
that data file is empty and it needs to
| | 00:10 | be filled. The first thing we are
going to fill it with is accounts.
| | 00:13 | Accounts represent your assets, the
things that you own, and they are usually
| | 00:16 | associated with financial institutions,
such as a bank or a brokerage company.
| | 00:20 | You also have accounts for your
liabilities, which are the debts that you owe.
| | 00:23 | For example your mortgage or a car loan.
You have as many accounts in Quicken
| | 00:28 | as you wish, so you don't have to
worry about running out of space.
| | 00:30 | When you create an account in Quicken,
it will of one of the two types.
| | 00:33 | The Asset Accounts are things like your
checking account, saving accounts, the cash
| | 00:38 | accounts, which is the special
account unless you track the amount of money
| | 00:41 | that's in your wallet or your purse.
Investment account, such as brokerage
| | 00:44 | accounts, where you can trade stocks
or bonds. Single mutual fund accounts or
| | 00:49 | retirement accounts like
your 401(k) or your IRA.
| | 00:53 | Property that you own are also
assets. For example let's say you have a
| | 00:57 | valuable collection of baseball cards
or art objects, you can track the value
| | 01:01 | of those as assets in Quicken.
Liability Accounts track the debts that you owe,
| | 01:06 | the most common of these are credits
cards and you can have as many credit card
| | 01:09 | accounts as you want in Quicken.
Another kind of debt that you might owe, are
| | 01:12 | loans that you have taken out, such
as mortgage loans or vehicle loans.
| | 01:16 | When you enter transactions in the
Quicken, you are going to want to enter a
| | 01:19 | Category for each transaction and
categories track the flow of money inside
| | 01:24 | Quicken. I kind of think of them like
buckets of money. Money flows into your
| | 01:27 | accounts and then it flows out into the
different buckets of money. For example
| | 01:32 | you might have a bucket for medical
expenses and another one for auto expenses
| | 01:36 | and another one for groceries.
| | 01:38 | One of the most powerful things about
Quicken, whenever you want you can run a
| | 01:42 | report that shows how much of your
money is in each bucket. I can't stress
| | 01:46 | enough how important categories are
for Quicken. They really help you unlock
| | 01:50 | the power of the program. So every time
you do a transaction, you want to make
| | 01:53 | sure to add a category for it and you
want to be consistent in your categories too.
| | 01:57 | We will be talking more about
consistencies and categories later now. For now
| | 02:01 | all you need to know is that Quicken
makes it easy to categorize transaction.
| | 02:05 | Categories make it easy to figure out
which way the money is flowing. Income
| | 02:08 | categories are money that you receive
from your paycheck or from investment
| | 02:12 | income or if you have a small
business, your business sales.
| | 02:16 | Expense categories track the money
that you spend on things. Groceries, your
| | 02:20 | mortgage, your car expenses, any
thing like that. There is the third and
| | 02:24 | special kind of category called the
Transfer category and these keep the track
| | 02:27 | of money that get moved from one
Quicken account to another. For example, let's
| | 02:31 | say that you pay your credit card bill
with money from your checking account.
| | 02:34 | You write the check to the credit card
company in the checking account and the
| | 02:37 | credit shows up in your credit
card account as a Transfer category.
| | 02:41 | You don't have to worry about
creating Transfer categories, because Quicken
| | 02:44 | creates them for you automatically and
whenever you see a transaction in the
| | 02:48 | register you can recognize the
Transfer categories because they have square
| | 02:51 | brackets around their names. Categories
can have Subcategories, which allow you
| | 02:55 | to track the income or expenses that
are related to the single category.
| | 02:59 | For example, let's think about
medical expenses. If you wanted to track how
| | 03:03 | much you spent to the different
medical professionals, you could have a
| | 03:06 | Subcategory for Doctors, another
one for Dentists and may be one for
| | 03:10 | Prescription drugs. It's doesn't just
have to be for Expenses, I do it for
| | 03:14 | Income as well. I write a variety of
books and I have one category Book Income
| | 03:19 | with a bunch of Subcategories and each
Subcategories are for different books.
| | 03:23 | So, I can tell how much
money each book is bringing in.
| | 03:25 | There is one more level of
complications that Quicken gives you. They are
| | 03:28 | called Tags. If you have been using
Quicken for a while, you might previously
| | 03:32 | used classes. Tags or Classes with a
different name, Tags add an extra level of
| | 03:37 | classification to the transaction that
already have categories. The nice thing
| | 03:40 | about Tags is that it helps you keep
your categories manageable. Tags are
| | 03:43 | completely free form, you create them
yourself and you can use them wherever
| | 03:46 | you want. So when you are using Quicken,
accounts are the things that you own or
| | 03:51 | debts that your owe.
| | 03:52 | Within an account, for each transaction,
a Category tracks where your money is
| | 03:56 | coming or where it is going.
Subcategories let you see groups of transactions
| | 04:00 | that are related to a single category and
Tags help you avoid unnecessary subcategories.
| | Collapse this transcript |
| Creating a checking or savings account| 00:00 | Now let's create your first checking
account; go to the Setup tab and then go
| | 00:04 | down to the Checking and Savings
Accounts section. The procedure for adding a
| | 00:07 | checking account or savings
account is virtually identical.
| | 00:09 | So I'm only going to show you the
checking account. Click the Add Checking
| | 00:12 | Account button and the Accounts Setup
screen appears. The first thing Quicken
| | 00:17 | needs to know is the name of the
financial institution that holds the account.
| | 00:21 | You can type the name into the field
and as you type Quicken will look ahead
| | 00:27 | and fill in the rest of the name for
you or if you want, you can click one of
| | 00:29 | the letter buttons to popup a list of financial
institutions that start with that letter.
| | 00:33 | There are also specialize buttons for
Bank of, First or First numerically.
| | 00:38 | In this case I'm going to keep typing
the name of my bank and there is Wells
| | 00:43 | Fargo. So I'll press the Enter key to
accept that. Your other choice is not to
| | 00:47 | enter your financial institution but I
really don't recommended it because the
| | 00:50 | benefits of online banking are huge
and though you don't have to signup for
| | 00:54 | online banking right now, giving
yourself the option is really good.
| | 00:57 | So click the Next button and
Quicken knows that it's able to download
| | 01:00 | transactions from Wells Fargo. So you
can connect directly through Quicken.
| | 01:04 | You can go to the bank's website to
download transactions or you can enter them in
| | 01:08 | manually. That's the choice we are
going to take now; later on we will enable
| | 01:11 | this account for online banking.
| | 01:13 | I'll click Next and now let's put in
the name for the account. Quicken wants to
| | 01:20 | know how you use this account: for
personal transactions, business transactions
| | 01:25 | or for rental property. This is going
to be a personal account so I'll leave
| | 01:28 | that settings and click Next.
| | 01:30 | On this screen, you want to enter the
ending date and the balance from the last
| | 01:33 | statement you have. If you don't
already have the last statement, don't worry
| | 01:36 | about it, because you can make changes
into the account later. I do have that
| | 01:40 | information. I'm going to first change
the date, which was actually the opening
| | 01:47 | date of the account, and I'm going to
enter in the opening balance of the
| | 01:50 | account too, because I know that. $750.
I press Tab. That $750 is the opening
| | 01:58 | balance of the account.
| | 01:59 | So now I'm done setting up the account.
Quicken warns me that right now I can't
| | 02:04 | do transaction download or bill pay,
but that's okay. We will enable those
| | 02:07 | later. I'll click Done and now the
account shows up in the Accounts bar,
| | 02:13 | Quicken Checking for $750, and it
also shows up here in the Setup tab.
| | 02:19 | If you have more checking accounts or
if you have some savings accounts,
| | 02:22 | go ahead and add them now. If you are
looking to use Quicken to manage your
| | 02:25 | finances, it's important to get off on
the right foot, and put in all of your
| | 02:29 | checking accounts and all
of your savings accounts.
| | 02:31 | By putting in all of your checking and
savings accounts, Quicken can you give
| | 02:34 | you a complete picture of your financial life.
| | Collapse this transcript |
| Creating a credit card account| 00:00 | We all have one or more credit cards
and you are certainly going to want to
| | 00:03 | follow your credit cards spending
in Quicken. In process of creating a
| | 00:06 | credit card account is very similar
to adding a checking or a savings
| | 00:09 | account. So let's run through it and
show you the differences. Once again we
| | 00:12 | start on the Setup tab and then the
Credit Cards section, click Add Credit Card.
| | 00:17 | Quicken ask for the financial
institution, so I'm going to click the C because
| | 00:21 | it's Citibank and there it is, Citibank
Groups. So I'm going to click there to
| | 00:25 | select it, I'll click Next. I could
download my statement but I'm not going to
| | 00:30 | yet. So I'll click No, then click Next.
| | 00:34 | Now, I want to give it a name that's
more meaningful to me then credit card.
| | 00:48 | I use this credit card for personal
transactions, so I'll just click Next.
| | 00:54 | The Statement Ending Date was the 4th of
August, so I'll change that, and that's a
| | 00:59 | new credit card so it doesn't have a
balance yet. So I'll leave that blank.
| | 01:03 | I'll click Next.
| | 01:04 | Now, I can put in the Credit Limit.
This particular card has a credit limit of
| | 01:07 | $15,000. The nice thing about putting
in the credit limit is that at the bottom
| | 01:12 | of your check register, Quicken will
tell you how much credit you have left
| | 01:16 | based on the transactions that you put
in. Clicking Next gets us to the Setup
| | 01:20 | Complete screen and clicking Done
shows the new account in the Credit Card
| | 01:24 | section and also under the
Banking section of the Account bar.
| | 01:28 | In Quicken, my personal accounts
are showing up under Banking. Business
| | 01:31 | accounts will show up under the
Business section of the Account bar.
| | 01:34 | Not keeping your credit cards spending
under control is one of the easiest ways to
| | 01:38 | get into financial trouble. By
tracking your credit cards in Quicken, you can
| | 01:41 | make sure that you make your payments
on time, pay off your cards faster and do
| | 01:45 | no damage to your credit rating.
| | Collapse this transcript |
| Creating a cash account| 00:00 | Now that you have got your checking
accounts, your savings accounts and your
| | 00:03 | credit card accounts in Quicken, there
is one other source of spending that
| | 00:06 | you might to track; it's the money that
you have in your wallet or your purse.
| | 00:09 | Think about it. You take cash out of
your checking account when you go to the
| | 00:12 | ATM. Then you put that money into your
wallet or your purse. Later, you spend
| | 00:16 | that cash, but Quicken has no way
of knowing how you spent that cash.
| | 00:20 | Over time, all those small cash
transactions really add up. So if you want a
| | 00:24 | really clear picture of your financial
spending, you will create a cash account
| | 00:27 | in Quicken, record your expenditures
and get the complete picture. To set up a
| | 00:31 | cash account, go to the Setup tab and
then scroll down to Wallets, Purses and
| | 00:36 | Other Cash and click Add Cash Account.
Give the cash account a name that makes
| | 00:41 | sense to you.
| | 00:45 | And my cash is generally personal, so
I'll leave it on Personal Transactions and
| | 00:48 | click Next. I started tracking my cash
the last time I went to the ATM. So I'll
| | 00:52 | put in that date here and now I'll put
in the amount. That's how much I have in
| | 00:57 | my wallet right now. So I'll click
Next and setup for the cash account is
| | 01:02 | complete. So I'll click Done.
| | 01:05 | When it seems like you take money out
of the ATM and you never quite know where
| | 01:08 | all of it goes to, start carrying a
little notebook with you and just jot
| | 01:11 | down your purchases for a week or so.
This can really give you a good idea on
| | 01:15 | what's going on with your cash spending.
Chances are you won't keep recording
| | 01:19 | every cent that you spend. But
doing it for a week can really help out.
| | 01:22 | If you do have the discipline to record
your day-to-day cash expenditures,
| | 01:25 | you will be rewarded with the
clearest picture of your spending.
| | Collapse this transcript |
| Viewing the account list and editing account information| 00:00 | When you want to get an overview of
all of your accounts, you will use the
| | 00:03 | Account List. Quicken gives you two
ways to get to the Account List. One way is
| | 00:06 | to go the Tools menu and choose
Account List or press Ctrl+A. That brings up
| | 00:10 | the Account List as a dialog. The
other way to do it is right in the main
| | 00:14 | Quicken window and that's
the way I'm going to show you.
| | 00:16 | From the Setup Tab, click Accounts and
now let's close the Account bar to give
| | 00:20 | us a little more room.
| | 00:21 | In the Account List, you can see
that there are three tabs. There is All
| | 00:25 | Accounts, the accounts just for your
Business Banking, in this case it's
| | 00:29 | Westamerica Checking, or the account
for Personal Banking, which includes three
| | 00:33 | accounts: Tom's Cash, Quicken Checking
and Tom's Citibank MasterCard. I'm going
| | 00:37 | to go back to All Accounts.
| | 00:38 | Now, we can see that in the Account List,
Tom's Cash is about Quicken Checking.
| | 00:43 | I'm going to use Quicken Checking a lot
more than I'm going to use Tom's Cash,
| | 00:46 | so I'm going to click the downward
pointing arrow to move the Tom's Cash
| | 00:50 | account below Quicken Checking.
| | 00:52 | Now I'll select Quicken Checking
and when I do Quicken shows me that
| | 00:57 | Transaction Downloads and Online Bill
Pay are not enabled for this account yet.
| | 01:01 | We will be activating both
functions in later videos.
| | 01:05 | This account also shows that it's set
to appear in the Banking tab up here.
| | 01:09 | Let's switch to that tab and you can
see that Quicken Checking is part of it.
| | 01:13 | Going back to Setup.
| | 01:15 | If I wanted to change which tab this
account shows up in, I'll just click the
| | 01:18 | change link and the Change Account Tab
dialog shows up. I can choose to show it
| | 01:23 | in the Business tab or the Banking tab.
This is a personal account so I'm going
| | 01:27 | to leave it on a Banking tab. You can
also tell Quicken whether or not the
| | 01:30 | account is used for spending or for savings.
| | 01:35 | You use the Account List to change the
different details on your account. To do
| | 01:39 | that, click the Edit Details button
and the Details screen for that account
| | 01:43 | comes up. Here you can change the Account
Name if you want. You can add a Description.
| | 01:54 | You can tell Quicken whether or
not the account is tax deferred;
| | 01:56 | in this case it's not.
| | 01:57 | Some checking accounts are interest
bearing and you can add the Interest Rate
| | 02:00 | here if you want. We are going to
skip past Alerts and in this case I would
| | 02:03 | like to put in the account number, my
personal banker and his phone number.
| | 02:19 | If I wanted to, I can add the bank's web
page, address, my banking activity page
| | 02:24 | or any other page that I want as well.
And then when I click the Go button, a
| | 02:27 | web browser will launch and
go to the address that I added.
| | 02:30 | In this case, I don't need to. If you
have any additional comments about the
| | 02:34 | account, go ahead and enter them in
the Comments field when you are done and click OK.
| | 02:37 | I think it's a good idea to enter the
details for your checking the account
| | 02:41 | that way but I also like to add details
to my credit accounts. I'll select the
| | 02:46 | account then click Edit Details. This
time around I don't need a description,
| | 02:50 | but I do want to put in the interest
rate, 12.75. I have already told Quicken
| | 02:56 | when I set up the account the name of
the financial institution but now I can
| | 03:00 | put in the account number as well.
| | 03:07 | Yup, it's the bogus number. For a
credit card account, it's not a bad idea to
| | 03:12 | put the 800-number associated with
the account. When you are done click OK.
| | 03:19 | Over time our financial situation
changes and we often end up giving up
| | 03:23 | accounts. If you are a divorcee, you
might stop using a joint account.
| | 03:27 | You might decide that you want to get rid
of a credit card that you no longer need.
| | 03:30 | Now, you would think that what you would
want to do in this case is delete the account.
| | 03:34 | However, I don't suggest that you do so
and the reason is simple; if you delete
| | 03:38 | the account, Quicken also deletes the
records of all the transactions that ever
| | 03:42 | occurred in that account. When that
data is removed from your reports, you end
| | 03:46 | up not getting a clear financial
picture. Instead of deleting the account, I
| | 03:50 | recommend that you hide the
account and you can hide it in two ways.
| | 03:53 | You can hide the account in list, menus,
and reports, which for a credit card
| | 03:58 | account also hides it in the Account
bar and doesn't include the account in the
| | 04:02 | your net worth total. For a checking account,
you can choose to hide the account in
| | 04:06 | the Account bar, which means it no
longer shows up in the Account bar.
| | 04:12 | One other thing, for a cash account
I'll often not include the account in the
| | 04:16 | net worth total. I can still track my
cash, but it doesn't become part of my
| | 04:21 | net worth because generally speaking,
the amount of money in my pocket isn't a
| | 04:25 | significant contributor to my net worth.
| | 04:27 | Managing your accounts in the Account
List and hiding accounts when they are no
| | 04:30 | longer needed will be an important
part of managing your finances in Quicken.
| | Collapse this transcript |
|
|
3. Setting Up CategoriesReviewing the built-in categories| 00:00 | When you setup Quicken, the program
automatically created a whole set of
| | 00:03 | categories for you to use. Let's take a
look at the Category List, starting the
| | 00:08 | Setup Tab and then go to the
Categories sub tab. This brings up the Category
| | 00:12 | List. Another way of showing the
Category List is to go to the Tool menu and
| | 00:17 | choose Category List or press Shift+Ctrl+C.
| | 00:21 | In the Category List, you can choose to
show all the categories by clicking the
| | 00:25 | All Categories tab here on the side or
you can just choose to see subsets to
| | 00:29 | your categories such as Personal Income,
Personal Expenses or Business Income
| | 00:36 | or Expenses.
| | 00:37 | The Category List is organized with
Income categories up at the top, then there
| | 00:41 | is a dotted line and below the dotted
line are Expense categories. Down at the
| | 00:45 | very bottom of Category List, past
expenses, there is another dotted line with
| | 00:51 | your Transfer categories. And you can
tell they are Transfer categories, it's
| | 00:55 | not only because it says Transfer
here but also because it has names of
| | 00:58 | accounts with square brackets around
them. Remember that Transfer categories
| | 01:03 | are ways to get money from
one account into another.
| | 01:07 | In the Category List itself, you have
got the category name, the checkbox that
| | 01:11 | allows you to hide the category and
you might want to hide a category if you
| | 01:14 | don't want to use it and this will
hide the category for using reports. The
| | 01:18 | type of category it is Income, Expense
or Transfer and the Tax Line Item. Now,
| | 01:23 | Quicken allows you to associate
certain categories with line items on United
| | 01:28 | States tax forms. So for example, it
says that this Bonus category here would
| | 01:34 | be associated with your W-2,
which is salary or wages.
| | 01:37 | Now, there are an off lot of categories
that Quicken gives you by default. And
| | 01:41 | you can choose to hide or show
anyone's that you want. If you want to hide
| | 01:45 | some, say the stuff associated with
Rental Property, you can choose hide and
| | 01:52 | then in the Show pop-up menu here,
show the Not hidden categories and that
| | 01:58 | makes your list a little easier to navigate.
| | 02:01 | Besides the Not hidden categories, you
can choose to show just the Tax related
| | 02:05 | categories and you can tell the Tax
related items not only because it has a tax
| | 02:10 | line item in that column but also
because it has checkmark on left side. If you
| | 02:14 | only want to show your Hidden
categories, you can do that too. Just to make
| | 02:17 | sure that you haven't made any
mistakes and hidden the wrong things.
| | 02:21 | And finally, if you are looking to
put in your categories, you can choose
| | 02:25 | Unused categories and it will only
show categories that have no transactions
| | 02:30 | assigned to them. Now in this case,
it's showing everything because we haven't
| | 02:34 | put transactions into this data file
yet, but it's useful once you have been
| | 02:37 | using Quicken for a while.
| | 02:39 | I suggest that when you start using
Quicken, you go through the Category List,
| | 02:43 | figure out which ones you are likely
to use and hide the ones that don't
| | 02:46 | pertain to your financial situation.
You can always go back in the Category
| | 02:50 | List and show Hidden categories if your
financial circumstances change and you
| | 02:54 | want to use that particular category.
| | Collapse this transcript |
| Adding new categories and subcategories| 00:00 | Quicken comes with a pretty good
selection of categories out of the box but
| | 00:03 | chances are, you are going to want
to add some that fit your financial
| | 00:06 | situation. It's pretty easy to add a
category; just click the New button in the
| | 00:10 | Category list and you get the Set Up
Category dialog. Now, I want to add a
| | 00:14 | category for Gardening because I can
track that as part of a tax-deductible
| | 00:19 | expense. So, I type in Gardening,
I don't need to put in a Description
| | 00:23 | because I know what gardening is.
| | 00:25 | Under Group, from the pop-up menu, you
can choose what kind of expense it is:
| | 00:29 | Business Expense, Business Income,
Discretionary, Mandatory Expense.
| | 00:35 | In this case, it's a Business Expense and
it's an Expense on its own, it's not a
| | 00:38 | Subcategory of anything else. Spending
is discretionary because I can either
| | 00:43 | choose to mow the lawn myself or pay
someone else to have it done. In this case,
| | 00:48 | it is tax related, so I'll click
Tax-Related here and this allows you to scroll
| | 00:54 | down to the different expenses. I know
this is going to be a Schedule C Expense.
| | 01:00 | There are two ways to know which tax
line item to choose; one way is to ask
| | 01:04 | your tax preparer where it would be
categorized on the tax forms. The other way
| | 01:08 | is to use whatever category was used
with that expense on last year's taxes.
| | 01:12 | You don't have to worry too much about
the category you choose here because you
| | 01:15 | can always go back and change it later.
| | 01:18 | After you choose a category, a
description of that category shows up in the box
| | 01:22 | below. Click OK and the new Gardening
expense shows up in the Category list.
| | 01:27 | So that's how you create a new
category. Now what about creating a new
| | 01:30 | sub-category? Down here towards the
bottom of the list, I see Utilities.
| | 01:35 | Personally, I want to track my work
telephone expenses separately from the
| | 01:39 | regular telephone expenses. So,
I'm going to create a sub-category of
| | 01:42 | Utilities. To do that, I'll click the
New button again and I'll create a new
| | 01:46 | category called Work Phone. I
don't need to put a Description for it.
| | 01:50 | This is a Mandatory Expense because I make
those phone calls every single month and
| | 01:56 | it's a Subcategory of, and I can choose
from the pop-up menu of categories that
| | 02:01 | are already in my Category list. I'll
choose Utilities and again this is the
| | 02:06 | tax-related expense, so I'll click Tax-
Related and the tax line item I want is
| | 02:12 | Scheduled C, again, and Utilities.
When I click OK, the new Work Phone
| | 02:20 | sub-category appears. By adding new
categories and sub-categories to Quicken,
| | 02:25 | it allows you to customize the program
for your own particular financial situation.
| | Collapse this transcript |
| Editing and deleting categories| 00:00 | Quicken comes out of the box with a
whole bunch of useful categories.
| | 00:03 | In a previous video, I showed you how to
create a new category. In this case it was
| | 00:06 | Gardening but if a category isn't to
your liking you can edit it as well.
| | 00:11 | Just click on the Category in the
Category list. Then click the Edit button.
| | 00:16 | In the dialog that appears you can
change anything you want. In this case I'm
| | 00:19 | going to change the name of the
category from Gardening to Gardening Home to
| | 00:25 | differentiate from gardening I
might have done at the office.
| | 00:28 | When you've made your change, go ahead
and click OK and you can see that it
| | 00:32 | changes in the Category list. If you
want to delete a category, all you have to
| | 00:36 | do is select it in the list. In this
case I'm going to get rid of Childcare,
| | 00:39 | because I don't have any young children anymore.
| | 00:41 | I just select it, click the Delete
button. Quicken puts up an alert just to
| | 00:46 | make sure I know what I'm doing and
I click the OK button. It goes away.
| | 00:51 | Editing and deleting categories lets
you fine-tune your category list to match
| | 00:54 | your financial situation.
| | Collapse this transcript |
|
|
4. Using the Account RegistersEntering checks or deposits| 00:00 | Now that you have finished setting
Quicken up, its start to entering
| | 00:02 | transactions into one of the checking
accounts. First, show the Account bar if
| | 00:06 | it isn't already visible by clicking
the plus button at the top of the bar.
| | 00:10 | Then to see the account
register, click on the account name.
| | 00:14 | As you can see, the account
register in Quicken is a lot like the paper
| | 00:17 | register in your checkbook. In this
case, we've got an opening balance with a
| | 00:21 | deposit of $750 and Quicken keeps the
running balance in the Balance column.
| | 00:26 | So you always know how much money you have.
| | 00:28 | It also tells you the ending balance
down here at the bottom of the account
| | 00:31 | register. I'm going to go ahead and
enter a transaction in and this is a check
| | 00:37 | card transaction that I did a few days
ago. Like any transaction you start off
| | 00:41 | by entering the date and Quicken
always gives you today's date by default.
| | 00:45 | This didn't happen on today's date, so
I can click on the Calendar icon here
| | 00:49 | and Quicken pops up a little calendar
that allows me to choose a date. This
| | 00:52 | transaction actually happened last
month, so I can click on the back arrow in
| | 00:56 | the Calendar to go back to July and
then I choose the date, which was the 30th.
| | 01:03 | That date appears in the Date field.
So I now press the Tab key to get to the
| | 01:07 | Number field. This was a debit card
transaction, so I'm going to choose EFT,
| | 01:11 | which stands for Electronics Funds
Transfer. If I wanted to, I can choose other
| | 01:16 | things from this list such as the next
check number. Quicken always remembers
| | 01:20 | your last check number, so you
can easily put in the next one.
| | 01:23 | It can be an ATM transaction where you
took money out of an automated teller.
| | 01:27 | It could be a deposit. You can choose
to print a physical check out of Quicken
| | 01:31 | or you can transfer funds from one
Quicken account to another. In this case EFT
| | 01:35 | is the way to go. I'll press the Tab
key again to get to the Payee field.
| | 01:40 | In this case I bought gas at Costco.
So I want to put Costco in as the payee.
| | 01:44 | I'll press the Tab key, which gets me
to the Payment field. This is the amount
| | 01:48 | of the transaction and I'll put in 41.
35. I'll press Tab again. Pressing Tab
| | 01:55 | again gets me to the Category field,
which shows you all the categories in your
| | 01:59 | Category list.
| | 01:59 | The main category is Auto and the
subcategory is Gas. So I'll choose that.
| | 02:04 | Click on it and it puts it into the
field and pressing Tab again gets me to the
| | 02:09 | Tag field. Tag allows me to categorize
expenses anywhere I want. In this case,
| | 02:14 | I'm going to use it to tag this
transaction as an expense that I incurred on my
| | 02:19 | way down to record this video.
| | 02:20 | So I'll put down lynda.com here. This
is the first time I have used this tag,
| | 02:25 | so Quicken pops up the new tag
dialog and I'm fine with the name. I don't
| | 02:29 | really need to put in a description. So
I'll just click OK. That adds lynda.com
| | 02:33 | to the Tag list. Again it doesn't
have to be lynda.com; it could have been
| | 02:37 | anything that made sense to you.
| | 02:38 | In the Memo field, you can put in
note that you want just the same way you
| | 02:42 | would do in your paper checkbook. When
you are done with the transaction, click
| | 02:45 | the Enter button. Quicken accepts the
transaction, adds it to the register and
| | 02:51 | moves on to the next transaction. The
next transaction will be a paper check
| | 02:54 | that I wrote while buying some clothes.
I didn't do it on the same day, in
| | 02:58 | fact; I did a couple of days later.
| | 02:59 | So I'm going to change the date and
I'm going to do it from the keyboard by
| | 03:02 | pressing the plus key on my keyboard.
Pressing it once, it jumps the date
| | 03:06 | by one, and again, and 8/1 was correct.
So I'm going to press Tab to get to the next field.
| | 03:12 | Now I'm going to choose the next
check number, which is 101. I'll press Tab
| | 03:16 | again and I'll type in the payee,
pressing Tab to get to the next field. It
| | 03:22 | allows me to punch in the amount.
Quicken knew that Old Navy was for Clothing.
| | 03:29 | I could put a tag in here, but I don't
really need to in this case. So I'm not
| | 03:32 | going to bother. I can choose to put in
a memo or not. It's completely optional.
| | 03:36 | In this case, I'll put in New Jeans.
I'm done with the transaction now. So I'll
| | 03:40 | click the Enter button or I can press
the Enter key on the keyboard. Okay,
| | 03:45 | enough with these expenses, let's put
in the deposit. I like those better anyway.
| | 03:48 | I'm going to change the date again to 8
/2. This time I'll put in a deposit. I
| | 03:53 | can choose deposit by picking up from
the list here or I can simply press the D
| | 03:57 | key on my keyboard, which also
chooses it from the list. It puts in DEP for
| | 04:01 | deposit. In addition to pressing the
D key for deposit in the Number field,
| | 04:08 | there are other keyboard shortcuts that
you can use in both the Date field and
| | 04:11 | the Number field.
| | 04:13 | In the Date field, the plus key brings
you to the next day, the minus key
| | 04:16 | to the previous day, T changes the
date to today, M to the beginning of the
| | 04:21 | current month, and H to the end of the
current month. In the Number field,
| | 04:25 | plus enters the next check number. The
minus key subtracts the check number,
| | 04:29 | A for ATM, D for Deposit, E for EFT,
P for Print, and S is for sending an
| | 04:37 | electronic payment if you have
enabled the account for online banking.
| | 04:40 | I'll press Tab to get to the next field,
which as you can see, from the top of
| | 04:46 | screen change for Payee to Paid By.
Quicken makes that change because it knows
| | 04:52 | that it was a deposit. So I'm being
paid by my company. So I'll put in Backup
| | 04:56 | Brain. When I press Tab, because
Quicken knew that it was a deposit, it jumped
| | 05:01 | right over the Payment
field and to the Deposit field.
| | 05:04 | So I'll put in an amount $1,000.
Notice that I don't have to put in the cents
| | 05:09 | in this case, since there were no cents
in this transaction. I'll press Tab and
| | 05:13 | Quicken is smart enough to jump me
to the Personal Income section of the
| | 05:17 | Category list, and this is Salary.
| | 05:21 | I'm going to skip the Tags. I don't
need to put in a memo, because this is a
| | 05:24 | just a standard payment that I get
and I'll click Enter to accept the
| | 05:27 | transaction. The first time you make
a deposit into Quicken, Quicken thinks
| | 05:32 | that it might be your paycheck and ask
if you want to use its Paycheck Setup feature.
| | 05:36 | I'll be covering that in a later video.
So in this case, I'm just going to
| | 05:40 | click No. Looking at the deposit
transaction we just entered, we see the red
| | 05:44 | checkmark there and it's Quicken's way
to tell you that this is a text-related
| | 05:48 | transaction. Whether its writing paper
checks, entering debit card transactions
| | 05:52 | or adding deposits to your account
Quickens allows you to enter them in a way
| | 05:56 | that's already familiar to
you from your paper checkbooks.
| | Collapse this transcript |
| Splitting transactions| 00:00 | The transactions you have already
seen only have one category. The Old Navy
| | 00:04 | transaction has the Clothing category,
Backup Brain got Salary, and Costco got
| | 00:10 | the Auto category with the subcategory
of Gas. But that still only counts as
| | 00:13 | one category, but sometimes you need
to split a single transaction among
| | 00:18 | multiple categories, and naturally
this is called splitting the transaction.
| | 00:22 | Let me show you how that's entered.
The Date is fine, so I'll move on to the
| | 00:27 | next field. I'm going to write a check
for this. So will go for the next check
| | 00:32 | number by pressing the plus on the
keyboard. Check number 102, the payee is
| | 00:39 | Comcast. The amount of the payment is
$98.56. When I press the Tab key to get to
| | 00:50 | the Category field, it already filled
it in with Utilities: Cable TV, which is
| | 00:55 | almost correct.
| | 00:56 | But that's only correct for the part of
the transaction. So I'm going to click
| | 00:59 | the Split button instead. In the
Split Transaction dialog, the Utilities
| | 01:06 | category with the subcategory of Cable
TV is already entered for me. So I'll
| | 01:11 | press the Tab key to get to the Tag
field. I'm not going to put in a tag.
| | 01:14 | I'm not going to put in a memo either,
but I'm going to change the amount.
| | 01:18 | I only have basic cable,
so I'll put in that amount.
| | 01:24 | When I press the Tab key,
| | 01:26 | I jump down to the next category. I
have to choose it either by typing it or
| | 01:31 | choosing it from the list. I'll
choose the Utilities category with the
| | 01:38 | subcategory Internet, press the Tab
key. You can see that Quicken put the
| | 01:42 | remainder in the Amount field.
| | 01:43 | I'll put in the amount I paid for
Internet service. I'll press Tab again for a
| | 01:50 | third split. Finally I'll type in
Utility. Rather than use the pop-up list
| | 01:54 | I'm going to just type it instead. This is
just a different way of doing it. I type
| | 01:58 | U and I get the Utilities category.
Then I press colon to show that I want
| | 02:04 | to type in a subcategory, and I got Cable TV.
| | 02:07 | Well, I want the Telephone category. So
I press T and I get Telephone, and this
| | 02:13 | is fine. Press the Tab key. I could
change the amount if I wanted to add yet
| | 02:20 | one more split, but I don't. In this
case I'm fine. You can see down at the
| | 02:24 | bottom that there is no remainder.
The Split Total is $98.56. There is no
| | 02:29 | remainder. The Transaction
Total all adds up. So I click OK.
| | 02:37 | Now split appears in the Category field.
I could enter a memo, if I wanted to,
| | 02:41 | but I don't in this case. So I'll the
Enter key to accept the transaction.
| | 02:46 | Splitting your transactions allows you
to split your payments or deposits among
| | 02:51 | different categories or subcategories
allowing you to track your expenses or
| | 02:54 | income more precisely.
| | Collapse this transcript |
| Entering credit card transactions| 00:00 | Entering a credit card transaction in
Quicken is a lot like entering a check,
| | 00:04 | but there are a few differences you
should be aware of. First, let's change the
| | 00:07 | credit card account by clicking it in
the Accounts list. In the register for
| | 00:11 | the Citibank MasterCard, you can see
that I have a 0 balance. Yay, but we want
| | 00:15 | to enter our transaction.
| | 00:17 | Start off by entering the date, just
as always. The next column in the credit
| | 00:21 | card register is Ref or reference.
I never use this. If you want to, you can
| | 00:26 | put in the reference number that's
listed on your credit card statement.
| | 00:29 | Most people don't bother.
| | 00:31 | Then go ahead and put in the payee.
The Payee list appears, and if we had
| | 00:35 | already made a payment to one of these
items, we can just click that item and
| | 00:39 | Quicken would put it into the field.
Instead we will be typing something else.
| | 00:48 | This was a charge; you could either
have it be a charge or a payment. In this
| | 00:53 | case, it was a charge for $45. This
was for tools, so this will go under
| | 00:58 | Household. I'll skip the Tag and put
in New socket set, and click the enter
| | 01:12 | button when you are done.
| | 01:13 | Now that you have made this charge,
the amount shows up in the Balance field as
| | 01:19 | a negative number. So it's colored red.
Down at the bottom, it shows your
| | 01:23 | Ending Balance for your credit card
account, which is -$45, and it also shows
| | 01:28 | you the credit remaining on the account.
Since I had $15,000 credit limit on
| | 01:32 | this account, it shows me the remainder.
| | 01:35 | Entering and categorizing your credit
card charges is just one more way for
| | 01:39 | you to tell where your money is going.
| | Collapse this transcript |
| Entering your paycheck| 00:00 | You enter your paycheck as a split
transaction, but with a bit of a twist.
| | 00:04 | Because a paycheck is subject to
payroll withholding, you need to show the
| | 00:08 | net amount of your check as the
deposit amount, and the gross amount and the
| | 00:12 | payroll deductions in this split lines.
| | 00:13 | This is going to be a little confusing,
so Quicken has a way to make it easy to
| | 00:16 | set up. Go to the Banking menu then
choose Banking Activities, and then Setup
| | 00:22 | Paycheck. The wizard starts up telling
why it is a good idea; believe me it is.
| | 00:27 | So let's click Next. So now we got to give
it a name, and we'll use my company name again.
| | 00:38 | Again, this is my paycheck. Of
course I can put in my spouse's as well.
| | 00:41 | I put in a memo if I would like to,
but I don't need to in this case though,
| | 00:44 | because I know my where my money is coming
from, and I'll click Next. You can track
| | 00:49 | all your earnings and your taxes and
deductions and I suggest that you do
| | 00:52 | that, because it will really help you
when it comes to tax time, or you can
| | 00:56 | just choose to track just the net deposits.
| | 00:58 | We are going to leave with the first
choice and click Next. The big Set Up
| | 01:03 | Paycheck dialog appears and first
we have the company name. This is the
| | 01:09 | account that the money is going to go
into, and the money can go in either as a
| | 01:14 | standard deposit, where you take a
physical paper check and put it in the ATM,
| | 01:20 | or it could be an automatic funds transfer.
| | 01:23 | In the Scheduling section, since paychecks
happen on a regular basis, you can choose when
| | 01:27 | you want it to start. We'll have the
start on the 15th, and then you can choose
| | 01:33 | whether or not you want Quicken to
remind you to put the transaction in,
| | 01:38 | or automatically enter those
transaction for you. I'm going to choose
| | 01:42 | Automatically Enter, because my
paycheck's pretty steady, and we'll automatically
| | 01:46 | enter as many days in advance as you'd
like; three is fine for me. Frequency is
| | 01:51 | every two weeks. The pop-up menu give
you other choices from only once, all the
| | 01:56 | way to yearly, and it says every two
weeks on Friday, which is what we have chosen.
| | 02:01 | Now we have to add the gross earnings.
So click the Edit button next to Salary,
| | 02:07 | and the name of salary, the category,
which is just a standard Quicken
| | 02:11 | category, is also Salary, and the amount
is $1000. And click OK; and it shows up
| | 02:18 | here in the amount.
| | 02:20 | If you have any pre-tax deductions,
say money that's taken out for a savings
| | 02:23 | plan, you can add them here by
clicking the Add Pre-Tax Deduction button.
| | 02:28 | Next you'll need to add the deductions
that are regularly taken out of your
| | 02:30 | paycheck; you can get these just by
reading them off your paycheck stub.
| | 02:35 | The first is federal tax. Click the Edit,
press the Tab key twice to get to the
| | 02:39 | amount field, and we'll put in
a representative amount, click OK.
| | 02:45 | Next is state tax. We'll add that in,
click OK. Social Security, Medicare.
| | 03:05 | Notice I'm putting in 14.5. I'm not
putting in the 0, but Quicken will do that for me,
| | 03:09 | as you can see here. And then
finally State Disability Tax. Of course not
| | 03:16 | all of these may appear on your paycheck,
depending on your state. See I have a
| | 03:24 | total of $430.30 being taken out of
this particular paycheck. If I wanted to,
| | 03:29 | I could add other tax items by clicking
the Add Tax Item button. Let's say there
| | 03:33 | were local taxes that I had to pay as
well. I can just choose Other Tax.
| | 03:36 | It would add to this list, and I can
enter in an amount. Scrolling down.
| | 03:44 | You might have after-tax deductions,
which again, could be associated with a
| | 03:47 | retirement plan. You can add one if you
wanted by clicking Add, and if you do,
| | 03:52 | you can choose it to be a Stock Purchase,
a 401(k) Loan or an Employer Loan Repayment.
| | 03:57 | So down at the bottom, Quicken has
calculated what you net pay is, and what the
| | 04:03 | W2 gross will be, so you are done. So
click the Done button, and Quicken asks if
| | 04:10 | you want to enter the year-to-date
amounts for this paycheck. If you have that
| | 04:13 | information already, and it's usually
printed on your paycheck stub, go ahead
| | 04:17 | and enter it by clicking I want to
enter the year-to-date information, and
| | 04:21 | clicking OK. Otherwise click I
don't want to enter it, and click OK.
| | 04:25 | Now that I have setup my paycheck in
Quicken, the next time my paycheck happens
| | 04:31 | on the 15th, Quicken will automatically
enter in the amount and the deductions,
| | 04:36 | and I won't have to do a thing.
| | Collapse this transcript |
| Tagging your transactions| 00:00 | We have already talked a little about
how to enter Tags, but now I want to go
| | 00:03 | into a bit more detail as
to why you should use them.
| | 00:07 | Tags are another way to group
transactions. Tags don't replace categories;
| | 00:11 | instead a class adds an extra level
to a transaction that's already been
| | 00:16 | assigned to a category or a sub category.
| | 00:20 | We've seen subcategories before. Here
we have the Auto category, and then
| | 00:24 | subcategories of gas, registration, a
different kind of registration, and service.
| | 00:31 | But what if you wanted to track the
amount of money you spend on gas for both
| | 00:34 | yourself and your spouse? Now I could
create a sub category of Auto, Gas, Tom,
| | 00:40 | and another one for my wife, Auto, Gas
Dori, but the problem is that I would
| | 00:46 | have to end up making a zillion sub-
categories for every possible category that
| | 00:52 | could be assigned to either one of us.
| | 00:54 | So instead of another subcategory,
which is a subset of a category, I want to
| | 01:00 | use a tag, which is a superset, which
allows me to group all the categories and
| | 01:06 | subcategories that's associated
with a particular person or thing.
| | 01:11 | In order to work better with tags, it's
a good idea to set a few of them up in
| | 01:14 | advance. Here in the Setup tab, click
the Tags subcategory, and here's one
| | 01:21 | that we created before. Now I want to
create a new one. I'll click the New Tag
| | 01:25 | button, and here's the tag for me, Tom.
This is optional, the description is optional.
| | 01:42 | And I'll click the OK button.
| | 01:44 | Now I'm going to create another one
for Dori and clicking OK creates the tag.
| | 02:00 | Now that I have created the tag,
anytime I want to tell Quicken for whom a
| | 02:03 | particular transaction is for, I just
need to click in the Tag field, type in
| | 02:10 | part of the tag, and press the Enter key
to save that. Later on I'll be able to
| | 02:17 | run a report and show all of my expenses.
| | 02:22 | Tags are optional and you don't need
to use them on every transaction, but
| | 02:25 | when you do need to use them, they can
really save you a lot of time and make
| | 02:29 | your reports a lot clearer.
| | Collapse this transcript |
| Reviewing your financial position with the Cash Flow tab| 00:00 | Using the account register is fine for
looking at individual transactions, but
| | 00:04 | it doesn't give you a good idea of your
cash flow for the current month. To do
| | 00:08 | that you want to switch from the
account register to the cash flow view. Go to
| | 00:13 | the Banking pop-up menu and choose Cash
Flow and you'll see your cash flow for
| | 00:18 | the current month. Quicken shows you
the income you expect to receive and is
| | 00:21 | taking this from your Paycheck
set up that you've already done.
| | 00:24 | In the middle section, it shows you
expected outputs, and as you work more with
| | 00:29 | Quicken and tell Quicken how much you
expect to spend on a regular basis, these
| | 00:33 | figures we be filled in automatically,
and finally over on the right it tells
| | 00:37 | you What's Left, it tells you your
current balance, the balance as of the first
| | 00:42 | of the month, the cash flow difference
overall, and how much Quicken expects
| | 00:46 | you to have at the end of the month.
| | 00:49 | Down below, you write your Scheduled
Bills & Deposit, right now we have only
| | 00:53 | put in deposits, so that's all we see
in this area. There is an account balance
| | 00:57 | graph you can take a look at. This
one looks pretty good, because again, we
| | 01:01 | haven't put any expected expenses, and
you can see pie graphs showing where you
| | 01:06 | spent your money this month.
| | 01:08 | This can be especially useful, because
you might be surprised that where you
| | 01:12 | are spending some of your money, and
if you take a look at this, you won't be
| | 01:14 | surprised any more.
| | 01:16 | Finally, if you like some of the
details of all your cash flow, just click the
| | 01:19 | Cash Flow Details button, and you
will see your income, your expenses, your
| | 01:23 | inflows, your outflows, what dates are
those expected to happen, or what dates
| | 01:28 | it did happen. It's just a nice
summary to keep you on your financial track.
| | 01:32 | When you done with the details click close.
| | 01:35 | One of the main reasons why we use
Quicken, is to make sure that our spending
| | 01:38 | doesn't get away from us, and by
using the Cash Flow view, you can tell how
| | 01:42 | much money is coming in, how much
money is going out, and how much money
| | 01:45 | you expect to have left
at the end of the month.
| | Collapse this transcript |
| Getting register reports| 00:00 | Sometimes you look in a account register,
look at a particular transaction, and
| | 00:04 | think, I wonder how much money I have
spent all year on that? It's easy to do,
| | 00:09 | because Quicken offers
what's called Register Reports.
| | 00:13 | Just click on the transaction that you
are curious about, and then go to the
| | 00:17 | report pop-up menu, and you can see
the amount received in salary, which is a
| | 00:24 | category, or the payments received from
Backup Brain, which is the payee. I'll
| | 00:30 | choose Salary and we get a category
report. Now by default it comes up as
| | 00:37 | year-to-date. If you are watching
this in 2009, you might not see any
| | 00:41 | information with our exercise file. So
we'll change that to include all dates,
| | 00:45 | and you should see the information here.
| | 00:47 | In this case there is only one transaction
here but if I have been receiving my
| | 00:51 | salary all year long, I'll see all
of those transactions in this report.
| | 00:55 | From this window you can print the
report, you can save it, or you can
| | 01:00 | customize it. We'll go into
customizing when we get to the Reports chapter.
| | 01:04 | For now I'm going to close the report.
Quicken asks if I want to save it. I don't
| | 01:08 | want to in this case so I'll click Don't Save.
| | 01:12 | Register reports don't give you an
overall view of your finances, but they are
| | 01:16 | great for things like drilling down
to the amount of money you paid to your
| | 01:18 | particular payee, or the amount of
money that you spent on a particular category.
| | Collapse this transcript |
|
|
5. Entering DataTransferring money between accounts| 00:00 | You'll also need to transfer money
between accounts and Quicken provides a
| | 00:03 | way to do this using Transfer
categories. In this case I'm going to show you
| | 00:07 | how to do a transfer from the Quicken
Checking account into the Tom's Cash account.
| | 00:12 | I'll start off in the Quicken
Checking account register. First put in the
| | 00:15 | current date and this is going to be an
ATM transaction, so I'll press A on the
| | 00:20 | keyboard for ATM and I'll press the
Tab key to get to Payee. I'm going to type
| | 00:24 | in cash and I'll put in the amount, $80.
| | 00:30 | When I get to the Category field,
Quicken already has a Cash Personal Expense
| | 00:33 | category. This is fine to use if you
are not tracking the amount of your cash
| | 00:37 | with the separate cash account.
| | 00:39 | In this case we are. Rather than to use
the Personal Expense category I'm going to
| | 00:43 | use the Transfer category of Tom's
Cash, which now appears in the Category
| | 00:48 | field. I'm not going to bother to put
in a tag or a memo, so I'll just press
| | 00:52 | the Enter key to accept the transaction.
| | 00:55 | The transaction appears in the Quicken
Checking account as a payment of $80 and
| | 01:01 | if we go over to the Tom's Cash account
we show that we have received cash from
| | 01:09 | the Quicken Checking account of $80.
| | 01:12 | This shows how the money flows out of
one account and into another. You will
| | 01:16 | use transfer categories like this
whenever you want to show the flow of money
| | 01:19 | from one Quicken account to another.
| | Collapse this transcript |
| Editing, deleting, and voiding transactions| 00:00 | Sooner or later you are going to find
that you made a mistake entering data into
| | 00:02 | your account register. Quicken makes it
easy to edit transactions, delete them,
| | 00:08 | or void checks.
| | 00:09 | Let's start up by editing. I have
misspelled the name of my friend Mark, so I'm
| | 00:13 | going to change it here on the register
to the correct spelling. All I have to
| | 00:16 | do is click into the transaction, set
the insertion point where I want, change
| | 00:23 | what I need to do and then just press the Enter
key. And that saves the edited transaction.
| | 00:30 | To get rid of a transaction, select the
transaction that you want to delete and
| | 00:34 | then either click Delete, or you can
right-click and choose Delete from the shortcut
| | 00:39 | menu or you can press Ctrl+D.
| | 00:43 | Quicken ask if you really want to
delete the transaction and click Yes, and
| | 00:46 | boom! it disappears. Now because that
was a transaction that appeared in both
| | 00:50 | the Quicken Checking account and the
Tom's Cash account, the transaction has
| | 00:55 | been deleted from both the account registers.
| | 00:57 | Finally, to show you to void to check
let's go back to the Quicken Checking
| | 01:00 | account and it turns out I didn't really
need to write my friend this check after all.
| | 01:04 | So I select the transaction by
clicking into it and then I click the Edit
| | 01:08 | button, which brings up the shortcut
menu, and I choose Void Transaction. And
| | 01:14 | the reason I want to Void it as opposed
to Delete it is that this is a physical
| | 01:18 | check that I wrote and I don't want
to lose the check numbering sequence.
| | 01:22 | So Quicken will still understand that
Check 103, which is now Void, was written
| | 01:27 | but it took out the payment and/or
deposit amounts so it doesn't change my
| | 01:31 | account balance.
| | 01:32 | Editing, deleting, or voiding
transactions lets you clean up your data file
| | 01:36 | when you make mistakes.
| | Collapse this transcript |
| Finding and replacing transactions| 00:00 | With the small data file it's easy to
find a particular transaction, but when
| | 00:04 | you have a few years of date in your
Quicken file, you'll be happy to use
| | 00:07 | Quicken's find capabilities. It has two.
You can either find a transaction, or
| | 00:12 | you can find and replace part of a transaction.
| | 00:15 | To find a transaction in your current
register, either click the Find link up
| | 00:19 | at the top of the register, or
choose Edit > Find and Replace > Find.
| | 00:24 | In the dialog, choose which field you want
to search on. I usually use All Fields
| | 00:30 | unless I know I'm looking for
something in particular. For example,
| | 00:33 | if I'm trying to reconcile one account and
I'm looking for a particular amount,
| | 00:36 | I'll choose Amount.
| | 00:40 | You can choose the search criteria
under the Match If pop-up menu and that
| | 00:45 | gives you things like Contains, Exact
Match, if it Starts With, Greater than or
| | 00:50 | equal to, Lesser than that or equal
to, that's sort of thing. Contains is
| | 00:53 | usually a good thing especially if you
are looking for a payee. Then under Find
| | 00:58 | we can type Costco and click Find, and
that will be highlighted in the register
| | 01:08 | as it was here.
| | 01:10 | If instead you click Find All,
you'll get a dialog that shows you all the
| | 01:14 | possible results. If I want the both
find the transaction and replace some of
| | 01:22 | the information in it I'll go to the
Edit menu, choose Find and Replace then
| | 01:27 | choose Find and Replace again.
| | 01:30 | In the dialog, let's tell Quicken where
I want to look, what matching criteria
| | 01:35 | I want to use, and what I'm looking for.
I'm going to look for all the voided
| | 01:41 | transactions. So I type in Void, and
click Find All and I found the one voided
| | 01:48 | transaction. When I selected the
Replace area of the dialog becomes active.
| | 01:54 | And in this case I want to replace the Memo
with Dinner with friends. When I click
| | 02:06 | the Replace button, the Memo changes here.
And when I click Done I can see there
| | 02:13 | is also a change in the account register.
| | 02:15 | Finding transactions allows you to
easily pop transactions that you might have
| | 02:18 | a question about, perhaps after you
look at a statement, and finding and
| | 02:22 | replacing transactions makes it easy to
add information to past transactions or
| | 02:26 | to make the entries for
those transactions consistent.
| | 02:29 | Even though we don't have a lot of
transactions now, finding and replacing will
| | 02:32 | be really useful when you need to go
through and change things in the future.
| | Collapse this transcript |
| Changing transaction categories| 00:00 | Sometimes you need to change the
category that you'd assigned in one or more
| | 00:03 | transactions. For example, with this
transaction here to the American Quicken
| | 00:07 | Fund, that's a political organization.
Actually it's a fake political
| | 00:10 | organization. I need to change the
category from Charity, because it's not a
| | 00:14 | charitable organization, to Political
Contribution, because it's a advocacy organization.
| | 00:20 | To do that I go to the Edit menu,
choose Find and Replace and then choose
| | 00:24 | Recategorize. I can use to Look in
Transactions, in the Memorize Payees list,
| | 00:30 | or in Schedule Bills or Deposits. In
this case I'll choose Transactions.
| | 00:35 | The category I want to find is Charity.
I start typing and Quicken fills in the rest.
| | 00:42 | So I'll click Find All. In this case,
because there is not a lot in this
| | 00:46 | data file yet, it only finds one
transaction. When I select it this here, it
| | 00:50 | become active and I can recategorize
the selected transaction by typing in
| | 00:58 | Political Contribution. Then all I have
to do is click the Recategorize button,
| | 01:02 | and you can see the category changed
up here. And when I click Done it also
| | 01:11 | changed in the account register.
| | 01:12 | Now this particular example would have
been easy to change because there were
| | 01:16 | was just one transaction and I had a
small data file but if you want to change
| | 01:19 | the categories of many transactions
you will be happy to use the Recategorize function.
| | Collapse this transcript |
| Scheduling transactions| 00:00 | Let's face it; data entry just isn't
that much fun. So why not let Quicken do
| | 00:04 | as much of it for you as possible?
You've already seen how Quicken tries to
| | 00:07 | fill in individual fields for you as
you type them but why not have it put in
| | 00:11 | the entire transactions for you?
You do that by scheduling transactions.
| | 00:15 | Let's set up a scheduled transaction by
clicking the Set Up tab, then clicking
| | 00:19 | Bills and Deposits, and then clicking
Add Bill or Deposit. The Add Transaction
| | 00:25 | Reminder dialog appears. In the dialog
you first need to tell Quicken what kind
| | 00:29 | of a transaction it will be, is it a
Bill or a Payment, an Income or Deposit,
| | 00:34 | or a Transfer. In this
case is going to be a Bill.
| | 00:38 | In the Pay to field, we'll put in one
of our monthly payments The Gas Company.
| | 00:43 | Now this isn't a Fixed Amount like say
a car payment Instead it's a Variable
| | 00:48 | Amount so I'll click the Variable
Amount radio button. After you have made a
| | 00:53 | few payments, Quicken will be able to
fill in an estimate based on your last
| | 00:56 | several payments.
| | 00:58 | Pressing the Tab key gets me to the
next due date and I'll click the Calendar
| | 01:05 | icon and select the 20th of the month.
When I Tab out of that field, I can
| | 01:12 | choose how often I want to make that
payment and your choices range from Only
| | 01:17 | Once, to Weekly, to Monthly, and you
can even make Estimated Tax payments and
| | 01:22 | Quicken knows when Estimated Tax
payments are due. So for you free lancers,
| | 01:26 | this is really useful. But we'll
leave it on Monthly in this case.
| | 01:29 | My gas bill is due to 20th of every
month so I'll leave it on the default
| | 01:33 | choice. But if I wanted I could choose
to make payments on specific days of the
| | 01:36 | month like say the first, second,
third, fourth or last day of a particular
| | 01:42 | week of every month. Or you can even
choose the last day of every month and
| | 01:47 | that'll make sure that you catch the
30th, the 31st or even the 28th for
| | 01:51 | February. In this case I'm going to
go back to the 20th of every month.
| | 01:57 | In the How section you want to choose
what account you are going to pay from
| | 02:02 | and all your accounts show up here.
Quicken Checking works in this case, and
| | 02:06 | payment method it could be a Manual
Payment or you could print the Check right
| | 02:10 | out of Quicken. We'll leave Manual Payment.
| | 02:13 | If the Quicken Checking account was
enabled for online banking that would be
| | 02:16 | one of the choices in that menu. In
Delivery Method you choose Mail, and you
| | 02:21 | have a variety the other choices as
well. In the Delivery method pop-up menu,
| | 02:25 | Mail is a default choice but you
could choose other methods if you want.
| | 02:31 | Finally, you'll need to tell Quicken
how to track that spending. First you want
| | 02:34 | to enter in a Category, we will try
Utilities: Gas and Electric. That's one of
| | 02:46 | the default categories in Quicken. If
I wanted to I could choose Split and
| | 02:50 | clicking this button brings up the
Split Transaction window. I'm not going to
| | 02:55 | use a Tag in this case and I don't
need a Memo on this case either because I
| | 02:59 | know what my gas bill is. When I click
OK, the gas company transaction appears
| | 03:05 | in the Bills and Deposits list.
| | 03:07 | Quicken remind me three days before
it's due to enter the transaction in the
| | 03:11 | register. All of us have recurring
financial transactions in our lives and by
| | 03:15 | filling in the Bills and Deposits in
this list Quicken can more accurately give
| | 03:19 | you an idea what your cash flows going
to be like for the month and help you
| | 03:23 | avoids surprises.
| | Collapse this transcript |
| Setting up alerts| 00:00 | When it comes to money, I hate
surprises. I have been using Quicken for a lot
| | 00:04 | of years now, so I have a pretty good
handle on my finances, but I vividly
| | 00:08 | remember the days when I messed up
with credit cards and I sure wish I
| | 00:11 | would have known before I actually did,
because I would have avoided a lot of
| | 00:14 | late fees and overlimit fees.
| | 00:17 | Quicken have a way of showing you when
you are close to your limits. Just go to
| | 00:19 | the Tools menu, and choose Set Up Alerts.
| | 00:23 | In the Alert Center, there's three
main categories; Cash Flow, Taxes and
| | 00:26 | General. Expand the Cash Flow category
by clicking the plus sign, and then click
| | 00:31 | Credit Card Limits. It will show you
all your credit card accounts, it will
| | 00:35 | show you your credit limit, and you
can tell it to remind you that you are
| | 00:41 | getting close to your limit when you
hit the 14,000 mark. So if you adjust that
| | 00:47 | if you have different credit limits.
Now you can choose one or two ways that
| | 00:51 | show you the alert.
| | 00:52 | You can show text in the alert list.
That's quite and calm and sedate or you can have
| | 00:58 | Quicken hit you over the head by choosing
Urgent pop-up dialog box. This is
| | 01:02 | the choice I suggest, because you
really don't want to be surprised.
| | 01:06 | I don't want to be surprised, you don't
want to be surprised when it comes to money.
| | 01:09 | If you do put text in the alert list,
keep that alert in the list for however
| | 01:13 | long you want, a day, up to a year.
When you are done with this, you can either
| | 01:18 | go and set minimum balances for your
checking accounts, or you can set maximum
| | 01:24 | balances. You might wonder why would
you worry about maximum balances in a
| | 01:27 | checking account? Well, it's because
you might want to move the money in that
| | 01:31 | account to a different account
that gives you a better rate of return.
| | 01:34 | You can also set up alerts for your
different monthly expenses categories,
| | 01:37 | whether or not online services are
available, and you can set up a variety of
| | 01:42 | tax alerts. One of the most useful is
Important tax dates, which is set by
| | 01:47 | default, and I suggest you jeep it turned-on.
| | 01:49 | Other alerts that are set up by
default are General, Reminders such as Online
| | 01:53 | transactions that are due, or
your Scheduled Bills & deposits.
| | 01:57 | If you are running Quicken Home and
Business, and you have outstanding
| | 02:00 | invoices, you can also set up alerts
for your Past due invoices, because it's
| | 02:03 | always nice to get paid.
| | 02:05 | When you are done setting up your alerts,
you can display them by clicking the
| | 02:08 | Show All tab; in this case we only
have one alert related to taxes. When you
| | 02:13 | are done viewing your alerts, go ahead
and close the window. Alerts in Quicken
| | 02:18 | are no substitute for your own eagle
eye on your finances, but they are great
| | 02:22 | ways to avoid surprises before they happen.
| | Collapse this transcript |
|
|
6. Writing and Printing Checks Using QuickenUsing the Write Checks window| 00:00 | This video is about writing checks
that you intend to print from Quicken on
| | 00:03 | pre-printed check forms. Checks that
you write by hand should be entered in the
| | 00:07 | Quicken in your checking account
register as we have seen before, and I'll
| | 00:11 | cover paying bills with
electronic checks in later videos.
| | 00:13 | You might wonder why you would want
to print checks directly from Quicken.
| | 00:18 | In my own finances, I use to print
checks out of Quicken all the time, but I have
| | 00:21 | been doing it a lot less since online
banking came along. Still, there is a
| | 00:25 | variety of checks that I need to
produce on paper. For example, whenever I hire
| | 00:27 | an assistant to do some work for me,
they generally need a paper check because
| | 00:32 | they are not set up to
accept electronic payments.
| | 00:34 | And if you are using Quicken Home and
Business, you will almost certainly want
| | 00:38 | to print checks in order to pay your
employees. Using Quicken to print your
| | 00:42 | checks can also help you avoid errors.
| | 00:44 | When you are write a check in Quicken
in the first place, there is no chance of
| | 00:47 | a pesky typo wasting your time later,
because Quicken automatically enters each
| | 00:51 | check amount into its register. Later
on this is going to make balancing your
| | 00:55 | checkbook much faster.
| | 00:56 | There's two ways to write
checks that you are going to print in
| | 00:58 | Quicken. You could simply enter a check
in the register, and one of the choices
| | 01:02 | in the Number field is to Print
Check. Then just enter the rest of the
| | 01:06 | transactions as you have already seen.
| | 01:08 | Quicken also has a dedicated Write
Checks window. To get to that, go to the
| | 01:12 | Banking menu, and choose Write Checks
or press Ctrl+W. This looks just like a
| | 01:17 | paper check, so let's fill it out. The
date is fine, so I'll press Tab to get
| | 01:21 | to the payee field. This is going
to be your new payee, so be it for my
| | 01:26 | gardener, I'm going to pay him $75.00 for
this month. When I press Tab, it pops in the amount.
| | 01:34 | And I'll type in GardenCo, and in the
Address, it would be inefficient to have
| | 01:44 | to type in the name and address every
time, so Quicken will remember it for
| | 01:48 | you, just click the Address button, and
it brings up the Quicken Address Book,
| | 01:53 | already filled in based on
what you put in the check.
| | 01:55 | Because I'm going to write future
checks to GardenCo, I want to include this
| | 01:59 | payee in the QuickFill list. If you
are using Quicken Home and Business, and
| | 02:04 | the payee is one of your business
contacts, then you can choose to also add the
| | 02:08 | payee to the Customer list, or the
vendor list, depending on what your
| | 02:12 | relationship is with him. Now I'm
going to click OK. When I click in the Memo
| | 02:17 | field, I can enter any memo, and that
memo will actually appear on the check.
| | 02:22 | Next, I'll Tab to the Category field,
and the QuickFill list comes up. I'll
| | 02:26 | start to type G for Gardening, and the
Gardening, Home category comes up. I'll
| | 02:31 | press Enter to accept that. Of
course, if I wanted to, I can split the
| | 02:34 | transaction, but I don't need to in
this case. I'm done writing this check, so
| | 02:38 | I'll click the Record Check button,
and that check appears in the Check Register below.
| | 02:43 | I'm going to write one more check. If
you mail your printed checks in those
| | 02:50 | envelopes that have those little
plastic windows on them, which I recommend,
| | 02:54 | because it keeps you from having the
address the envelopes. The Memo line might
| | 02:58 | be visible through the window. Many
vendors want you to add your account number
| | 03:02 | to the check, and so you don't want
to put it in the Memo line, because it
| | 03:05 | could be visible to anybody who sees
the envelope. Instead you can use a
| | 03:09 | different space to add those numbers.
| | 03:11 | Just go to the Edit menu, choose
Preferences and then Quicken Program go to the
| | 03:16 | Write Checks section and choose Allow
Entry of Extra Message on Check and click
| | 03:21 | OK. The extra message box shows up on
the check, and you could put in your
| | 03:26 | account number. When you
are done, click Record Check.
| | 03:31 | You can only fill that note line in
from this Write Checks window; the account
| | 03:34 | register doesn't show it. First of all
that note line won't appear through the
| | 03:38 | envelope window.
| | 03:39 | When you print your paper checks out
of Quicken, it saves you double work
| | 03:43 | because you don't have to first write
the paper check and then enter it into
| | 03:46 | Quicken, and it also cuts down on
the possibility of any errors that you
| | 03:49 | might make when you are
entering things into Quicken.
| | Collapse this transcript |
| Getting ready to print| 00:00 | Now that you have got checks ready to
print in the Write Checks window, it's
| | 00:03 | time to make sure that Quicken and
your computer are ready to print.
| | 00:06 | Go to the File menu, choose Printer
Setup and then go For Printing Checks.
| | 00:12 | In this dialog, there are a few things
you need to check over. First, make sure
| | 00:16 | that you have selected the Printer.
Almost all printers these days are going to
| | 00:19 | be page-oriented; you are not going
to get continuous feed checks anymore.
| | 00:22 | Then you can choose your different
Check Style. Standard checks are sized to
| | 00:25 | use in a business size envelope and
they usually come three to a page.
| | 00:29 | Most people use these checks.
| | 00:31 | Voucher checks are good for pay roll
and account-payable use. You have one
| | 00:34 | check per page with one or two check
stubs that you can keep or send out with a
| | 00:38 | check as needed.
| | 00:39 | Finally, wallet checks are smaller
than standard checks so they can, not
| | 00:43 | surprisingly, fit into your wallet and
they include a stub for recording check
| | 00:47 | information when you write a check by hand.
| | 00:49 | When you are decide which style
will check makes most sense for you,
| | 00:52 | you need your current check book for the
bank information and your account number,
| | 00:56 | and you can go online and order your
checks. Now where do you order them from?
| | 01:00 | Usually over the internet. In order
to find one of the many companies that
| | 01:03 | print checks for you, just Google pre-
printed checks. You might also be able to
| | 01:07 | order Quicken compatible checks from
your bank, just check with them. No matter
| | 01:11 | where you order your checks from,
shop around because prices vary widely.
| | 01:16 | As I mentioned, standard checks come
three to a page and they are in portrait
| | 01:19 | orientation on the page. But you may
not use a whole page of checks every time,
| | 01:23 | so Quicken allows you to rotate your
checks as needed either by the Edge,
| | 01:27 | Centered or Portrait for partial checks,
depending on what your printer can handle.
| | 01:31 | You can also set different paper trays
if you would like for partial pages or
| | 01:38 | full pages. One last thing in this
window, if you want you can change the font
| | 01:42 | on your checks by clicking the Font
button and choosing the fonts that you
| | 01:46 | want. For now, Aerial, Regular, 9 is
fine for me. Click OK when you are done
| | 01:52 | and now you are ready to print.
| | 01:54 | Back in the Write Checks window, click
the Print button and the Select Checks
| | 01:58 | to Print dialog appears. Up here, the
top tells you how many checks you need to
| | 02:02 | print and what the total is, and you
want to enter the first check number, this
| | 02:06 | actually start with 1501 for me, and
this is an interesting point that you need
| | 02:11 | to know about Quicken anyway. The
checks that come out of your printer can
| | 02:14 | start at an entirely different number
than the checks that you have in your
| | 02:18 | regular paper checkbook.
| | 02:19 | In fact I like to have them widely
separated so that I can tell that at a
| | 02:22 | glance in my check register, where I
wrote the check from, whether I wrote it
| | 02:27 | out of Quicken or I wrote on a paper
check. When you order checks, your bank or
| | 02:31 | the check printing company will start
the numbering wherever you want. So I
| | 02:34 | suggest you have very different check
numbers for your printed checks and your
| | 02:38 | paper checkbook. It will make it a lot
easier to tell which checks are which in
| | 02:41 | your Account Registers.
| | 02:43 | In the print section of the dialog,
you can choose Print All Checks, Checks
| | 02:47 | dated through a particular date or
Selected checks. If you choose Selected
| | 02:52 | checks, the Choose button lights up
and clicking that allows you to check off
| | 02:56 | which are your checks you actually want
to print. In this case we actually are
| | 02:59 | going to print all three of them,
so I'll just close the window.
| | 03:03 | And then you tell Quicken what's
actually in your printer. Are there three
| | 03:07 | checks in the first page, two or just
one. In this case there are three. So I'm
| | 03:10 | going to go ahead and click OK. But
before you click OK you might want to make
| | 03:15 | to sure that the checks are in your
Printer Tray, and that they are positioned
| | 03:18 | correctly for printing. You might even
want to run a test on some plain paper
| | 03:22 | before you print out on
real checks the first time.
| | 03:24 | And of course make sure that your
printer is turned-on and that it's online and
| | 03:27 | you are ready to go. After checks have
been sent to the printer, Quicken ask
| | 03:32 | you if they are all printed okay, if
they did all you have to do is click the
| | 03:35 | OK button. If things didn't print okay,
say you had paper jam, just type in the
| | 03:39 | number of the first check that printed
badly and then click OK. In this case,
| | 03:43 | they are all printed fine.
| | 03:45 | Back in the Write Checks window, all
the checks have disappeared. So when we
| | 03:48 | close that window and look at the
Account Register, we can see that those
| | 03:52 | checks were entered in the Account
Register with the check numbers that we gave
| | 03:55 | them. Now all I have to do is take the
checks out of the printer, stuff them in
| | 03:59 | the envelopes and send them off.
| | 04:01 | Writing and printing checks out of
Quicken allows you to send payments to
| | 04:04 | people who can't accept electronic
transactions and for me it means people
| | 04:08 | don't have to read my terrible handwriting.
| | Collapse this transcript |
|
|
7. Connecting Quicken to Online Banking and Bill PaymentSetting up an account for online banking| 00:00 | Online banking is one of the biggest
time savers that Quicken gives you.
| | 00:04 | By banking online, it saves you the
time that you spent recording your checks,
| | 00:08 | ATM withdrawals or credit cards
transactions by hand. Instead, all you need to
| | 00:14 | do is download them from your bank,
review the transactions to catch any
| | 00:17 | possible errors and to make sure that
they are properly categorized. Then you
| | 00:23 | add those transactions to your account
registers with the click of a button.
| | 00:27 | Online Banking also makes
reconciliation a snap. In fact, Quicken does it
| | 00:32 | automatically for you as long as
there aren't any problems and if there are
| | 00:34 | Quicken let's you know as long as
there are any problems, and if there are,
| | 00:35 | Quicken lets you know. And best of all
there's never any waiting in line at an ATM
| | 00:41 | or inside of an bank when you are online.
| | 00:45 | When you pay bills online, you
transfer money from your checking account
| | 00:49 | directly to your creditors. You don't
have to write checks by hand, you don't
| | 00:53 | have to print them from Quicken, you
don't have to stuff envelopes, you don't
| | 00:57 | have to find stamps and you don't
have to throw things in the mail. It's a
| | 01:01 | really big time saver.
| | 01:04 | In this entire chapter on online
banking and bill paying, we are not including
| | 01:08 | any exercise files. The reason for that
is that you will be putting in your own
| | 01:12 | personal information and you would
be following along with it anyway.
| | 01:17 | The first thing that you will need
for online banking or bill paying is
| | 01:21 | internet access. Any connection speed
will do because you are not transferring
| | 01:24 | a lot of information back and forth.
| | 01:28 | Before you can set up your accounts
for online banking in Quicken, first you
| | 01:31 | need to contact your bank and find out
what connection method they support.
| | 01:37 | The two connection methods are
Direct Connect and Web Connect.
| | 01:44 | Direct Connect is the easiest and the
best way to connect. With Direct Connect,
| | 01:48 | Quicken contacts your bank's
computers directly and downloads transactions,
| | 01:53 | exchanges payment instructions
and transfer funds between accounts.
| | 01:59 | Web Connect uses the bank's website in
conjunction with your web browser and
| | 02:03 | with Quicken. If your banker or other
financial institution only support
| | 02:08 | Web Connect, you have to go to the
bank's website and log in before you can
| | 02:12 | download your account transactions.
Then you download a file with the
| | 02:16 | transactions to your computer.
| | 02:19 | Quicken then reads that file and
imports the transactions. It's not a difficult
| | 02:24 | process but it is an extra step and
you don't get quite as much information
| | 02:28 | with the Web Connect files as you do
with financial institutions that support
| | 02:32 | Direct Connect.
| | 02:34 | If your bank supports both methods,
and many do, I recommend that you use the
| | 02:39 | Direct Connect method instead of Web Connect.
| | 02:42 | Of the two accounts that I have in this
data file, one of them, Quicken Checking,
| | 02:46 | is set up at Wells Fargo and will
using the Direct Connect method; the other
| | 02:50 | at Westamerica Bank will be
using the Web Connect method.
| | 02:54 | Let's setup the Direct Connect method
first. I'll go to the Setup tab and then
| | 02:58 | make sure I'm on the Accounts field
and then make sure that I have shown the
| | 03:02 | Accounts list by clicking the Account
sub-tab and Quicken Checking is already selected.
| | 03:07 | I'm going to go ahead and hide the
Accounts bar to make it easier to see.
| | 03:12 | The Accounts list tells me that
transaction downloads aren't enabled so let's go
| | 03:16 | ahead and enable them now by
clicking the Activate Downloads button.
| | 03:22 | Quicken knows that this account is with
Wells Fargo and it knows which are the
| | 03:25 | connections methods that Wells Fargo
supports. In this case, I'm going to
| | 03:28 | choose Direct Connect and click Next.
| | 03:34 | Now, I need to put in my user
information. You will get your user ID and
| | 03:38 | passwords from the kit that your
bank sends you, usually by U.S. Mail for
| | 03:43 | security purposes.
| | 03:45 | When you first sign up for online
banking, I have to enter the password then
| | 03:48 | re-enter it for confirmation. Now I'll
click Next and Quicken connects to Wells Fargo.
| | 03:59 | As another security measure, Wells
Fargo requires me to change my password the
| | 04:04 | first time I connect. Your bank may
or may not have this step. I'm going to
| | 04:12 | enter my existing password again and
now I'm going to change it something else.
| | 04:22 | Once again I have to enter it
twice, and I'll click OK to continue.
| | 04:30 | These are all the accounts that I
have at Wells Fargo. I want to enable or
| | 04:34 | disable the accounts that I want to
put in to Quicken. So I'm turning off
| | 04:37 | accounts that I don't want to put into
this data file, and I come to the first
| | 04:41 | account that I do want to put into
this data file. This credit card account
| | 04:46 | exists in Quicken and I'm going to
select Tom's MasterCard from the pop-up menu.
| | 04:53 | This checking account also exists
in Quicken, so I'll select Exists In
| | 04:59 | Quicken and I have the choice of
Quicken Checking and Westamerica Checking, but
| | 05:06 | this is the Wells Fargo account,
so I'll choose Quicken Checking.
| | 05:10 | The two accounts that I have just
enabled already existed in Quicken.
| | 05:14 | But Quicken can also download transactions
and create a new account in Quicken at
| | 05:18 | the same time. All you need to do is
select one of your accounts, click the New
| | 05:23 | In Quicken button and then enter
a name in the field next to that.
| | 05:29 | When you are done selecting your
accounts, click Next. Quicken connects back up
| | 05:35 | to Wells Fargo, Quicken connects back
up to your bank and ask if you want to
| | 05:42 | use the Password Vault.
| | 05:44 | The Password Vault is a Quicken
feature that stores all of your different
| | 05:47 | passwords and pins for your different
accounts, and then you can unlock that
| | 05:51 | vault whenever you need to go online
just by entering one master password.
| | 05:56 | I strongly suggest that you use the
Password Vault and that you create a good
| | 06:00 | password. Remember a good password
usually contains both upper- and lowercase
| | 06:06 | letters and it also contains numbers.
I'm going to enter one in now. Quicken
| | 06:13 | needs me to re-enter it and clicking
Next will create the Password Vault with
| | 06:20 | that new master password. That's the
process of enabling a Direct Connect
| | 06:26 | account in Quicken.
| | 06:30 | When we go back to the Account list,
you can see that Transaction Download now
| | 06:34 | shows as Enabled for both the Quicken
Checking account and Tom's MasterCard accounts.
| | 06:40 | The Westamerica checking account is
the one that we want to setup for Web
| | 06:44 | Connect, so let's select it and
click the Activate Downloads Button.
| | 06:51 | The Account Setup screen asks if we really
want to do this and we will click Next.
| | 06:55 | So now, I have to put in my Westamerica
user ID and my password and I have to
| | 07:10 | re-enter the password, and
when I'm done I'll click Next.
| | 07:19 | Quicken downloads the information
from the Web Connect bank. Many banks
| | 07:26 | are adding an extra layer of security
with special questions that you have to
| | 07:30 | answer. In this case, Westamerica is
asking what street I grew up on, so I'll
| | 07:36 | type that in. And I originally put this
information in when I first signed up
| | 07:44 | for online banking using the
Westamerica website in a web browser.
| | 07:49 | So I'll click OK to the extra security
question dialog. So, Quicken found my account
| | 07:55 | information at Westamerica and I know
that this account exist in Quicken so
| | 08:00 | I'll click Exists In Quicken and then
choose Westamerica Checking and then I'll
| | 08:07 | click the Next button.
| | 08:10 | Quicken checks with the bank one more
time and ask for that extra security
| | 08:14 | question again. Quicken asks if I want
to save my password in the Password Vault
| | 08:22 | and yes, I do. So I'll make sure that
Yes is clicked here and then I'll click Next.
| | 08:28 | I'm done with the Account Setup, so
I'll click Done. As part of the initial
| | 08:32 | setup for both the Direct Connect and
Web Connect banks, Quicken downloaded an
| | 08:37 | initial set of transactions from both
banks. In a later movie, I'll show you
| | 08:41 | how to review and accept those
transactions into your Quicken accounts. And now
| | 08:47 | the Westamerica account shows
that Web Connect is enabled.
| | 08:52 | You may notice that this says Express
Web Connect. That's because different
| | 08:56 | banks use different flavors of the Web
Connect method. Some just call it Web
| | 09:00 | Connect; others call it Express Web
Connect. It doesn't really matter what it's
| | 09:04 | called, it still works pretty much the
same. Working first with your bank and
| | 09:08 | then in Quicken, it only takes a short
time to enable your accounts for online
| | 09:12 | banking and get them ready for action.
| | 09:14 | Using the online banking feature in
Quicken is the most foolproof way to get
| | 09:18 | your financial information into your system.
| | Collapse this transcript |
| Downloading online transactions with Direct Connect| 00:00 | Once you've set up your Direct Connect
account for download, actually updating
| | 00:03 | the account is pretty easy. Here we are
in the Quicken Checking account, which
| | 00:07 | is the Direct Connect account, and if
we look over in the Account Bar, we can
| | 00:10 | see that there is a little flag next
to three accounts. If we put our mouse
| | 00:14 | over one of the flags, a tooltip pops
up showing that we have transactions to review.
| | 00:19 | These transactions were downloaded as
part of our initial setup. What I'd like
| | 00:23 | to do is check to see if any new
transactions have come in since we did the
| | 00:26 | setup. At the top of the Check Register
for the account that you want to check,
| | 00:30 | click the Update Now button.
| | 00:32 | Quicken gives you a dialog telling you
what it's about to do. So click Update
| | 00:36 | Now. Quicken connects with your bank
and tells you what happened. You can see
| | 00:41 | the details of what Quicken did by
clicking the triangle next to the account
| | 00:44 | that you just checked.
| | 00:46 | For each account, it tells you how many
transactions you have to review and the
| | 00:50 | online balance for each account.
Click the Close button when you are done
| | 00:53 | looking up the summary, and now let's
review the transactions that we've downloaded.
| | 00:58 | Down at the bottom of the screen,
you see a Tab that says Downloaded
| | 01:01 | Transactions with a number next to it.
That's how many transactions we have
| | 01:04 | to look through. I'll click the Tab
and the screen expands showing the
| | 01:09 | Downloaded Transactions.
| | 01:11 | As you can see up in the Account
Register, I have already entered by hand four
| | 01:15 | transactions. When Quicken
downloaded the transactions from the bank, it
| | 01:19 | compared the date and payment amounts
for each transaction with items that were
| | 01:24 | already in my register. If the date and
payment match, Quicken shows that there
| | 01:30 | is a Match in the Transaction List in
the bottom. To accept that transaction
| | 01:35 | and clear it, let's click on the
Transaction to select it, and then two buttons
| | 01:39 | show up. There is an Accept button
and an Edit button, which is actually a
| | 01:42 | pop-up menu.
| | 01:43 | In this case, we know that this
transaction matches one that's already in the
| | 01:46 | register. So we are going to click the
Accept button. The Payee names that are
| | 01:51 | downloaded from your bank aren't
necessarily the ones that you normally put in
| | 01:55 | your register. So Quicken has the
ability to rename them, the Payees from the
| | 01:59 | Downloaded Transactions
to the names that you want.
| | 02:02 | Since I've already put Costco in for
this transaction, Quicken is offering to
| | 02:07 | rename the downloaded name, which was
Costco, Gassanta Rosa, CA, to Costco,
| | 02:13 | which it figures is my preferred
name since that's what I've put in the
| | 02:16 | register. In the future, every time
that I have a transaction from Costco
| | 02:21 | Gassanta Rosa CA, Quicken will
automatically rename it to Costco. It's really
| | 02:27 | convenient. I'll click Done and
Quicken shows that transaction as accepted.
| | 02:32 | I'm going to go on to the next one.
This is also a match with something that's
| | 02:38 | in my register. So I'll click Accept.
Here Quicken is letting me know that it's
| | 02:42 | created another Renaming Rule, this
time for Old Navy. So Old Navy was also
| | 02:49 | accepted. Let's move on to the other
Match transactions. If I want to, I can
| | 02:56 | turn this message off. So that
takes care of all the Matched accounts.
| | 03:02 | Now, we have new ones. So now we
have to Accept and categorize the new
| | 03:05 | transactions. When I click the Monthly
Service Fee Reversal, it appears in the
| | 03:09 | register, and now I need to make
changes in the Register to categorize it. The
| | 03:14 | Date is fine, the name of it is fine,
the Deposit amount is fine. I just have
| | 03:20 | to add a category, and this is a Bank
Charge. I don't need to put in a Tag or a
| | 03:27 | Memo, so I press the Enter
key to accept the transaction.
| | 03:33 | When I click the Next New transaction,
it shows Monthly Service Fee and click
| | 03:37 | and figures it out that that was also
a Bank Charge. So I'll just press the
| | 03:40 | Enter button again to accept it.
I'll select the Next New Transaction for
| | 03:44 | Carrows, and now I want to change
this one, and I'm going to change this to
| | 03:50 | just Carrows. Now I press Tab. The
Payment amount is correct of course because
| | 04:00 | it was downloaded, and this is for
Dining. I'm not going to put in a Tag, and
| | 04:08 | I'm not going to bother to change the
Memo that was downloaded. I'll press
| | 04:11 | Enter to accept it, and because I
changed the Payee name that was downloaded,
| | 04:15 | Quicken lets me know that it created
another Renaming Rule. Click OK and accept
| | 04:20 | it and it shows as
accepted in the Transaction List.
| | 04:24 | I still have some downloaded
transactions to accept. So I'm going to go ahead
| | 04:26 | and do those now. I've finished
accepting and categorizing all my transactions,
| | 04:34 | so I'm going to click the Done button
down at the bottom. Quicken accepts the
| | 04:39 | transactions, the Downloaded
Transaction tab shrinks and now all the
| | 04:44 | transactions appear in the register.
Each transaction now has a C in the Clear
| | 04:48 | column indicating that has
been cleared with your bank.
| | 04:52 | Downloading your transactions with
Direct Connect is the fastest way to get
| | 04:55 | entries into Quicken.
| | Collapse this transcript |
| Downloading online transactions with Web Connect| 00:00 | If you downloaded your transactions
from your financial institution using the
| | 00:03 | Web Connect method, you might download
your transactions in slightly different
| | 00:07 | ways depending on how your bank has
implemented Web Connect. With the classic
| | 00:12 | Web Connect, you go to your bank's
website with a web browser, log on and
| | 00:19 | download a transaction file. Then you
import that transaction file into Quicken.
| | 00:24 | Most of the time Quicken notices that
you've downloaded that sort of file and
| | 00:28 | it starts the import process
automatically. If Quicken doesn't automatically
| | 00:32 | recognize the file as you download it,
go to the File menu, choose Import then
| | 00:37 | choose Web Connect File. You'll
need to browse to the file, select it and
| | 00:44 | then Import. This particular bank,
Westamerica, uses a slightly different
| | 00:49 | version of Web Connect that acts
almost like Direct Connect except that the
| | 00:53 | file was being downloaded in the
background and automatically imported.
| | 00:58 | You may notice in the Account bar that
there is a little red flag next to the
| | 01:02 | name of the account. When you hover
over the flag, it shows a tooltip that lets
| | 01:07 | you know that you have downloaded
transactions to review. These transactions
| | 01:12 | were downloaded when we did the initial
setup. I would like to just check to
| | 01:15 | see if there are any newer
transactions, so at the top of the register,
| | 01:19 | I'm going to click the Update Now button.
| | 01:24 | Quicken puts up this dialog letting me know
what's going to happen and I'll click Update Now.
| | 01:33 | In this case, no new transactions
downloaded and we can see
| | 01:38 | that down at the bottom of the screen
there is the Downloaded Transactions tab
| | 01:42 | with the number next to it and that's
the number of transactions that have been
| | 01:44 | downloaded. Let's single click on that
tab and show the Downloaded Transactions list.
| | 01:51 | This list shows Transaction Status;
we will get back to that in a moment.
| | 01:54 | Date of the transaction, the Payee, the
amount of the payment or the amount of the
| | 02:02 | deposit. When Quicken downloaded
the transactions, it compared each
| | 02:06 | transaction's date and amount with
transactions that were already in the
| | 02:13 | account register. If the date and the
amount match, Quicken marks it as a Match
| | 02:17 | transaction in the Status column.
| | 02:20 | Now I want to go ahead and accept the
transaction into the account register
| | 02:24 | and add a Category if necessary. When I
click the transaction in the Downloaded
| | 02:29 | Transactions list, two new buttons
appear. One is Accept and one is Edit, which
| | 02:35 | is actually a pop-up menu. The pop-up
menu gives us a variety of choices to
| | 02:40 | Delete the transaction, Match it
Manually, Make it New rather than Matched,
| | 02:46 | Make all of them show as New and in
fact you can even Unmatch if you want to.
| | 02:54 | The Payee name in the Downloaded
Transactions list shows one of the drawbacks
| | 02:58 | of the Web Connect method as opposed to
the Direct Connect method of connecting
| | 03:02 | to your bank. The Payee here isn't
very descriptive; it just says, Network
| | 03:08 | Purchase On 08/01 At B. It turns
up that B was Big John's Market just
| | 03:15 | truncated. I'm going to click the
Accept button and Quicken creates what's
| | 03:22 | called a Renaming Rule.
| | 03:24 | Renaming Rules allows Quicken to
automatically rename the payee names from your
| | 03:28 | Downloaded Transactions with the names
that are actually in your register.
| | 03:34 | I'll click OK and now that transaction
shows as Accepted. Moving on to the next
| | 03:39 | Match transaction, I'll accept this
one too and Quicken will also create a
| | 03:46 | Renaming Rule.
| | 03:48 | For this transaction, I need to change
the Payee entirely, and I also need to
| | 03:54 | add a Category. So up in the account
register, the date is fine because it was
| | 04:00 | downloaded. I don't need to put in
anything here. And now I know that I spent
| | 04:08 | this $11.02 at Fresh Choice getting
some lunch so I'll put type in Fresh Choice.
| | 04:18 | Press Tab to get to the next
field and then under Category,
| | 04:24 | Fresh Choice was Dining. Quicken knew that
Fresh Choice was Dining because I've used
| | 04:29 | it before in another account. I'm not
going to put in a Tag or a Memo in this
| | 04:35 | case. I'm just going to press the
Enter key to accept the transaction.
| | 04:41 | Finally, this is something that you
might run into the first time that you
| | 04:44 | download transactions. I opened this
account by writing them a check from a
| | 04:48 | different account at a different bank.
This $500 is actually the same as this
| | 04:53 | transaction here. So what I'm going to
do is make this the Opening Balance and
| | 04:59 | I'm going to actually delete this
transaction to make sure that every thing balances.
| | 05:05 | This is fine as a placeholder
transaction before, but this is the actual
| | 05:09 | transaction that I want to accept. So
again the Date is fine. Because it was
| | 05:16 | downloaded I don't have to put in
anything in the Number column. Branch Deposit
| | 05:19 | is fine as the Payee in this case.
$500 is correct; we know that's correct
| | 05:25 | because that was the amount downloaded.
And now we are going to make a transfer
| | 05:30 | into the same account. Because the
account that I actually transferred the
| | 05:35 | money from doesn't exist in this
Quicken data file, this Opening Balance is for
| | 05:39 | Quicken's purposes like money that just
appeared out of nowhere. So I'll start
| | 05:44 | putting in a Transfer Category by
pressing a square bracket and then pressing W
| | 05:49 | for Westamerica Checking
and then I'll press Tab.
| | 05:54 | I won't be adding a Tag here but I'll
put in Opening Balance. When I press the
| | 06:03 | Enter key to Accept, Quicken says, you
are recording a transfer back into the
| | 06:08 | same account; are you sure you want to
do that? I know what I'm doing in this
| | 06:11 | case, so I'll say Yes and now you
can see that all the items have been
| | 06:16 | accepted. So I can click Done.
| | 06:20 | Now I still have one problem in that
I have too much money here. Remember,
| | 06:25 | this was just a placeholder
transaction and this is the actual transaction.
| | 06:30 | I haven't really made a $1,000 worth of
deposits into this particular account.
| | 06:34 | This is just an artifact of opening the
account at first place. What I want to
| | 06:38 | do to get back to my correct balance is
to select the placeholder transaction,
| | 06:43 | click the Edit button and
delete this transaction.
| | 06:48 | Quicken asks if I'm sure and I am so
I'll click Yes. And now you can see that
| | 06:52 | the Ending Balance for the account in
Quicken is the same as my Online Balance
| | 06:58 | reported by my bank. Also now
that I've accepted all my Downloaded
| | 07:02 | Transactions, the red flag in the
Account bar next to the account has
| | 07:07 | disappeared. Using the Web Connect
method of downloading your transactions
| | 07:11 | isn't as easy or as efficient as the
Direct Connect method, but if that's the
| | 07:15 | only method your bank offers, you
will have to make the best of it.
| | 07:19 | Still, it beats entering transactions by hand.
| | Collapse this transcript |
| Using One Step Update| 00:00 | You can have many different kinds of
accounts enabled for online downloads:
| | 00:04 | checking account, savings accounts,
credit card accounts, and investment
| | 00:08 | accounts. Rather than check each one of
them separately, Quicken has a feature
| | 00:13 | called One Step Update that allows
you to update any or all of your online
| | 00:17 | accounts with a one click.
| | 00:18 | There are two main ways to activate
One Step Update. One way is to go to the
| | 00:23 | Online menu and choose One Step Update.
The other way is to click the One Step
| | 00:29 | Update button in the toolbar. When you
click the button, Quicken shows you the
| | 00:33 | accounts that have been activated for
online download. If you want to select
| | 00:37 | everything in a group, just select
the check box under the category name.
| | 00:43 | If instead you want to select certain
financial institutions to be updated,
| | 00:47 | just click those instead. In this
case we'll update transactions from both
| | 00:51 | financial institutions, and we'll
click Update Now. Quicken connects to the
| | 01:03 | Internet, connects to each institution,
and gives me a summary showing the
| | 01:10 | accounts that have been updated.
| | 01:13 | Clicking the triangle next to each
account shows me the status of the download
| | 01:18 | for each account. The Quicken
checking account tells me that I have no new
| | 01:22 | transactions to review, but for the
MasterCard account, Quicken has downloaded
| | 01:27 | 41 transactions that I still need to
review and accept. Again for Westamerica,
| | 01:31 | there are no new transactions to review.
| | 01:36 | When you're done with the summary, click
the Close button. One Step Update gets
| | 01:41 | all the information and the Password
Vault feeds your personal identification
| | 01:46 | numbers to One Step Update as needed.
One Step Update literally allows you to
| | 01:51 | update many different accounts with
only one or two clicks. It's hard to beat
| | 01:56 | that for convenience.
| | Collapse this transcript |
| Setting up online bill payment| 00:00 | I love paying bills online. It makes
it really easy and I can get one of my
| | 00:03 | least favorite jobs done really quickly.
To setup one of your already online
| | 00:08 | enabled accounts for online bill
payment, go to the Setup tab and then the
| | 00:12 | Account sub tab to show the Accounts list,
and then select the account you want
| | 00:16 | to change in the Account list. I'm going to
close the Account bar to make this easier to see.
| | 00:23 | Now this account already has
transaction downloads enabled, but now it's time
| | 00:29 | to do Online Bill Payment. All I need
to do is click Activate Bill Payment and
| | 00:36 | I have two choices: Intuit puts
the option that would make them more
| | 00:41 | money up at the top. That's bill
payment through Intuit itself.
| | 00:48 | If your bank doesn't offer online bill payment,
and most do these days, you just have to do
| | 00:53 | it through the service that Intuit
offers you. Quicken knows that my bank also
| | 00:57 | offers an online bill payment service,
and it shows me that as the other option.
| | 01:02 | The dialog box reminds me that I had
to have already signed up for my bank's
| | 01:06 | bill payment service. And I confirm
that the payment service was active with
| | 01:11 | a phone call. So now I click Activate.
Almost immediately the Account shows
| | 01:15 | that it is enabled for direct bill
payment. Anytime that I can stop writing
| | 01:20 | checks by hand, I think that's a big win.
| | 01:22 | By paying most bills online, you'll hardly
ever need to pull out your paper checkbook again.
| | Collapse this transcript |
| Setting up online payees| 00:00 | Before you make your first online
payment, that you are going to be sending the
| | 00:03 | payment to. Not surprisingly,
Quicken calls these online payees.
| | 00:07 | To begin entering online payees, go to the
Online menu, and choose Online Payee List.
| | 00:13 | You can have a different set up
online payees for each of the financial
| | 00:17 | institutions for which
Online Bill Payment is enabled.
| | 00:22 | In this case only one is enabled, so
we'll leave it there. I need to make a
| | 00:26 | payment to my pest control service,
because we've been having terrible problems
| | 00:29 | with yellowjackets. So at the top of
Online Payee List, I'll click New.
| | 00:39 | And now I need to enter their name and
address. Now you might wonder why you need
| | 00:50 | to put in the address if you are
going to be sending the bill online?
| | 00:54 | That's because Online Bill Payment allows
you to send payments to people who are
| | 00:57 | either on or offline. If the payee is
set to accept electronic payments,
| | 01:02 | the bill payment service will do so.
| | 01:04 | But if they don't accept online
payments and need a paper check, then the
| | 01:08 | service will cut a paper check,
and put it in the US mail. So now I've
| | 01:12 | entered the name of the pest control
company. I can add an Optional Description
| | 01:15 | that wouldn't show up in the payment.
So now I'll put in their address.
| | 01:35 | The first is that account number with
that payee; I'll type that in now.
| | 01:43 | You also need to put in a phone number for
your payee. When you've done entering the
| | 01:51 | information, click OK, and Quicken asks
you to confirm the Payee information.
| | 01:58 | You have to do that because you can't
change it afterwards; all you can do is
| | 02:01 | delete it and enter it again.
| | 02:03 | So check the information for any errors.
If you find any, click Cancel and fix
| | 02:07 | the error. Otherwise, this information
is correct so I'll click Accept.
| | 02:11 | The Payee shows up the Online Payee List,
with the Lead Time. The Lead Time is how
| | 02:18 | long it takes for the online payment to
get through the system and get to the
| | 02:23 | Payee's bank. So just because its
online banking doesn't mean that you can
| | 02:27 | send your bills at the very last minute.
You need to make sure that you date your
| | 02:30 | payments so that they arrive
taking the lead time into account.
| | 02:34 | So for example, if a bill is due on the
20th of the month and that payee has a
| | 02:39 | lead time of four days, you need to
make sure to set the payment to arrive no
| | 02:44 | later than the 16th. At this time
you should go ahead and setup any other
| | 02:48 | online payees that you want. The time
it takes to setup your online payees is
| | 02:52 | time well spent. You only have to do
it once, and you are freed from the
| | 02:56 | tyranny of the post office forever more.
| | Collapse this transcript |
| Making online payments| 00:00 | I'm ready now to pay my pest control
bill with an online payment. I'm starting
| | 00:04 | with the checking account register,
and just start creating a transaction as
| | 00:08 | usual. Quicken automatically puts in
today's date, and then in the number column,
| | 00:15 | I want to choose Send Online Payment.
| | 00:19 | Pressing the Tab key gets me to the
Payee field, and I can see Clark Pest
| | 00:24 | Control shown as an online payee, so
I'll select that. Now this is great,
| | 00:30 | because Quicken told me how I had made
a mistake. By trying to use today's date
| | 00:34 | for the payment, Quicken knows that
I'm not taking into account the lead time
| | 00:37 | required to actually get the payment
through to the Pest Control Company.
| | 00:42 | So Quicken offers to automatically
change the date, so that the payment will go
| | 00:46 | through correctly. Also notice how
smart Quicken has been here. The lead time
| | 00:50 | for this payee is four days, so you
might think that I should change the date
| | 00:55 | to 8/12/2008, but Quicken knows that
date falls on a weekend, so it changes the
| | 01:00 | date to the first day after the weekend.
So you can see how it has changed the
| | 01:04 | date, now I want to enter the amount,
so I'll tab to the Payment field, and
| | 01:09 | enter in $42. I have to categorize
this of course, and this is a Household
| | 01:15 | expense, there is no tab, there is no
memo. So I press the Enter key to accept
| | 01:22 | the transaction.
| | 01:24 | Quicken accepts the transaction, and
puts it into the register. But because it
| | 01:29 | says future transaction, it puts it
below this dark blue line, to let you know
| | 01:34 | that it's going to happen in the
future. To actually send the transaction,
| | 01:38 | there are two ways you can do it. The
easiest way, is simply to click the One
| | 01:42 | Step Update button in the toolbar,
but I want to take this time to show you
| | 01:47 | another way, which is to go to the
Online menu, and choose Online Center
| | 01:53 | In the Payments tab at the Online Center,
you can add additional payments, and
| | 01:57 | you see the one we've already put in.
The status is payment request for ready
| | 02:02 | to send. I like using this view,
because it lets me see all of the payment
| | 02:06 | requests that are in the queue in one
convenient list. To send my payment, I'll
| | 02:12 | click Update/Send, which activates One
Step Update. I'll review that. It looks
| | 02:21 | good. So now I'll click Update Now.
| | 02:26 | Quicken connects with my bank, makes
the payment, and if I show the details, it
| | 02:37 | shows that payments and transfers were
sent. Something else it new to be One
| | 02:41 | Step Update Summary dialog, is that it
shows that this account is now enabled
| | 02:45 | for Bill Pay. So that's the process of
sending an online payment. When you get
| | 02:51 | back to the Account Register, you can
see that Quicken has added an electronic
| | 02:55 | check number, in this case it was 1001,
and also added a little lightening bolt
| | 03:00 | icon to the Number field
indicating that that check was electronic.
| | 03:04 | Paying Bills online is so easy; I
almost enjoy paying my bills every month. No,
| | 03:10 | strike that, I still hate paying my
bills, but it is easier than ever before,
| | 03:14 | that's some consolation.
| | Collapse this transcript |
| Transferring money between accounts online| 00:00 | If you have more than one online enabled
account at the same bank, Quicken lets
| | 00:04 | you transfer funds between them. To do
that, go to the Online menu and choose
| | 00:10 | Online Center. If necessary click the
Transfers tab. Then you want to choose
| | 00:15 | where you are going to get the money
from and where we are going to send it to.
| | 00:18 | In this case it's correct. I know
that the money is coming from Quicken
| | 00:21 | Checking and I want to change the To.
It's going to my MasterCard and when I
| | 00:28 | select the MasterCard, it shows me
what the balance is for the MasterCard.
| | 00:31 | I would like to pay off the card, so
I'll enter that amount and I can click or
| | 00:42 | press the Enter key. As you can see
Quicken updated the register balance for
| | 00:48 | Tom's MasterCard to 0. The transfer
appears in the list and if I want to,
| | 00:53 | I can continue creating other transfers.
This is the only one that I need right now.
| | 00:58 | Notice that with online transfers
unlike online payments, you don't have to
| | 01:02 | worry about the date that the
transaction will take place, if your bank is just
| | 01:06 | shuffling money from one account to
another, at the same bank it always happens
| | 01:10 | on the same day and you don't have
to worry about lead times. To send the
| | 01:14 | transfer, just click Update Send.
Quicken gives you the summary unless you know
| | 01:22 | what's going to happen.
| | 01:23 | I'm going to click Update now,
Quicken connects to are bank, tells you once
| | 01:34 | again that payments and transfers were
sent and the transfer appears in your
| | 01:42 | register again with a lightning bolt
icon showing that it's an online payment
| | 01:48 | and OXFR in the number field which
stands for online transfer. Quicken puts in
| | 01:58 | transfer money at the payee and
shows you the transfer category, Tom's
| | 02:03 | MasterCard and it also puts in
electronic transfer in the Memo field.
| | 02:07 | Once you get used to transfer money
between your accounts in Quicken, you will
| | 02:12 | start to think that even
going to ATM is too much work.
| | Collapse this transcript |
| Using the PIN Vault| 00:00 | Every time that you start Quicken and
do a One Step Update, Quicken will ask
| | 00:04 | you for the master password for the
Password Vault, once you enter that
| | 00:07 | password you won't have to enter it
again for subsequent online updates until
| | 00:11 | you relaunch Quicken. You can change
your master password for the Password
| | 00:14 | Vault by going to the Online menu and
choosing Password Vault and then choosing
| | 00:20 | Edit from the submenu.
| | 00:22 | In the dialog, you can see your
financial institutions and if you select one,
| | 00:27 | it shows you the accounts that that
password gives you access to. If you want
| | 00:31 | to change the master password
associated with the Password Vault, click Change
| | 00:35 | Vault Password. Enter the new password
that you want twice then click the Add
| | 00:39 | button. In this case, I don't need to
change my password so I'll click Cancel.
| | 00:43 | To change individual passwords, first
select the password in the list then
| | 00:49 | click Change Password and again the
Change Password dialog appears. Just enter
| | 00:55 | the new password twice, and click Change.
I don't want to change this password,
| | 00:59 | so I'll click Cancel. Finally, if you
need a hard copy of all your passwords,
| | 01:04 | you can click the Print button. It's
not a bad idea to have a printed copy of
| | 01:08 | your passwords for emergencies. Just
make sure that you secure that piece of paper.
| | 01:12 | Here is an example of what I have done;
I have printed a copy of all my Quicken
| | 01:15 | passwords, which includes the master
password for your password vault. But I'll
| | 01:19 | put that piece of paper in the safe
deposit box at my bank, so if anything
| | 01:24 | happens to me, my wife or my executor
can still get access to my accounts. When
| | 01:28 | you are done making changes to the
Password Vault, click Done.
| | 01:32 | The Password Vault literally holds the
keys to your financial universe.
| | 01:36 | Guard the master password well, and make sure
that your private information stays private.
| | Collapse this transcript |
|
|
8. Balancing Your AccountsBalancing checking, savings, and credit card accounts| 00:00 | Balancing your checkbook is one
of those chores that everyone knows that
| | 00:02 | they should do, but surprisingly few
people never actually get around to doing
| | 00:06 | and really, I can't blame them.
Balancing your checkbook by hand is a pain
| | 00:10 | especially if you have slacked off for
a few months and you need to catch up.
| | 00:14 | According to the folks who make Quicken,
balancing your checkbook is the number
| | 00:17 | one reason why people buy Quicken.
| | 00:19 | Quicken does a great job of reconciling
accounts and a chore that might take an
| | 00:22 | hour to do by hand can usually be
done in just a few minutes in Quicken.
| | 00:26 | To get started balancing a
checking, savings or credit card account,
| | 00:29 | the operation is the same with all three.
Go to the Banking menu and choose
| | 00:34 | Reconcile. The Reconcile Startup
screen appears. You need to put in some
| | 00:38 | information from your bank statement.
First, you will need your opening balance.
| | 00:42 | Then you want to put in the ending
balance, which in this case is 508.69.
| | 00:48 | The statement ending date is correct and
in this case I didn't have any service
| | 00:52 | charges or interests earns.
| | 00:53 | If you have any interest or bank
charges on your statement, you should enter
| | 00:56 | them here. When you click OK, the main
Reconcile window comes up and it lists
| | 01:02 | the payments and checks that you have
made over here and any deposits from the
| | 01:06 | month are over in the right column. Now,
all you have to do is click off the
| | 01:09 | stuff that appears on your statement.
Well, I have this, this and as you can
| | 01:18 | see, as I'm changing it here, it
keeps a running account of the difference.
| | 01:21 | Let's see, these three checks aren't on
my statement, so they haven't come into
| | 01:26 | the bank yet. But these debit card
transactions have, so I'll check them off.
| | 01:30 | So now, I have checked off all the
items on my bank statement and I have the
| | 01:34 | result that I want, which is a
difference of zero, which means that this account
| | 01:38 | is balanced. In this case, I didn't
have any deposits to check off as well.
| | 01:41 | So now I'm done and I click the Finish button.
| | 01:44 | Quicken gives me this dialog telling me
that balancing is complete and it says
| | 01:48 | the items that I have marked off have
been reconciled in my register and you
| | 01:51 | can see that in the background here,
this item here for Red Robin, an upper
| | 01:56 | case bold R showing that it's been
reconciled now shows in the Clear column
| | 02:02 | whereas these checks that haven't come
in yet still aren't reconciled;
| | 02:06 | they haven't been cleared.
| | 02:08 | The dialog also asks why I want to
create a reconciliation report, I'm going to
| | 02:11 | click Yes, just to show you what it's
like. Most of the time you are not going
| | 02:14 | to need to do that. You can give the
report a title if you want and then go
| | 02:19 | ahead and print the report. You will
need to choose a printer and if you don't
| | 02:26 | want to actually print it, but rather
just preview it on the screen, click the
| | 02:28 | Preview button. This shows you the clear
transactions and the uncleared transactions.
| | 02:34 | In this case, it shows the three
uncleared checks. I don't really need to print
| | 02:38 | this right now, so I'm just going to
click Close. And that's all there is to
| | 02:41 | balancing a checking, savings or
credit card account. What used to be a big
| | 02:45 | chore by hand, now just takes
a few minutes with Quicken.
| | Collapse this transcript |
| Correcting account differences| 00:00 | Most of the time when you reconcile in
Quicken, it goes easily and smoothly,
| | 00:03 | but sometimes there is this niggling
problem where the difference just doesn't
| | 00:07 | seem to get down to zero. In this case,
I have cleared everything that it shows
| | 00:11 | up on my statement, yet there is still
$4 missing. What's going on? A non-zero
| | 00:16 | difference usually occurs for one of
two reasons. Either a wrong number of
| | 00:19 | payment or deposit items have been
checked, or some of the checked items have
| | 00:23 | incorrect dollar amounts.
| | 00:24 | To find the mistakes, count the number
of credit items on your bank statement
| | 00:28 | and then count the number of deposits
shown in the Reconcile dialog. If the
| | 00:32 | number doesn't match, you have found
the problem. Either add a deposit, you
| | 00:35 | forgot to enter or uncheck a deposit
that you marked an error. If the problem
| | 00:40 | is on the spending side, compare the
number of payments and checks in the
| | 00:44 | Quicken dialog with the payments
that are on the paper statement.
| | 00:47 | You might find that you didn't record
an item in your Quicken account register
| | 00:51 | or you might have duplicated a
transaction, entered a payment as a deposit or a
| | 00:55 | deposit as a payment, it happens or you
might even have marked one of the items
| | 00:59 | as cleared by mistake. For example, I
know check1503 hasn't come in yet, but if
| | 01:04 | I mark it as cleared and then look
down at the difference, I can see that the
| | 01:08 | difference has changed by the
combination of $4 and $40; we are going to
| | 01:13 | uncheck this, because I
know it really hasn't come in.
| | 01:16 | So now I have a $4 problem. If the
number of items is correct on both the
| | 01:20 | payments and the check side and the
deposit side but the statement still
| | 01:23 | doesn't balance, you have got a
problem with the dollar amount of one or more
| | 01:27 | of your items or you might be
missing an item altogether. Using a hand
| | 01:31 | calculator, add up all the
transactions shown under payments and checks and
| | 01:35 | then compare the total with the debits
on the statement. If the numbers don't
| | 01:38 | match, you have got a problem with
the dollar amounts of the debits.
| | 01:41 | If they do match, add up all the
transactions shown under deposits and compare
| | 01:45 | those to the total of the deposits on
the statement. If those numbers don't
| | 01:49 | match, you have got a problem with your
deposit or using Quicken. Sometimes it
| | 01:53 | can take a while to track down
differences, but going step by step through
| | 01:56 | those procedure really helps a lot.
The cause will almost always be human
| | 02:00 | error; you will find that you didn't
record a transaction in Quicken or you
| | 02:04 | didn't record a transaction in your paper
checkbook, which means that you never got to Quicken.
| | 02:08 | One of the most common mistakes is to
transpose a number. Usually you end up
| | 02:12 | transposing two digits during data entry.
So instead of typing $8.37, you typed
| | 02:19 | in $8.73. If you are off by a small
amount that's a round number, like in this
| | 02:25 | case only $4, the most likely problem is
that you missed a bank service charge
| | 02:30 | and looking at my bank statement here,
I see that's what the problem was.
| | 02:34 | So I'm going to add that service
charge to my register by clicking the New
| | 02:37 | button up here on the corner that jumps
me to the account register. I'll put it
| | 02:42 | in as, EFT, Wells Fargo, where I paid
it to Wells Fargo, its $4 and it's a bank
| | 02:55 | charge. I'm going to click Enter and
then I'll click the New button that you
| | 03:00 | see here Return to Reconcile. This
brings back the Reconciliation window and
| | 03:05 | now I have got a $4 charge here that I can
just click off and now I'm balanced again.
| | 03:11 | Correcting down balancing problems can
a bit of a pain, but as long as you work
| | 03:15 | through the problems step by step, you
will almost always be able to solve the
| | 03:19 | problem and balance your
accounts in just a few minutes.
| | Collapse this transcript |
| Avoiding going insane over small errors| 00:00 | So, this is the video where I tell
you not to let small errors in balancing
| | 00:03 | your statements drive you around the
bend. In this case, I have a difference of
| | 00:07 | $0.18. Now, the reason I have that
problem is because I purposely messed up one
| | 00:12 | of the transactions by $0.18, just so
I could do this video. Now, I could go
| | 00:17 | back and obsess endlessly over where
that $0.18 was coming from and it could be
| | 00:22 | pretty bad. If I was $0.06 off on one
transaction and $0.02 off on another
| | 00:27 | and the remainder with a third, it could
take me quite a long time to figure things out.
| | 00:31 | But for me, life is too short to worry
about $0.18 cents. So instead, I'm going
| | 00:35 | to let Quicken make an account
adjustment for me. I'll click the Finish button
| | 00:39 | and Quicken is going to say, Oops! You
are missing $0.18. I'm just going to let
| | 00:43 | Quicken enter an account adjustment,
which will bring my Quicken account into
| | 00:48 | agreement with my bank statement.
I click OK. I don't want to see a
| | 00:53 | reconciliation report. And as you
can see, on the ending day of the bank
| | 00:59 | statement, Quicken entered a balance
adjustment for $0.18 bringing my accounts
| | 01:03 | back into balance.
| | 01:05 | It's always good to balance your
accounts but you got to know when to quit.
| | 01:09 | Unless you are the type of person who
obsesses endlessly about that $3.16 that
| | 01:14 | you just can't seem to account for, just let
Quicken make the balance adjustment. And I
| | 01:18 | suggest that you develop a rule of thumb;
if you can't balance something after,
| | 01:22 | say, 15 minutes of trying and the
amount is under $10, just throw in the towel
| | 01:27 | and let Quicken make the adjustment
and get on with your life, because all of
| | 01:31 | us have things that we would much rather
be doing than balancing our checkbooks.
| | Collapse this transcript |
|
|
9. Using the Calendar and Scheduling OptionsUsing the Bills tab| 00:00 | In the previous video, I showed you
how to do transactions from one of your
| | 00:03 | accounts, but those aren't the only
scheduling tools that Quicken gives you. Let's
| | 00:06 | take a look at the Bills tab now and
you can see that Quicken shows you your
| | 00:12 | upcoming income and expenses in four
different ways. First is the Timeline view
| | 00:17 | and you can choose to show 7, 14, or
30 days. In this case, we are showing 30
| | 00:22 | days and the next event that's set up
as a reminder, is an income event which
| | 00:26 | is a Paycheck.
| | 00:28 | To see the next one, I'll click on the
next item in the stack and it expands to
| | 00:31 | full size. This payment to the gas
company shows as no amount because the
| | 00:35 | reminder was set up as a variable
amount and you will enter the amount when
| | 00:39 | Quicken reminds you to enter the transaction.
| | 00:41 | You can click through the other items
in the stack and of course, you can click
| | 00:46 | backwards as well. Quicken also shows
you as many reminders as it can in a
| | 00:50 | timeline down here at the bottom and
if we have more reminders set up, the
| | 00:54 | timeline would scroll horizontally. If
you don't like timelines, you can see a
| | 00:58 | list of your upcoming events by
clicking on that tab. Sometimes lists are
| | 01:04 | easier to understand.
| | 01:05 | If you want, you can see the Financial
Calendar where you can see a list of all
| | 01:10 | the reminders by month and if you want,
you can click back and forth between
| | 01:14 | one month and the next. So, if I click
forward to September, nothing changes
| | 01:19 | because these reminders will be the
same for September as they were for August.
| | 01:24 | At any time, you can add more
reminders for Bills or Income items, just by
| | 01:28 | clicking the Add Reminder button and
choosing Bill, Income, Paycheck or a
| | 01:32 | Transfer from a different account.
| | 01:35 | Here is the Add Bill Reminder screen,
which we went over in a previous video.
| | 01:39 | You can use the Bills tab to view your
upcoming income and expenses which help
| | 01:44 | you avoid surprises and if necessary
allow you to transfer funds around between
| | 01:48 | one account and another to
head-off any potential problems.
| | Collapse this transcript |
| Using the Calendar| 00:00 | When it comes to your bills, two things
are of paramount importance. Of course,
| | 00:03 | one is the amount of the bill and the
other one is when it gets paid. Quicken
| | 00:06 | gives you the Financial Calendar to
give you a quick overview of when your
| | 00:10 | payments are due and when your
income is scheduled to come in.
| | 00:13 | There are two ways to get to the
Financial Calendar; one of them is off the
| | 00:17 | Bills tab and then you click the
Calendar - By Month sub tab, and you can also
| | 00:21 | get to the Full Calendar by clicking
the Calendar button up in the toolbar.
| | 00:25 | I like to work in the Full Calendar
because not only do you get the entire
| | 00:28 | calendar but you also get these
tabs at the bottom of Scheduled Bills &
| | 00:31 | Deposits, the Account Balance
Graphs and the Spending Graph.
| | 00:34 | For past dates on the calendar, you
can see what happened on those dates by
| | 00:38 | hovering your mouse over the Magnifying
Glass icon. Or instead, you can double
| | 00:44 | click on the date and you'll get a
dialog showing you the same information. The
| | 00:49 | legend at the bottom of the calendar
shows you how the items in the calendar
| | 00:53 | are color coded with Expected Income
in green, Upcoming Expenses in yellow,
| | 00:58 | Overdue items in red, luckily, I don't
have any of those here, and, items that
| | 01:03 | have already been entered in here
register in gray; such as this one for Sears.
| | 01:08 | At the lower right corner of each day
is your expected running balance for that
| | 01:11 | account. As you can see, we're
increasing along that $936.32, until the 15th
| | 01:18 | when our paycheck gets added in and we
get a new higher running balance. If you
| | 01:23 | want to change the date, you can either
enter something and go to date here or
| | 01:27 | you can click the Forward or Back
buttons at the top of the calendar.
| | 01:31 | If you need to enter a new transaction,
you can do that right from the calendar
| | 01:34 | as well. Just double click on the day
and then click the Add button. In the
| | 01:41 | dialog that pops up, you can choose to
either make a reminder or you can make a
| | 01:45 | transaction right in the register.
Depending on whether you're creating a
| | 01:49 | reminder or an immediate
transaction, the dialog is going to change.
| | 01:55 | In this case, I don't actually need to
add a transaction or a reminder now, so
| | 01:58 | I'm going to click Cancel. When that
dialog came up, it hid the Full Calendar,
| | 02:03 | so I'll click Show Full
Calendar to bring it back again.
| | 02:07 | The last thing you might want to do in
the calendar is to add a note, kind of
| | 02:09 | like a sticky note for your calendar. So,
let's say that I wanted to add a note
| | 02:13 | to the same day that I had the
transaction for the gas company. I click on the
| | 02:17 | day, choose Add Note and I can enter
the note that I need. If I want to, I can
| | 02:23 | choose different note colors, yellow is
fine and I click OK and the sticky note
| | 02:28 | appears. Hovering over the sticky
note with my mouse pops out the message.
| | 02:32 | Quicken's Financial Calendar is a good
tool to remind you of upcoming payments
| | 02:37 | and it also gives you a quick visual
overview of how you spend your money every month.
| | Collapse this transcript |
| Scheduling online updates| 00:00 | Are you the kind of person who sets
aside a specific time every week to do your bills?
| | 00:04 | Wouldn't it be nice if all your
transactions were downloaded and waiting
| | 00:07 | for you when you sat down at your desk?
Dream no more, because Quicken has you
| | 00:11 | covered. Go to the Online menu and choose
Schedule Updates. In the dialog, first
| | 00:17 | tell Quicken which financial
institutions you want to download information from.
| | 00:20 | In this case, we'll do them both.
| | 00:23 | Then tell Quicken how often you want to
do it. You could do it every day of the
| | 00:27 | week, although that's a little much
for most folks. Let's say that I do my
| | 00:30 | bills every Sunday, a little before noon,
before I go out and enjoy what's left
| | 00:35 | of the weekend. So, I'll put a check
mark next to Sunday and then I have to
| | 00:39 | choose a time; 10:00 AM works for me
because I won't actually sit down until at
| | 00:43 | least 11:00, I like to sleep on Sunday.
| | 00:46 | If your computer is going to do
something automatically, you have to worry
| | 00:49 | about security. No matter what
happens Quicken is going to ask you for your
| | 00:53 | Password Vault password. Here, you can
choose to have it asked before you used
| | 00:57 | to get all update, which would mean
that what happened right around ten o'clock
| | 01:00 | on Sunday, which for me defeats the
purpose because I don't want to be there
| | 01:05 | when Quicken does the update; I want to
sit down on my computer and have things
| | 01:08 | waiting for me.
| | 01:10 | Instead, I'll set Quicken to prompt me
when Windows starts up. That way I can
| | 01:13 | put in the Password Vault password and
as long as I don't shut down my Windows
| | 01:17 | machine, the scheduled update will
occur. Finally, if you have a Quicken.com
| | 01:21 | account and for example, you store your
portfolio online, so you can access it
| | 01:25 | from any computer with the web browser,
you can turn these items On and off as well.
| | 01:30 | When you're done setting the updates,
click OK and Quicken lets you know that
| | 01:34 | updates are now active. By setting
Quicken to automatically do your updates at
| | 01:38 | a time that you set, you can have all
your downloaded transactions waiting for
| | 01:42 | you before you even sit down at your
computer. That's a serious time saving.
| | Collapse this transcript |
|
|
10. Working with LoansEntering and tracking a mortgage| 00:00 | For most of us, the biggest financial
transaction we make will be buying a
| | 00:03 | home and Quicken allows you to set up a
Loan Account so you can track the value
| | 00:07 | of your loan and automatically make
the payments and also an Asset Account so
| | 00:11 | you track the value of your home.
| | 00:13 | In order to set up a loan, we need to
show a part of Quicken that we haven't
| | 00:16 | seen until now. Let's go to the Setup
tab and then under Customize Quicken,
| | 00:23 | click Show Net Worth. A new section
shows in the Account list called Property
| | 00:27 | and Debt and the new menu, the Net
Worth menu also appears at the top of the screen.
| | 00:32 | A new Net Worth tab also appears in the
tab bar. To set up a loan go to the Net
| | 00:36 | Worth menu and choose Loans. Depending
on whether or not you have ever set up a
| | 00:40 | loan before, the View Loans Window
may appear as here where the New Loans
| | 00:45 | wizard may appear. In this case we
will bring that up by clicking the New button.
| | 00:48 | In the Loan Setup window, click Next
and you need to tell Quicken whether or
| | 00:55 | not you are borrowing money or lending
money. For your mortgage, you are going
| | 00:58 | to be borrowing money. I actually want
to give it name; we will use Mortgage
| | 01:05 | and click Next. Have any payments been
made on this loan? Yes they have because
| | 01:10 | I have owned my home for a while. The
date the loan was created, 12/1/2006.
| | 01:20 | Let's say that I originally borrowed $250,000.
| | 01:25 | Next, this loan didn't include a balloon
payment so I'll leave it on No. It's a
| | 01:30 | 30 year fixed loan. The payment
period for the loan is how often you make
| | 01:35 | payments. Standard Periods is monthly.
which is the default choice, but you can
| | 01:40 | choose Annually, Semi-Annually
or any number of other options.
| | 01:45 | Monthly works for me. If you pay on
some unusual schedule you should click
| | 01:48 | Other Period and then put in the number
of payments per year. I'll click Next.
| | 01:54 | Interest is compounded monthly for
most home loans so I'll leave this on
| | 01:57 | Monthly and do I know the current
balance of this loan? If I have my loans
| | 02:02 | statement in front of me, I would know
that but I don't at the moment. So I'm
| | 02:04 | going to click No, Quicken will
calculate that amount for me later.
| | 02:09 | The date of my next payment is
September 15th, so I'll click that here and
| | 02:15 | click Next. Do I know the amount of the
next payment? Oh, yes I do. The payment
| | 02:20 | amount is $1975.50. Now I'll click Next.
| | 02:30 | I got a pretty decent interest rate on
this one. So I enter the Interest Rate
| | 02:35 | and click Next.
| | 02:36 | And then here's the summary, I'm
Borrowing money, the new account will be
| | 02:41 | called Mortgage, I have made payments,
I have entered the Opening date, the
| | 02:46 | Original balance, the length of the loan,
how often the interest is compounded
| | 02:51 | and how often I'm going
to be making the payments.
| | 02:54 | There is no Balloon payment, Quicken
is going to calculate the balance for me
| | 03:00 | and here's the payment amount, which is
both Principal and Interest. And I have
| | 03:05 | told Quicken when the next payment is
and what the interest rate is on the loan.
| | 03:09 | I'll click the Done button and Quicken
pops up the dialog letting me know that
| | 03:13 | it's done that current balance
estimation. When I click OK, I can see that it
| | 03:17 | shows up right here in the middle of
the screen. I'll click Done and Quicken
| | 03:23 | has also calculated the remaining
principal on the loan. Would I like update it
| | 03:27 | to the Loan balance? Yes I would.
| | 03:31 | Now that I have created the loan,
Quicken figures that I want to set up in an
| | 03:33 | automatic loan payment. I had
previously edited the current Interest Rate and
| | 03:36 | the Principal and Interest and if
there are any other amounts in the payment
| | 03:40 | say property taxes that are taken out
of Escrow amounts, I would click the Edit
| | 03:43 | button and enter them in here. This is
going to be an automatic transaction, so
| | 03:48 | it will be a payment or I can just
choose to print the paper check but it will
| | 03:51 | be a payment in this case.
| | 03:52 | I can choose the payment method; it
will be a Scheduled Bill. This will be a
| | 03:59 | Register entry that I want Quicken to
automatically enter for me. I'll pay it
| | 04:05 | out of my Quicken Checking account and
Quicken will automatically enter that 3
| | 04:09 | days in advance.
| | 04:12 | The Payee is -- of course you should
put in your own bank there and of course I
| | 04:22 | want to show this as a bill because
believe me it's a big bill that we pay
| | 04:25 | every month. Now I click OK, Quicken
reminds me that for every loan there is
| | 04:31 | usually an associated asset. For
Mortgage the house that secures the mortgage
| | 04:36 | is the Asset. So Quicken wants to know
if I want to create an associated Asset
| | 04:40 | Account, I'll say Yes. The name of the
account is House, clicking Yes and so
| | 04:50 | enter the Ending Date and Balance
from your statement. Well I don't have a
| | 04:53 | statement because I don't know
exactly how much of my house is worth, and I
| | 04:57 | wouldn't know how much
it's worth until I sold it.
| | 04:58 | But I have an estimate, so as of
roughly about now, I'm going to estimate that
| | 05:04 | my house is worth -- I'm not going to
bother to enter any tax information at
| | 05:10 | this time, I'll click Done. Now I'll
return to the View Loans window, and I can
| | 05:15 | see the summary of my loan with the
Opening date, the loan amount, and the
| | 05:19 | other information here.
| | 05:21 | I can see the payment schedule for the
loan, it shows the Opening balance and
| | 05:29 | the many payments to come for each one
it shows the decreasing Principal and
| | 05:33 | Interest and the decreasing balance,
and down here in the corner it shows the
| | 05:42 | current balance, how many payments I have
left and what my final payment date will be.
| | 05:47 | If you want to see your payments
schedule as a graph, click the Payment Graph
| | 05:52 | tab and it will show your History, the
Future balance and by hovering the mouse
| | 05:57 | over one of the lines, you can see
the amount or projected amount for that time.
| | 06:01 | Back to the Loan Summary and if you
ever need to change the loan, you can click
| | 06:05 | Edit Loan button. You can edit the
payment often times your payment will change
| | 06:09 | from year to year depending on what
your Escrow amounts will be. If you want to
| | 06:12 | make it extra payment just click the
Make Payment button and click them if you
| | 06:16 | want to know if it's one of the
Scheduled payment or an Extra Payment.
| | 06:22 | And if you have a variable rate loan
click the Rate Changes button and you can
| | 06:25 | change the rate on your loan. When I
close the View Loans window, I can see
| | 06:30 | over in the Accounts bar the current
estimated value of my house, the current
| | 06:34 | liabilities left on the mortgage and
the difference, down at the bottom my Net
| | 06:39 | Worth has appeared which is the sum
of all the items in the Accounts bar.
| | 06:43 | By setting up your mortgage in Quicken,
you can set your Loan Payment tab and
| | 06:47 | automatically every month and you
can track the value of your home. The
| | 06:50 | combination of these gives you a
decent idea of your over all Net Worth.
| | Collapse this transcript |
| Entering and tracking a car loan| 00:00 | For most of us a car is a major
purchase and you will almost always have to
| | 00:03 | have a loan in order to purchase a car.
In order to set up a loan in Quicken,
| | 00:07 | you will need to show it in Quicken's
Net Worth section. I did this in the
| | 00:10 | previous video so I'll just show
you briefly how to do it again.
| | 00:13 | Just click the Setup tab and then click the
| | 00:17 | Net Worth button in the Customize
Quicken section. I have already done it so I
| | 00:20 | can't do it again. To start creating
your car loan, go to the Net Worth tab and
| | 00:24 | choose Loans. Any loans that you
might have will show up in the View Loans
| | 00:30 | Window. In this case I already have a
Mortgage here. To create a car loan, I'll
| | 00:33 | click the New button and the Loan
Setup wizard begins. I'll click Next and
| | 00:39 | Quicken asks what kind of loan it is?
| | 00:41 | In this case, I'm borrowing the money
for the car. Quicken wants you to name
| | 00:44 | the account and I suggest that you use
a descriptive name of the car. Let's say
| | 00:48 | that I'm going to buy a Lexus. I'll
say that although I probably would never
| | 00:53 | will buy a Lexus. Then I click the
Next button, no payments have been made on
| | 00:58 | this loan because it will be a brand
new loan. So I'll click the No button. And
| | 01:04 | the date the loan was created will be
today's date; of course you should enter
| | 01:07 | the Opening date for the loan.
| | 01:10 | And the original amount that's being
borrowed is $38,000 click Next, this loan
| | 01:19 | does not include a Balloon payment,
so I'll leave the No button checked and
| | 01:23 | click Next. Now I have to enter the
length of the loan and this is a 60 month
| | 01:28 | loan, now I'll change to month, of
course I could have just put 5 years in
| | 01:35 | there and that would have been the same
as 60 months. Clicking Next, I'll have
| | 01:39 | to make payments of this loan every
month so I'll leave this on Standard Period
| | 01:43 | and Monthly. There could be other
choices but for most car loans you are going
| | 01:47 | to have to pay every month.
| | 01:50 | If you were to pay on a regular
Schedule for your car loan, you could click
| | 01:53 | Other Period and enter the number of
payments per year. But we will leave the
| | 01:57 | set for the Standard Period of Monthly,
click Next. For most loans, Interest is
| | 02:03 | compounded on the same schedule that
you make payments clicking Next brings you
| | 02:08 | to the date of the first payment
which will be actually on the 20th of each
| | 02:14 | month but it will be Friday the
19th in this case and I'll click Next.
| | 02:19 | Do I know the amount of the first
payment? No I don't. Actually I would if I
| | 02:26 | had my loan documents in front of me
but I don't. So I'll click Next and
| | 02:29 | Quicken will calculate that amount for me.
| | 02:32 | The Interest Rate is 6.5% and that's
fixed rate and now we have the first
| | 02:39 | little summary screens. It says I want
to borrow money, that the name of the
| | 02:43 | account will be Lexus; I haven't made
any payments yet. The loan starts today.
| | 02:49 | I have entered the opening date, the
original balance, and the length of the
| | 02:53 | loan, and interest will be compounded
monthly and payments will also occur monthly.
| | 02:59 | There is no Balloon payment and
Quicken is just about to calculate the amount
| | 03:03 | for me. So I click Done and Quicken
says it's just figured out how much I'm
| | 03:08 | going to pay I click OK. And it shows
that the payment which is both Principal
| | 03:14 | and Interest is $743.51, click Done
and Quicken figures that you want to
| | 03:20 | automatically set up a loan payment
for your car loan that makes sense to me.
| | 03:25 | So it's already entered some
information, the current interest rate, how much
| | 03:29 | your payment will be, how much the
whole payment will be? If you had other
| | 03:33 | amounts that went into your payment
say you are paying for extended warranty,
| | 03:37 | you could add them here by
clicking the Edit button.
| | 03:39 | In the Transaction section, you want
to put down who you are paying, when the
| | 03:53 | next due date is and what the category
is for your interest? Usually interest
| | 03:57 | expenses what you are going to choose,
click OK. Then Quicken asks if you want
| | 04:01 | to create an associated Asset Account
for the loan you just taken out, this
| | 04:06 | would track the ongoing value of your
car. This then becomes a component of
| | 04:10 | your Net Worth.
| | 04:11 | Let's go ahead and create that. We
will name the Asset Account, the beginning
| | 04:23 | date will be the current date and
under value we will put down the current
| | 04:27 | value of the car. Note that this amount
is more than the amount that I borrowed
| | 04:34 | but this amount takes into account the
value of the trade-in that I made. I'll
| | 04:38 | click the Done button and now I can see
a summary of the loan in the View Loans window.
| | 04:41 | We have got the Opening Date, the Loan
Amount, the Monthly Payment Amount, the
| | 04:45 | Interest Rate, the length of the loan,
and how often the payment frequency is.
| | 04:50 | If I want to see the payment schedule,
this shows the Opening Balance and it
| | 04:55 | shows the continually decreasing
amounts up through the next 60 months,
| | 05:00 | the length of the loan.
| | 05:01 | You can also look at the Payment Graph,
which will show you the future balance
| | 05:06 | and the total interest that you are
going to pay. Over the life of the loan,
| | 05:09 | you can see that I'm going to pay
approximately $7,000 in interest. Down at the
| | 05:15 | bottom you have got a quick summary;
the payee is Lexus Finance Company. The
| | 05:18 | current balance of the loan is $38,
000 with the remaining payments and the
| | 05:23 | final payment date.
| | 05:24 | If you need to make changes in the loan
you could click Edit Loan button and go
| | 05:27 | through the Wizard again. Most of
the time you are not going to Edit the
| | 05:30 | Payment because that will remain fixed
over the life of the loan. But if you
| | 05:33 | wanted to make an extra payment and pay
off that loan a little faster you could
| | 05:37 | click the Make Payment button, Quicken
asks, is this your regularly Schedule
| | 05:41 | payment or an extra payment? All you
have to do is click Extra and then it will
| | 05:46 | bring up a Transaction window and you
can make the payment. Whenever possible
| | 05:49 | you should try to make extra payments
because you will pay off your loan a lot faster.
| | 05:54 | I want to close the View Loans window
and you can see in the Account bar I have
| | 05:58 | two new accounts; there is an asset
Tom's Lexus which is worth $44,000 and then
| | 06:03 | the loan, the Lexus loan which is worth
$38,000. The sum total of all the items
| | 06:09 | in the Accounts bar adds up to my Net
Worth down at the bottom. Tracking your
| | 06:13 | car loan in Quicken allows you to
schedule your payments and makes it easy to
| | 06:17 | see the current state of your loan.
| | Collapse this transcript |
|
|
11. Setting Up Investment AccountsAdding a brokerage account| 00:00 | Most of us have investment accounts as
part of our retirement strategy. As part
| | 00:04 | of planning for the time when we are
no longer going to be working, we can
| | 00:07 | setup a variety of investment accounts.
This could be a portfolio account which
| | 00:10 | tracks one or more securities such
as stocks or bonds or you can have
| | 00:14 | retirement accounts such as an IRA or 401(k).
| | 00:18 | To get started with investments, we
need to show investments in Quicken. Go to
| | 00:22 | the Setup tab then under Customize
Quicken, put a check mark next to Investing.
| | 00:28 | That does three things, you get an
Investing section in the Accounts bar,
| | 00:32 | you get a new Investing menu and
you get a new Investing tab.
| | 00:35 | Let's start with investments by adding
a portfolio account. On the Investing
| | 00:41 | tab, click Add Account and then choose
an account type, this will be a Standard
| | 00:46 | Brokerage Account, click Next and
Quicken wants to know which Financial
| | 00:51 | Institution holds your account. I'll
click T and TD Ameritrade. Then I'll click
| | 01:01 | the Next button and I can download my
transactions through Quicken. I can go to
| | 01:07 | the Brokerage website and then
download those transactions or I can enter the
| | 01:10 | transactions manually.
| | 01:12 | In this case, I'll do it through the
Brokerage website then click Next. I
| | 01:19 | suggest you give the account a
meaningful name. You need to decide whether this
| | 01:29 | is going to be for personal
transactions or business transactions. This isn't a
| | 01:34 | retirement account, but it is part of
my personal finances. So I'll leave it on
| | 01:37 | Personal Transactions and click Next.
| | 01:41 | At the moment I don't have any of
the information that it ask for, the
| | 01:44 | Statement Ending Date, the current
Cash in the amount or how much then Money
| | 01:47 | Market section of the account is,
so I'm just going to click Next.
| | 01:53 | Now Quicken wants to know what
securities are in the account, you need the
| | 01:57 | Stock Ticker Symbol. So let's put
one in. Apple Computer and I'll put in
| | 02:07 | another one and maybe one more. You
should go ahead and add the rest of the
| | 02:25 | stock in your portfolio at this time.
For now I'm going to click Next.
| | 02:33 | Quicken did a fast look up just to make
sure that I entered the Ticker symbols
| | 02:36 | correctly and now I need to tell
Quicken what my holdings are for each
| | 02:40 | security. I have got 100 shares of each.
In each case I can say whether it's a
| | 02:50 | Stock, a Mutual Fund or another kind
of security. I'll click Next and I have
| | 02:56 | got a summary where it tells
me what I have put in so far.
| | 02:59 | At the bottom of the Setup window, it
tells you some important information. If
| | 03:02 | you want Quicken to be able to
calculate how well you done with the stock, you
| | 03:06 | need to make sure that you put in your
complete transaction history or the cost
| | 03:10 | basis information for each security.
| | 03:12 | The cost basis is the price at which
you bought each share of stock, I'll click
| | 03:16 | Done and that completes setting up the
portfolio. If I click the Go There Now
| | 03:21 | button, Quicken would launch a browser
and I'll be able to go to my Financial
| | 03:25 | Institution's website, so that I could
download transactions, but for now I'll
| | 03:29 | just click Done.
| | 03:31 | When Quicken check to make sure
that I had correctly entered the Ticker
| | 03:34 | symbols, it also get the current value
of those stocks and that value appears
| | 03:38 | here. It can show a gain or loss but I
haven't put in the cost basis yet. But
| | 03:42 | it can tell me that this portfolio
gained $458 worth of value today and that
| | 03:47 | gain is worth 2.15%. On the right side,
it has been the market value for the account.
| | 03:52 | In the later video, I'll show you how
to work with the individual items in your
| | 03:55 | portfolio. You want to create a
brokerage account in Quicken whenever you need
| | 03:59 | to track a portfolio of stocks and
mutual funds. For most of us a comfortable
| | 04:04 | retirement will be the result of a
solid investment plan. By creating your
| | 04:08 | portfolio accounts in Quicken, you can
monitor your investments and make sure
| | 04:12 | that you are on track for retirement.
| | Collapse this transcript |
| Adding an IRA| 00:00 | Most people prefer to have their
retirement investments grow in a tax-sheltered
| | 00:03 | account such as an IRA or Keogh account.
Depending on the kind of account, it
| | 00:08 | allows you to differ paying taxes on
your income until after you retired, at
| | 00:12 | which time you will presumably be making a
lot less income and your tax rate will be lower.
| | 00:17 | To create an IRA account in Quicken,
start on the Investing tab and then click
| | 00:23 | Add Account. Click IRA or Keogh Plan
then click Next. You will need to tell
| | 00:29 | Quicken where the IRA Account is held.
So either type in the name of the
| | 00:33 | financial institution or use the
buttons to select the financial institution.
| | 00:39 | Then click Next. From the Financial
Institution I chose, I could download
| | 00:44 | transactions, but in this case I chose
to enter them manually. I'll click Next.
| | 00:49 | Now I'm going to give this
account a name. This is for my personal
| | 00:56 | transactions, since it's a personal
retirement account. Now this is a mutual
| | 01:01 | fund so it doesn't have a cash balance
or money market fund balance. So I'll
| | 01:06 | skip the screen and press the Next button.
| | 01:09 | Quicken needs to know the owner of the
IRA and in this case it's me and what
| | 01:12 | kind of IRA it is and this is a
Traditional IRA. Quicken can also handle the
| | 01:17 | other IRA types, the Roth,
Educational, Keogh, SEP, or Simple IRAs.
| | 01:23 | Next Quicken needs to know what
securities or mutual funds are in the account.
| | 01:26 | So you should know the Ticker Symbols
and put them in here. Here is one now and
| | 01:33 | I'm not going to bother to putting the
name now. That's the only investment I
| | 01:36 | have in this particular account,
so I'm going to click Next.
| | 01:42 | Quicken looked up the name of the
account and put it in here. Now I just have
| | 01:46 | to tell it how many shares I have and
I need to tell Quicken that this is a
| | 01:52 | mutual fund not a stock. I'll click
the Next button and Quicken gives me a
| | 01:59 | Summary screen showing what I put in,
click Done and now Quicken asking, is
| | 02:03 | this is a single mutual fund account.
In this case it is, so I'm going to check Yes.
| | 02:09 | Quicken also gives you some
information about the single mutual funds.
| | 02:13 | I'll click Next and once again, I got the
Summary screen. Now I'll click Done and
| | 02:19 | the IRA account that I just created, it
shows up in both the Account bar and in
| | 02:22 | the Investment and Retirement
Accounts section of the Investing tab.
| | 02:26 | You should talk to your financial
advisors but an IRA is an important part of
| | 02:29 | many people's investments
strategies for retirement.
| | 02:32 | Quicken makes it easy to create your
IRA and to track its growth as you get
| | 02:35 | closer to retirement.
| | Collapse this transcript |
| Adding a 401(k)| 00:00 | Many employers sponsor a retirement
plan called the 401(k), which is another
| | 00:04 | type of tax-deferred account. In a 401(k),
money is taken out of your paycheck
| | 00:08 | pre-taxes and put into the 401(k)
account. The 401(k) can be invested in
| | 00:13 | stocks, bonds, or mutual funds and any
growth that occurs in the account is tax
| | 00:17 | deferred until retirement. To add a
401(k) account into Quicken, go to the
| | 00:22 | Investing tab then click the Add Account button.
| | 00:25 | In the Account Setup dialog, click 401(k)
or 403(b) then click Next. As usual,
| | 00:33 | you will need to tell Quicken which
financial institution is holding the
| | 00:36 | account. I'll choose V, and then
Vanguard is correct. So, I'll click the Next
| | 00:42 | button. Once again, I'm going to
choose to manually enter my transactions.
| | 00:47 | Now, name the account. I'll press the
Tab key for the Statement Ending Date and
| | 01:03 | I need to put in the name of my employer.
And then this is my Current Employer
| | 01:10 | and it's My Account and the statement
does not say, how many shares of each
| | 01:13 | already I own. So, I'm going to click
No. Then click Next. Many 401(k)s allow
| | 01:19 | you to take loans against the account.
If your plan does, and you would like to
| | 01:23 | track those loans, click the Yes
button. For now, we will click Next.
| | 01:27 | Now, enter the Ticker symbols for the
mutual funds or stocks that are in the
| | 01:31 | account. If you don't know the Ticker
symbols off the top of your head, they'll
| | 01:43 | be on your 401(k) statement or you can
ask your plan administrator. When you
| | 01:47 | are done entering your Ticker
symbols, click Next. Quicken contacts the
| | 01:51 | Internet, gets the security names.
Now, you can enter the value of each
| | 01:57 | security from your 401(k) statement.
This happens to be a mutual fund. So, I'll
| | 02:03 | click Mutual Fund Click on all three of these.
| | 02:11 | When you are done entering the values,
click Next. Review the Summary screen to
| | 02:15 | make sure that everything is correct;
if it is not, go ahead and click the Back
| | 02:18 | button and enter the right numbers,
and now we'll click Done and Quicken adds
| | 02:24 | the account. Clicking Done again
returns you to the Investing tab and there you
| | 02:28 | can see that the 401(k) has
appeared in the Account Bar and also in the
| | 02:33 | Investment and retirement
account section of the Investing tab.
| | 02:35 | 401(k) plans are a great deal for
retirement, especially if your employer
| | 02:39 | matches part of your contributions.
It's perfectly reasonable to have both the
| | 02:43 | 401(k) and one or more IRAs because
it's always a good idea to save as much as
| | 02:48 | you can towards retirement. By having
multiple retirement accounts, you add
| | 02:51 | diversity to your retirement portfolio,
which makes it a little safer and also
| | 02:55 | increases the chances that you will have more
than enough money when you reach retirement.
| | Collapse this transcript |
|
|
12. Managing InvestmentsCreating a watch list| 00:00 | Sometimes you don't want to actually
buy a security; you just want to watch it
| | 00:03 | because you are thinking of buying it.
Quicken lets you do that with the Watch
| | 00:06 | List, which you will find in the
Investing tab. Under the Watch List section,
| | 00:12 | click Add a Security and enter the
symbol or the names for the security.
| | 00:16 | I know the ticker symbols because I'm
thinking of investing in some technology
| | 00:20 | firms. So, I'll put one in and I'll click Next.
| | 00:26 | Quicken connects to the Internet and
looks up the ticker symbol. So, I'll click
| | 00:29 | Next and let's say I do want to add
another one. I'll click Next again.
| | 00:39 | I'll add Microsoft and it found the information
for Microsoft so, I'll click Next and
| | 00:46 | let's add one more. And as expected,
Quicken found Amazon.com. I'll click the
| | 01:01 | Next button and I'm done now, so I
don't have to add another one. By clicking
| | 01:05 | Done and down at the bottom, those
items have been added to my Watch List.
| | 01:10 | If you are following along with me,
the numbers that are shown in your Watch
| | 01:13 | List maybe different because of the
value of the stocks will most likely be
| | 01:16 | different when Quicken does lookup
for you. Notice how adding items to the
| | 01:20 | Watch List didn't add any money to
your Net Worth because you haven't bought
| | 01:23 | the securities yet. In the Watch List,
you will have to name of the security, a
| | 01:27 | newspaper icon where if you hover over
it, it tells you news headlines for that
| | 01:31 | stock. It tells you whether or not the
stock is up or down for the day and the
| | 01:35 | percentage of change; it
tells you the overall stock price.
| | 01:41 | If you click the name of a stock in
the Watch List, you will get a lot more
| | 01:44 | information about the stock including
the Security Details such as what market
| | 01:50 | it's traded on and what it Asset Class
is and you can also see some historical
| | 01:54 | data such as its Open, the Previous
Close, the High, Low, and the 52-week high
| | 01:59 | and low. The graph on the right shows
you the change in value of the stock
| | 02:02 | since you'd began tracking it. The
longer you track it, the more data you will
| | 02:05 | see in that chart. By adding securities
to your Watch List, it makes it easier
| | 02:13 | to track the security over time and helps
you make the decision to buy the security or not.
| | Collapse this transcript |
| Updating investment accounts| 00:00 | Once you have opened up some investment
accounts, you will need to manage them
| | 00:03 | all on an ongoing basis. That means
regularly downloading the current value of
| | 00:07 | each of your securities and entering
any trades that you make whether you are
| | 00:11 | buying shares or selling shares. To
download the latest security prices, go to
| | 00:15 | the Investing menu, choose Online
Activities, and then Download Quotes. Quicken
| | 00:24 | connects to the Internet, downloads
your quotes and updates your portfolio.
| | 00:28 | That's all there is to it.
| | 00:29 | If we switch to the Portfolio view,
we see today's prices for each of the
| | 00:35 | securities in our various investment
accounts. At the same time, Quicken also
| | 00:39 | downloads news items if any for that
security. If we roll over the Newspaper
| | 00:44 | icon here, we see that there is a
variety of stories here on GE. Those are all
| | 00:48 | links. So, if you click on them, they
will open up a web browser and show you
| | 00:51 | the story. Now, I'm going to
show you how to enter our purchase.
| | 00:54 | I'm going to switch to the 401(k)
account and we are going to add a Buy
| | 00:59 | Transaction. I'll click the Enter
Transactions button. This data entry window
| | 01:04 | changes depending on the kind of
transaction you are doing. In this case, it
| | 01:09 | defaults to Buy and that's Shares
Bought. But there is many other choices;
| | 01:14 | sell, receive a dividend, Reinvest
dividends, Add and Remove Shares without
| | 01:18 | changing the cash balance of your
account, Stock Split, Return of Capital, and
| | 01:22 | many others. In this case, we leave it on Buy.
| | 01:28 | But because each of those kinds of
transactions are different, I can't cover
| | 01:32 | all of those kinds of transactions
because there's just too many of them. So,
| | 01:35 | we are going to stick with buying and
selling. If you need more information on
| | 01:38 | a particular kind of transaction, I
suggest that you check out the Quicken User
| | 01:42 | Manual. For this Buy Transaction, we
will add a date, which is usually today's
| | 01:46 | date. Then we have to choose the
security that we are going to buy for the 401(k).
| | 01:51 | So, I'm going to add more of the
Vanguard Balanced Index Fund into the 401(k)
| | 02:01 | and I bought 25 shares and the price we
paid today was $20.24 per share. It was
| | 02:11 | part of our retirement fund. So, I
didn't pay a commission, so the total cost
| | 02:15 | was $506 and cash came out of the
Quicken Checking account. You always have to
| | 02:24 | say where the account comes from. Now,
some accounts have cash balances, for
| | 02:28 | example, portfolio accounts and even 401
(k)s and IRAs could have cash balances
| | 02:33 | in the account. single mutual fund
accounts that I'm working off. So, I'll
| | 02:37 | click Enter/Done and there is the new
transaction in my register. If I go over
| | 02:44 | to the Quicken Checking account, I can
see that the money was taken out of this
| | 02:49 | account as a transfer and the transfer
category is Tom's 401k. So that's how we
| | 02:53 | purchase a security; now let's sell one.
| | 02:56 | I'm going to go to the Janus Research
account and we are going to enter a Sell
| | 03:00 | Transaction. Make sure that you are on
the Transactions tab then click Enter
| | 03:04 | Transactions. We are going to sell
the share. So, there is the transaction
| | 03:12 | date. The account that we are making
changes to is Janus Research and we cannot
| | 03:16 | change this which is why it's grayed out;
same with the Security Name. Now, we
| | 03:20 | could just sell all shares in the
account and Quicken will fill the number of
| | 03:24 | shares automatically, but
we are not going to do that.
| | 03:30 | Instead, we are only going to sell 10
shares. The price we got for this is
| | 03:34 | $23.14 and this time, there was a
commission; there was $12 commission for the
| | 03:41 | sell. So, I enter the commission and
press Tab and Quicken figure out the
| | 03:45 | total. The proceeds of this, again, go
to the Quicken Checking account and I'll
| | 03:54 | click Enter/Done and the transaction
shows up the transaction list and if I go
| | 04:00 | to the Transfer, it shows up here as
well. Updating your security prices by
| | 04:09 | downloading the information from the
Internet, knowing how to buy securities and
| | 04:13 | knowing how to sell securities are the
three main things that you need to do to
| | 04:17 | maintain your investment accounts in Quicken.
| | Collapse this transcript |
| Tracking your portfolio's performance| 00:00 | Now that you have your investment
accounts up and running, you can track the
| | 00:03 | performance of your investments
using Quicken Portfolio view. From the
| | 00:06 | Investing tab, click the Portfolio sub-
tab, this is the Portfolio view and by
| | 00:12 | default it shows your investments
grouped by account. Each account is shown as
| | 00:15 | a folder in the Portfolio view. You can
close or open it and Quicken also gives
| | 00:20 | you a folder down at the bottom for the
various Market Indexes such as the Dow
| | 00:25 | Jones and the NASDAQ, the
Russell and the S&P 500.
| | 00:28 | For each of your account it shows the
holdings of the account, the quote, the
| | 00:31 | number of shares that you own, the
current market value and if you have entered
| | 00:35 | it, the cost basis. Because I haven't
entered the cost basis for the securities
| | 00:40 | in the Ameritrade Portfolio, the Gain/
Loss and Gain/Loss (%) show as asterisks
| | 00:46 | and the Cost Basis shows
that I need to enter them.
| | 00:49 | However, I can see how much the value
of the securities changed by the day.
| | 00:53 | In this case there was a loss, not a
great day on the market so this is the day
| | 00:58 | change per share price. So for example,
Apple Computer went down by 62 cents of
| | 01:03 | share today. The percentage of the
loss was that Apple went down in value by
| | 01:07 | 0.38%. The first thing you want to
do when you start working with your
| | 01:10 | Portfolio view is to
download the current share prices.
| | 01:14 | So go over here to the Download Quotes
button and click it, Quicken connects to
| | 01:19 | the internet and updates the prices.
If you haven't been using Quicken for a
| | 01:22 | while, its also good idea to use this
button the Download Historical Prices and
| | 01:28 | you can choose the prices for however
long you want, one Month, one Year, Three
| | 01:33 | Years or Five Years. Let's get Five
Years worth of prices and Update. Quicken
| | 01:43 | tells you that it
succeeded, so close that dialog.
| | 01:47 | From the Show menu there's lot of
choices here, you can see Recent Performance,
| | 01:51 | Historic Performance and others. You
can also just choose to see Quotes, now
| | 01:56 | you see the stock ticker symbols for
each security and you also see a bunch of
| | 02:00 | other information about the stock. Let
me close the Account bar to make this
| | 02:03 | easier to see. Here's the name of the
Stock, the Quote, the Day Change and lots
| | 02:09 | of other information including the
value of the stock opened, where it closed
| | 02:14 | and also what its 52-Week Range was. If
you can't see all that, just change the
| | 02:21 | width of the column.
| | 02:21 | Let's go back to Value; you can get
an entirely different view of your
| | 02:29 | Portfolio just by changing the Group
by pop-up menu. Instead of going by
| | 02:34 | Account, we can group by Security and
now you just got a flat list of all the
| | 02:39 | securities in your portfolio.
Sometimes you don't care what account they are
| | 02:43 | in, you just want to see how you are
doing overall. And another one that I find
| | 02:47 | useful is to view by Security Type,
now you see Market Index, Mutual Funds,
| | 02:53 | Cash if you had any in your portfolios
and different stocks. These are folders
| | 03:00 | again so you can open and
close them as you need to.
| | 03:02 | By downloading the latest prices and
using the Portfolio window you can keep
| | 03:06 | eye on your investments as they
go down but mostly we hope up.
| | Collapse this transcript |
|
|
13. Creating Reports and GraphsCreating reports| 00:00 | I have been using Quicken for about 15
years, but before I started using it my
| | 00:04 | finances were not exactly in my control.
Like many people I balanced my checkbook
| | 00:08 | twice a year whether it needed it
or not, and I knew that money was coming
| | 00:11 | in and money was going out. But I
wasn't quite sure where it was going. When I
| | 00:15 | started using Quicken, Quicken's
reports went a long way to help me know what
| | 00:19 | was going on with my finances.
| | 00:21 | After using Quicken for just a few
months, I had a good idea of what I was
| | 00:24 | spending and where that money was going.
Quicken's reports allow you to get the
| | 00:28 | 10,000 foot view of your finances and
also allows you to slice and dice it
| | 00:31 | anyway you want in order to get the
information that you need. To get started
| | 00:35 | with reports, just go up to the Reports
menu and for now we will begin with the
| | 00:38 | Reports & Graph Center.
| | 00:40 | This is a simplified interface to
reports to make it easier for you to get to
| | 00:43 | the information that you need quickly.
The Reports & Graph Center is split up
| | 00:46 | into a variety of categories over on
the left side. Just click the title of the
| | 00:50 | category to show the reports inside.
For our first report we will show Cash
| | 00:54 | Flow report, which shows all the money
that's come in and all the money that's
| | 00:57 | gone out. I'll select Cash Flow; the
Date range is fine, Year to date and all I
| | 01:02 | have to do is click Show Report.
| | 01:04 | The Cash Flow report shows all the
money that's come in and gone out, sorted
| | 01:08 | and sub-totaled by category. So as I
start with this data file, total money
| | 01:12 | coming in is $1000.18 and money going
out is $489.65, which leaves a positive
| | 01:20 | difference at the bottom. If you want
you can print the report by clicking the
| | 01:23 | Print button in the toolbar. You can
change the Date range of the report, this
| | 01:27 | is Year to date but there is other
standard choices here, Monthly, Quarterly,
| | 01:31 | Yearly, etcetera or you can choose to
show Custom dates. And you just type in
| | 01:35 | the dates that you want.
| | 01:36 | I'm going to close the Cash Flow
report. Quicken asks if I want to save the
| | 01:43 | report. If I had made some
customizations to this and we will talk about
| | 01:46 | customizations in a later movie. Rather
than have to Redo those customizations
| | 01:50 | every time I could just save the report.
In this case I won't save it and we
| | 01:55 | will go to a different kind of report.
I'll close up the Banking category. Open
| | 02:00 | the Spending category and because this
is both the Reports & Graph Center, I
| | 02:04 | have reports here and below I have graphs.
For now we will just look at the reports.
| | 02:10 | If we go to the Itemized Categories
report and show the report. This shows
| | 02:15 | where all your money has been coming
in and where you have been spending your
| | 02:18 | money sorted by category. Now when the
report first opens up, you see the top
| | 02:22 | line numbers for each category but if
you want to see some of the details just
| | 02:26 | click the plus button next to a
category name and it expands the category. Now
| | 02:30 | you can see that we have both Gas and
Service sub categories underneath the
| | 02:34 | Auto category. These also have plus
buttons next to them indicating there is
| | 02:37 | more information to be shown. So
I'll click that and now we can see the
| | 02:41 | individual transactions
for the Gas sub category.
| | 02:45 | The cursor also changes into a
magnifying glass telling you that if I want to,
| | 02:49 | I can double click on a transaction and
it will show me that transaction in the
| | 02:53 | register. Quicken brought me to the
register with the transaction I clicked on
| | 02:58 | highlighted. Notice that when I went to
account register Quicken minimized the
| | 03:02 | report down on the Task Bar. Now this
isn't the Windows Task Bar, it's a Task
| | 03:06 | Bar within Quicken itself so to get the
report back I'll just click there. Like
| | 03:11 | the Windows Task Bar you can have a
variety of reports minimized down here in
| | 03:15 | Quicken's Task Bar. Now we are going
to close this report, go back to the
| | 03:21 | Reports & Graph Center, close the
Spending category and down here at the bottom
| | 03:28 | is the EasyAnswer category.
| | 03:31 | This asks nice English language
questions like where did I spend my money, how
| | 03:35 | much did I spend on, how much did I pay
to. So let's find out how much I spent
| | 03:40 | on something. If I click on it, this
will show Itemized Categories and I can
| | 03:45 | choose a category and figure out how
much I spent there. I'm curious to know
| | 03:49 | how much I spent dining out because I
know I can save money if I just made
| | 03:52 | dinner more often at home. So I'll
scroll down to my Dining category, choose it
| | 03:58 | and click Show Report. So in the past
month, which is when I started the data
| | 04:03 | file, I spent just about $90 on dining out.
| | 04:06 | If I want to see the details, I'll
click on the plus button and again I can see
| | 04:10 | the transactions. If you have a report
that has multiple categories, it can be
| | 04:15 | a bit of a pain to click the plus
button to see all the details of each
| | 04:18 | category, that's why some reports some
give you the Expand All and Collapse All
| | 04:22 | buttons. By Collapse All, Quicken
shrinks things down to just Expenses and
| | 04:26 | Expanding All shows me the top line
Expenses, the category Dining and all the
| | 04:31 | transactions.
| | 04:32 | The Reports & Graph Center doesn't show
you anywhere near all the reports that
| | 04:36 | you can get in Quicken. For those, take
a look at the Reports menu. It's split
| | 04:40 | up into a separate category for each
area in Quicken. In the Banking category,
| | 04:44 | you will useful reports such as the
Cash Flow what we already looked at and
| | 04:47 | also Transaction report. There are
Spending reports, Investing reports; we will
| | 04:54 | go back to Comparison in a moment. Tax
reports, you're Net Worth reports and
| | 05:01 | your payables, receivables and other
reports associated with the Business.
| | 05:04 | Let's go back up to Comparison. I
would like to show you a Comparison report
| | 05:08 | that I find really useful. It's this
one here, Income and Expense Comparison by
| | 05:12 | Category. This report shows me how
much I spend per category compared to last
| | 05:17 | year. So I look at this years
categories and I can see how much I spent for the
| | 05:22 | same category last year. Of course,
in this case, its showing zeros for the
| | 05:25 | last year period because I have no
date in this particular data file for last year.
| | 05:28 | But this is a really great way to
tell how much your spending has grown or
| | 05:32 | shrunk over time per category. Once you
can change the Date range, we have seen
| | 05:38 | that before and then the Compare to
pop menu, you can choose to compare to
| | 05:44 | Custom dates, the Prior year period
which is one usually we will want to do and
| | 05:48 | a variety of other date possibilities.
Before I close this report I want to
| | 05:53 | save it so I can get back to easily,
I'll click the Save Report button and
| | 05:56 | Quicken asks to give it a name. And I'm
going to save this in My Saved Reports,
| | 06:04 | which is the default.
| | 06:06 | So Quicken took a snapshot of the
report and if I close report, it shows up in
| | 06:11 | the Reports & Graph Center under My
Saved Reports. And I can show it just by
| | 06:15 | clicking the button and it also shows
up in the Reports menu, under Reports, My
| | 06:21 | Saved Reports & Graphs Tom's Comparison.
Quicken's reports give you the wide
| | 06:26 | angle view or allow you to zoom in on
your finances. The old saying is that,
| | 06:30 | knowledge is power, and Quicken's
reports give you the power to really take
| | 06:34 | control of your finances.
| | Collapse this transcript |
| Modifying reports| 00:00 | Quicken's reports can give a lot of
information. In fact, sometimes they give
| | 00:03 | you a little too much information and
that's when it is useful to customize
| | 00:07 | a report to your liking. Let me show what I mean.
| | 00:10 | First I'll go to the Reports and Graph
Center. I'll show the Banking reports and
| | 00:15 | I'll get a Transaction report. This is
an okay report but it has got an awful
| | 00:19 | lot of information and I don't need it
all. I don't really care, in this case,
| | 00:23 | about check numbers or tags or whether
or not the check is cleared. So I want
| | 00:27 | to get rid of these columns and get a
cleaner report. By the way, these columns
| | 00:31 | are fixed in width. Put your mouse over
the border between columns and you can
| | 00:35 | drag it wider or narrower. Some report
columns also let you sort up or down. By
| | 00:41 | clicking the Sort arrow in the column,
I change the way the report is sorted.
| | 00:45 | The other problem I have with this
report is that it shows more information
| | 00:48 | that I really don't want in terms of
the accounts. All I really want are
| | 00:51 | banking transactions, but this
particular report also shows values for my House
| | 00:55 | Asset Account, the Car Account, the
Mortgage account and my Investment
| | 01:01 | accounts. I want to take those accounts
out of this report and only look at the
| | 01:05 | banking transactions.
| | 01:06 | To do that I click the Customize
button in the upper right hand corner of the
| | 01:09 | Report window, the Customize dialog
has several tabs. The first tab, Display,
| | 01:14 | allows you to change the title of the
report. I'll change this one to Banking
| | 01:21 | Transactions. One thing that can be
very useful and especially for tax reports,
| | 01:25 | where you usually don't care about the
cents, you could turn the cents off. In
| | 01:29 | this case, if you turn the cents off,
Quicken will round the figures to the
| | 01:32 | nearest dollar. I said before that I
wanted to get rid of the some of the
| | 01:36 | columns in the report and
here is where I do that.
| | 01:39 | I don't need check numbers. Description
is good, Memo is good, Category is good
| | 01:45 | but I don't need Tags. I don't need
to see whether or not the checks have
| | 01:48 | cleared but of course I want to keep Amount.
| | 01:52 | Let me show you what that looks like.
Now this report is getting more readable
| | 01:57 | but there is still a little more work
to do. So I'm going to go back into the
| | 01:59 | Customize dialog and go to the Accounts
tab and this shows that all my accounts
| | 02:06 | are selected which is why they are all
showing up in the report including the
| | 02:09 | Asset accounts, the Liability accounts
and the Investment accounts that I don't
| | 02:12 | want to show. I could turn off
individual accounts by clicking on them, like
| | 02:17 | so. But instead, I'll just click Clear
All and I hit OK now. We would see am
| | 02:21 | empty report. Then I'm going to go to
the Banking category and turn all these
| | 02:27 | on. Now when I click OK, all I see are
the banking transaction, which is just
| | 02:33 | what I wanted.
| | 02:34 | Let me show you something else in the
Customize dialog. Quicken allows you to
| | 02:40 | drill down to just showing certain
categories, certain income or expense
| | 02:45 | categories. You can choose to see
reports from just certain Payees, you can
| | 02:51 | just mark them or not, you can use
the Tags that you have entered in
| | 02:54 | transactions to just show the
expenses associated with certain tags. Let it
| | 02:59 | clear all of these check just my
expenses and click OK. And the report now only
| | 03:06 | shows expenses with the Tom tag. This
is the report that I would like to save.
| | 03:10 | So I'm going to save the report by
clicking the Save button in the toolbar.
| | 03:19 | It's always a good idea to give the report
a descriptive name. Now click OK to save it.
| | 03:24 | When I close the report, I see that
it's now saved in My Saved Reports under
| | 03:30 | Report and Graph Center and also in
the My Saved Reports and Graph in the
| | 03:36 | Reports menu.
| | 03:39 | By customizing Quicken reports, you can
squeeze out just the drops of financial
| | 03:43 | information you need to answer the
questions that you have about your money.
| | Collapse this transcript |
| Creating charts and graphs| 00:00 | When you need to get a good overview
of your finances, reports are good but
| | 00:04 | graphs are even better. That's because
graphs can often illustrate financial
| | 00:07 | relationships that numeric reports just
don't make clear. Quicken displays your
| | 00:11 | financial data as bar graphs, line
graphs or pie charts to help you analyze
| | 00:15 | your income and expenses.
| | 00:17 | To get started with graphs, we will go
to the Reports and Graphs Center again
| | 00:22 | and then in the Spending category, we
have got varieties of graphs that we can
| | 00:24 | choose from. Let's take a look at
Spending by category. Just like with the
| | 00:29 | reports, you select the name of the
graph, choose your date range and click
| | 00:34 | Show Graph. Quicken displays this
pretty pie chart and like every good pie
| | 00:39 | chart, it has got a legend over on the
right that shows you what each color in
| | 00:43 | the pie chart means.
| | 00:44 | When you hover the cursor over one
of the pie slices, a tooltip pops up
| | 00:48 | showing you how much money is
represented by that slice. The cursor also
| | 00:52 | changes into a magnifying glass. If I
double-click on the slice, Quicken drills
| | 00:55 | down to the report that
makes up the data for that slice.
| | 00:59 | To go back to the pie graph, click
the Back button. When I try to close the
| | 01:05 | graph, Quicken asks if I want
to save it, in this case I won't.
| | 01:08 | Pie graphs are nice but there are not
the only kinds of graph in Quicken. In
| | 01:12 | Income and Expense by Category, that's
a nice column chart and once again we
| | 01:17 | see the income and expense legend with
Income in green and Expenses in blue.
| | 01:23 | And again, hovering over one of the
columns, shows the amount of money
| | 01:26 | represented by that column, and double-
clicking to zoom in, brings up a dialog
| | 01:29 | that shows you all the expenses,
sorted by category that make up the column.
| | 01:33 | You will also get this nice bar graph
display that shows you what percentage of
| | 01:37 | the total each category is. If you
want to zoom in even further, you can do
| | 01:41 | that by double clicking
on one of the categories.
| | 01:45 | Quicken then shows you a category
report with the underlying data. Clicking the
| | 01:50 | Back button returns you to the graph.
Let's close this graph and move on to the
| | 01:56 | next one. In the Investing section,
let's look at the value of our investment
| | 02:04 | portfolio. The criteria here are
little different because investment graphs
| | 02:10 | look at a snapshot in time, in this
case, on a particular date instead of
| | 02:15 | looking at a date range like reports do.
| | 02:16 | I'll click the Show Graph button and
we have got a pie chart showing the
| | 02:20 | different investments that we have
made and hovering over the pie chart tells
| | 02:25 | you name of the security, its current
value is in dollars and the proportion of
| | 02:28 | your portfolio that security takes up.
If I double click, Quicken brings the
| | 02:33 | bar graph showing the change in value
of that security over time. Of course in
| | 02:37 | this case, I have only one month's data
entered so the graph goes from zero to
| | 02:41 | more than $ 30,000 in just one month.
I'll click the Back button to go back to
| | 02:45 | the pie chart and here is one more trick
that Quicken has in many of its graphs.
| | 02:49 | Down at the bottom of the window,
there is a Show Report link and clicking it
| | 02:53 | splits the window showing you both a
graph and the report with the associated
| | 02:56 | information. I would like to save this
report, so I'll click Save Report in the
| | 03:00 | toolbar, enter a name. I'll save it in
the default location, which is My Saved
| | 03:07 | Reports, Quicken takes the snap shot
and when I close the window, I see that
| | 03:12 | the graph is shown up in My Saved
Reports and also in the Reports menu under
| | 03:17 | the My Saved Reports and Graph choice.
| | 03:21 | Graphs are great for showing how your
financial picture changes overtime. By
| | 03:25 | creating and saving a variety of graphs,
a little bit of the toolbox, that will
| | 03:29 | help answer almost any of
your financial questions.
| | Collapse this transcript |
| Modifying charts and graphs| 00:00 | Most of the time you will be happy with
Quicken's standard graph template. But
| | 00:03 | somehow you just a little bit more
information or you need to your information
| | 00:07 | in a different way.
| | 00:08 | To customize a graph, we will start
off by going to the Reports menu and
| | 00:11 | rather than use the Reports and Graph
Center, we will take a look at the Graph
| | 00:14 | submenu. Let's take a look at an
Investment Graph and in this case the
| | 00:18 | Investment Asset Allocation. This
shows the assets classes of the different
| | 00:23 | investments. They are made up of Large
Cap stocks, Domestic Bonds, Small Cap
| | 00:27 | stocks and Other assets classes,
which usually means securities with mix of
| | 00:31 | investments including Large Cap stocks,
Small Cap stocks, bonds and other securities.
| | 00:37 | If we show the report for this graph,
we can see that it shows all the
| | 00:39 | different investments that I have. In
different categories: Domestic Bonds,
| | 00:44 | Large Cap stocks, Small Cap stocks,
etc. It shows the mutual funds and
| | 00:49 | individual stocks that I own
assorted into each category.
| | 00:52 | As I mentioned before, a mutual fund
can hold a mix of securities in different
| | 00:56 | assets classes and when Quicken
downloads a quote for the stock, it also
| | 01:00 | downloads the particular asset
allocation for each mutual fund.
| | 01:03 | I would like to customize this graph so
that it shows only the asset allocation
| | 01:08 | for the mutual funds. So I'll go up
to the right hand corner and click
| | 01:11 | Customize then I'll click the
Securities tab. You can see that it shows all the
| | 01:18 | securities. I'm going to click Clear All,
which checks the check box off of all
| | 01:23 | of them and then I'm going to check
just the Mutual Funds again. When I click
| | 01:29 | OK, the chart changes and now in the
report we only see the mutual funds. When
| | 01:37 | I hide the report and when I move the
cursor over a pie slice, it shows me that
| | 01:43 | Large Cap stocks are 13.15% of
my overall mutual fund portfolio.
| | 01:48 | Now that I have customized this report,
I would like to save it. So I'm going
| | 01:51 | to click Save Report and I'll change
the name to Mutual Fund Asset Allocation.
| | 02:00 | I'll save it in My Saved Reports and
click OK, Quicken takes the snapshot and
| | 02:06 | when I close the graph, I can see
that snap shot now appears in My Saved
| | 02:12 | Reports and it also appears in the My
Saved Reports and Graphs submenu of the
| | 02:18 | Reports menu.
| | 02:21 | You should customize and save the
graph whenever Quicken Standard Graph
| | 02:24 | Templates don't quite give you what you need.
| | Collapse this transcript |
|
|
14. Using Quicken at Tax TimeUsing the Tax tab| 00:00 | You know, I don't know anybody who
likes paying taxes. I certainly don't, but
| | 00:04 | taxes are pretty much unavoidable and
Quicken has plenty of tools that help
| | 00:08 | prevent nasty tax
surprises at the end of the year.
| | 00:11 | In the Tax tab, Quicken shows you any
tax alerts that you have set up, your
| | 00:16 | projected tax information and all of
this is an interface into the Quicken
| | 00:20 | Tax Planner, which I'll discuss in a
later movie. The Tax Calendar shows you a
| | 00:24 | list of your tax related expenses
this year; in this case only one item has
| | 00:29 | been entered. And it will also show you
your Taxable Income for this year. Tax
| | 00:34 | Alerts allow Quicken to warn you in
advance of important tax dates and also let
| | 00:39 | you set up alerts for tax related transactions.
| | 00:42 | Let's set up an alert now by
clicking the Set Up Alerts button and in the
| | 00:47 | Alerts Center, Important tax dates has
been turned off so let's turn it back on
| | 00:51 | by clicking the check box next to it
and Quicken tells you the result to your
| | 00:54 | action. Other tax alerts included with
Withholding threshold, which tell you
| | 00:58 | when your withholdings are above or
below your projected tax. Again this is
| | 01:03 | based on your use of the Quicken Tax
Planner, but once you work through the
| | 01:07 | Planner, this alert is very useful
because when your employer withholds too
| | 01:10 | much tax, you will get a very large
refund which doesn't actually sound so bad
| | 01:16 | but if they don't hold out enough, you
will end up having to pay taxes at tax time.
| | 01:23 | You can also get alerts about the kinds
of personal deductions you are allowed
| | 01:26 | to take and if you run your own
business and you are tracking that in Quicken,
| | 01:29 | you can get alerts about your business
deductions. Click OK to save your alert
| | 01:34 | and that way alert shows up under
the Tax Alerts. In this case the alert
| | 01:38 | reminds you to file in your income tax
return, if you filed for an extension
| | 01:41 | earlier this year.
| | 01:42 | The other thing I want to show you on
the Tax tab is how you can assign tax
| | 01:45 | categories right from this tab. Go
down to Tax-Related Expenses section and
| | 01:51 | click Assign Tax Categories. This
brings up a Category List and now you can
| | 01:55 | scroll through it. As you scroll
through it, you can see that the Tax-Related
| | 02:02 | icon appears next to certain
categories. If you see a category that is tax
| | 02:06 | related for you, it may not be tax
related for most people, but say you have a
| | 02:10 | special circumstance, let's say,
for example, Health & Fitness.
| | 02:14 | Most people can't deduct their gym
fees but some folks can; professional
| | 02:18 | athletics can, actors and actresses can,
people whose living depends on their
| | 02:22 | body. So click the Edit button, click
Tax-related, and then choose the Tax line
| | 02:30 | item which you can get from your tax
prepared and in this case, because Gym
| | 02:35 | fees would be associated with running
one of these folks' business, it could be
| | 02:41 | allocated under Schedule C: Other
business expenses. The description that
| | 02:45 | appears shows that dues and
subscriptions are one of the items that can go in
| | 02:48 | this category. So click OK and now we
see that the Tax icon has shown up next
| | 02:54 | to Health & Fitness. When I close the
Category List, nothing is changed in the
| | 02:59 | Tax tab but now Quicken will start tracking
Health & Fitness as a tax related category.
| | 03:05 | Use Quicken's Tax tab, especially the
Tax Calendar to get a good idea of your
| | 03:09 | overall tax situation for the year.
| | Collapse this transcript |
| Using the Tax Planner| 00:00 | It's always a good idea to keep on top
your projected taxes and Quicken has a
| | 00:04 | powerful tool that lets you
do that called the Tax Planner.
| | 00:07 | You can get to the Tax Planner by
choosing the Tax menu and then Tax Planner or
| | 00:12 | on the Tax tab under the Projected Tax
section; you can click Show Tax Planner.
| | 00:19 | There's two ways to get numbers into
the Tax Planner window; you can put them
| | 00:22 | in yourself or Quicken can add them
automatically based on your transactions
| | 00:26 | throughout the year.
| | 00:28 | For this example, we have entered them
manually. Here on the Summary screen, it
| | 00:32 | tells us what our projected tax for the
whole year is going to be, based on our
| | 00:36 | Income section, which is wages and
salaries, any other income we might have,
| | 00:40 | any interest income. Our projected
Deductions and Exemptions, it shows us our
| | 00:45 | current Marginal tax rate and with the
Total tax. Any income adjustments and
| | 00:51 | taxes due and Quicken shows you the
little magnifying glass here under
| | 00:55 | Withholding, showing that we actually
need to put Withholding in, which is one
| | 00:59 | of the reasons why our tax is so high right now.
| | 01:01 | So let's work through this Tax Planner
and show you the detailed information
| | 01:04 | behind this summary. I'll click the
Next link, which takes us to Wages. And
| | 01:09 | this Tax Planner scenario is for a
comfortable middle class family, in this
| | 01:12 | case I'm making $45,000 a year, and my
spouse is making $35,000 for a total of
| | 01:17 | $80,000. If those numbers don't seem
right for you, feel free to put them in,
| | 01:22 | in each field.
| | 01:24 | The Next link gets us to the Interest
and Dividend Income section. Looking back
| | 01:29 | at my statements from last year, I see
that I had Taxable Interest Income of
| | 01:32 | about $25, and income from Dividends of
about $32 for a total of $57. Click the
| | 01:39 | Next link to get to the next section.
| | 01:41 | I'm employed and I don't run my own
business so I don't have any information to
| | 01:44 | put in on Schedule C. Click Next to get
to Capital Gains. I had no significant
| | 01:51 | capital gains or losses last year.
So I'll click Next to get to the other
| | 01:56 | income section. Last year I got a
Taxable Refund of about a $150 from the
| | 02:02 | state, always nice when you get a
refund, but I had no other miscellaneous
| | 02:06 | income so I'll click Next. I don't own
any rental property and I don't have any
| | 02:11 | royalties or partnerships so l will
skip past Schedule E and click the Next
| | 02:15 | link to get to Schedule F. Well I
certainly don't own a farm so I'll be moving
| | 02:20 | on by clicking the Next link.
| | 02:23 | Here is the first time I need to make
some changes. Both myself and my wife
| | 02:27 | have separate IRAs. In this last year,
each of us contributed $2500 to it. So
| | 02:32 | I'll put in the total of $5,000 and
I'll press the Tab key to move on. As I did
| | 02:38 | that, you can see that Quicken
recalculated the Remaining Tax Due. I also moved
| | 02:43 | last year so I'll click in Moving
Expenses and put in a $1,500 in Moving
| | 02:48 | Expenses, when I Tab, again Quicken
does the recalculation of the tax due.
| | 02:53 | Clicking the Next link gets me to
the Deductions section and there are
| | 02:57 | definitely some deductions that I can
take on this screen. I'm going to put in
| | 03:00 | $500 in Medical and Dental Expenses
and when I press Tab, in this case, it
| | 03:05 | doesn't affect my tax situation so
the remaining tax due didn't change.
| | 03:09 | I did pay $8,500 in mortgage
interest, so I'll enter that here. I made
| | 03:17 | approximately $250 in Charitable
Contributions last year so I'll type that in.
| | 03:23 | The reason my Remaining Tax Due didn't
change is that my Standard Deduction for
| | 03:27 | this year is $10,900 and the Remaining
Tax Due is less than that. I'll click
| | 03:32 | Next to get to the next section which
is State and Local Income Tax and there
| | 03:37 | is Withholding on our paychecks for
state taxes so I'm going to add those in
| | 03:41 | now, approximately $500 for myself
and $400 for my wife. Those are all the
| | 03:49 | changes I need to make on
this screen so I'll click Next.
| | 03:52 | This is where you put in the numbers
of tax exemptions. And so myself and my
| | 03:56 | spouse are two exemptions and with
our one child, that's a total of three
| | 04:01 | exemptions. There are no other
changes to be made here so I'll click Next.
| | 04:04 | I don't have anything to enter on this
screen, but you can check with your tax
| | 04:09 | advisors to see if you do. Clicking
Next gets us to the Withholdings screen.
| | 04:14 | This is the main reason why the
Remaining Tax Due is so high. It's because
| | 04:19 | Quicken doesn't know about the federal
tax withholding that's being taken out
| | 04:22 | of our paychecks every two weeks. So
I'm going to enter the Withholdings for
| | 04:26 | myself, which is approximately $3,500
and $3,000 for my spouse. There is no
| | 04:35 | other withholding done and as you can
see the Tax Payment Summary has changed
| | 04:39 | drastically and now Quicken is only
projecting $544 left to pay in taxes at the
| | 04:44 | end of a year.
| | 04:45 | If our respective employers take just
a little bit more out of each of our
| | 04:48 | paychecks, in this case, I have changed
it to $3,750 for me and $3,500 for her,
| | 04:55 | it tips us over the edge and now you
can see that the Tax Payment Summary has
| | 04:58 | changed quite a bit, and now we are
actually owed a refund at tax time, always
| | 05:03 | a happier thing.
| | 05:04 | I'm going to click Next to get to
the Tax Payment section. If I were
| | 05:08 | self-employed, I would be paying
Estimated Taxes but I'm not so I won't. And
| | 05:13 | the last link is to return to the
Summary. When I get back to the Tax Planner
| | 05:16 | Summary, I can see that that I now
have a refund due based on the information
| | 05:20 | that I have added.
| | 05:22 | The Tax Planner takes a while to get
through but it's a great tool. You can use
| | 05:25 | it to see how little changes in your
spending or withholding throughout the
| | 05:28 | year can make big changes in
your eventual tax payments.
| | Collapse this transcript |
| Generating tax reports| 00:00 | Sometime between January and April
15th every year, depending on how
| | 00:03 | dangerously you like to live, you are
going to need to prepare your taxes.
| | 00:07 | There's two main ways of doing that.
You can do it yourself, usually using a
| | 00:10 | program like Intuit's own TurboTax
which you use to help prepare your taxes. If
| | 00:15 | you use TurboTax, you probably don't
need to produce any tax reports at all
| | 00:19 | because TurboTax imports your Quicken
file as the basis for its calculations.
| | 00:23 | If instead you use an accountant or
another tax preparer, you only need to
| | 00:27 | provide them with some tax
reports. Here is how to do that.
| | 00:30 | Go to the Reports menu and go to the
Tax section. Probably not all of these tax
| | 00:35 | reports are going to be applicable, but
some will be. For example, if you sold
| | 00:40 | any of your investments during the
tax year, you may have Capital Gains, in
| | 00:43 | which case, choose the Capital Gains
tax report and you click the Print button
| | 00:48 | to print it out. After you have printed
it, you can close the report and go to
| | 00:54 | the next tax report.
| | 00:55 | If you have Schedule A-Itemized
Deductions and many people do, choose that. In
| | 01:02 | this case, we don't have any in this
particular data file. You may also have
| | 01:11 | Interest and Dividends, which would go
on Schedule B, and if you have a lot of
| | 01:15 | Capital Gains and Losses, you will need
to fill out a Schedule D form and pull
| | 01:19 | up the associated report. You may also
want to pull up the Tax Schedule report,
| | 01:23 | which shows you all of your expenses
and income sorted by the appropriate tax
| | 01:26 | form. In this case, it's the Schedule C
for expenses and W-2 for Income. Click
| | 01:32 | the Print button in the toolbar to
print the report and when you are done, move
| | 01:37 | on to the next report.
| | 01:41 | Finally, you might want to print out
the Tax Summary, which shows basically the
| | 01:44 | same information but arranged by
income and Expenses instead of by tax form.
| | 01:48 | Putting out your tax forms is likely
to make your tax preparer very happy
| | 01:52 | because it will a lot better than that
shoe box of receipts that most people
| | 01:54 | drop on his desk.
| | Collapse this transcript |
|
|
15. Using Quicken for Business Accounts (Quicken Home & Business)Setting up a business account| 00:01 | If you run your own business, you'll
love the features of Quicken's Home and
| | 00:04 | Business version. It's perfect for
people who need to track their personal
| | 00:07 | finances but also run a small
business perhaps on the side. The Home and
| | 00:11 | Business version allows you to track
both payables and receivables. Accounts
| | 00:16 | payable are bills that your
business has to pay, such as a printer or a
| | 00:20 | contractor. Accounts receivable are invoices
that you issue to clients or customers.
| | 00:25 | You're not actually creating
physical accounts. Instead, you are creating
| | 00:29 | virtual accounts that will track the
money that will be flowing in and out of
| | 00:32 | your business. These accounts will
be connected to your business checking
| | 00:36 | account. To get started with Quicken
Home and Business, we have to create the
| | 00:39 | Receivable Account and the Payable Account.
| | 00:42 | Here on the Business tab, and the
Summary sub-tab, you can see that we already
| | 00:47 | have a Business checking account,
but now, let's go ahead and create the
| | 00:50 | Receivable Account and the Payable
Account, it's really easy to do. In the
| | 00:54 | Accounts Receivable section, click the
Add a customer invoice account link. In
| | 00:58 | the Account Setup dialog, Quicken ask
you to name the account. For me, Customer
| | 01:02 | Invoices works just fine. So, I'll
click Next and that's all I need to do. So,
| | 01:07 | I'll click Done and Quicken pops up a
dialog that tells you a little about
| | 01:10 | invoicing. Go ahead and read this
and when you are finished, click Done.
| | 01:14 | You can see that two accounts just
showed up in the Business section over in
| | 01:17 | the Account bar. One is Customer
Invoices, which we just created, and the other
| | 01:21 | one is Sales Tax, which Quicken created
automatically when I created invoices.
| | 01:25 | Now, let's create the Payables Account.
| | 01:27 | Go back to the Summary sub-tab and in
the Accounts Payable section, click Add a
| | 01:31 | business bills account. Again, name
this however you want; Business Bills works
| | 01:36 | for me and click Next. That's all it
takes, so I'll click Done. That brings you
| | 01:41 | to the Bills Register and you can see
that Business Bills showed up in the
| | 01:45 | Accounts Bar. Setting up the Payables
and Receivables Accounts is your first
| | 01:50 | step towards the tracking
your business in Quicken.
| | Collapse this transcript |
| Adding customers and vendors| 00:01 | Before you get started writing
invoices or paying bills, you want to create
| | 00:04 | Customers or Vendors. Go to the
Business menu, choose Customers and then choose
| | 00:09 | Add Customer. The Quicken Address Book
comes up, set to the Customers Group as
| | 00:14 | you can see in the background. All
you need to do is type in the customer information.
| | 00:17 | So that's all the information I
need for now. If I want to, I can add
| | 00:28 | additional information such as
additional contact information, a secondary
| | 00:32 | address, some personal information, and
any miscellaneous information you want.
| | 00:38 | Personally, I never do anything on
any of these four tabs, because the
| | 00:41 | information is only useful in Quicken
and I pretty use a more robust personal
| | 00:47 | information manager that
can handle that information.
| | 00:50 | Back to the Payee tab and you can see,
I have chosen to include this payee in
| | 00:53 | the Customer List, I'll click OK and
the customer shows up here. Now, if I want
| | 00:57 | to add a vendor at this point, all I
have to do is switch to the Vendors group
| | 01:01 | from the pop-up menu and here is
Vendors, then I'll click New. You can see
| | 01:06 | Quicken has already set Vendor List up.
You can see that Quicken has already
| | 01:09 | checked include this payee in the
Vendor List. Let's add a vendor and that's
| | 01:24 | all the information I need for this
vendor. You want to put in at least their
| | 01:27 | Name and their Street Address to make it
easier to print checks if you choose to do so.
| | 01:31 | So, now, I have a Payee here, I have a
Customer and if I want to see both, I
| | 01:35 | choose All Groups. As you can see,
this also includes some of the personal
| | 01:39 | contacts that I'll set up while I
was doing some of my personal finances
| | 01:42 | before. When you are done with the
Address Book, go ahead and close it. Quicken
| | 01:45 | needs to know who you are doing
business with, so it will be easier to create
| | 01:49 | invoices and bills. Spending a few
minutes now putting in your most used
| | 01:52 | business contacts will pay off later.
| | Collapse this transcript |
| Creating a customer invoice| 00:00 | To begin creating an Invoice, go to
the Customer Invoices account either from
| | 00:04 | the Business tab and the Summary sub-
tab or over here in the Account Bar. The
| | 00:10 | first thing you need to know is that
invoices and bills aren't like other
| | 00:13 | transactions in Quicken. Rather than
entering them in the register, Quicken has
| | 00:17 | special forms that you fill out.
| | 00:19 | To create a new invoice, from the
account register go to the Create New Button;
| | 00:23 | this shows the different choices
available on this account. We'll choose
| | 00:27 | Invoice. In the Invoice Form, you need
to start off with a customer because
| | 00:31 | all invoices must have a customer. You
can begin by either typing the name of
| | 00:35 | the customer or you can click the
button to show the pop-up menu. In this case,
| | 00:39 | we only have one customer in the
database so that's what we will use.
| | 00:43 | When I press Tab to get to the next
field, you can see how Quicken filled in
| | 00:46 | the Bill To address. Now, we are in
the Project/Job field. You don't have to
| | 00:51 | use this, but if you do, Quicken will
ask you to create a project, let's do that.
| | 00:54 | So, I type in Fall Rollout and press
Tab to get to the next field and Quicken
| | 01:03 | will ask, if I want to create a new
Project or Job with the name Fall Rollout.
| | 01:06 | Yes, I do. So, here is the new dialog
for Projects and Jobs and you can add as
| | 01:12 | much or as little information as you
want here. You can choose to change in the
| | 01:16 | Status. In this case, the Job was
Awarded. You can put in the Description if
| | 01:20 | you like and you can also put in
Project Starting Dates, Projected Ending Dates
| | 01:26 | and the Actual Ending Dates, but you
are not required to do those things.
| | 01:31 | Now, the cursor is in the Business Tag
field and you use Business Tags in the
| | 01:34 | same way that you would Tags in your
Personal Finances to group related items
| | 01:39 | together. I'll skip the Business Tag
this time around and press the Tab key.
| | 01:44 | This allows me to change the Bill To
if I need to. I'm not going to bother to
| | 01:48 | put in the Ship To. Quicken
automatically puts on the Date, start figuring
| | 01:52 | Invoice numbering at 101 but you can
change that if you like. Just go ahead and
| | 01:56 | change that to 1001 and Quicken will
sequentially number any other Invoices
| | 02:01 | that you do.
| | 02:02 | By default, Quicken assumes that your
Due Date is 30 days after the current day
| | 02:07 | and if there is a P.O. Number you need
to put in, you can do that here. Now,
| | 02:10 | you want to put in an Item that you
will be billing for. So I'll put in
| | 02:17 | Copywriting and when I press Tab to get
to the Category field, Quicken assumes
| | 02:22 | that I might want to use this again. So
it says, do I want to create a new Item
| | 02:25 | with that name? Yes, I do because I
expect to be invoicing for that same Item
| | 02:30 | in the future. The New Item dialog
comes up with the Name already filled in and
| | 02:37 | now, I want to enter a Category for it.
It's a Business Income category, of
| | 02:41 | course, because it's an Invoice and
consulting your sales, we will use sales in
| | 02:46 | this case. I don't have to add a
Description; of course, I can if I want.
| | 02:51 | These items allow you to adjust how
lines on the Invoice print. If you choose
| | 02:55 | Subtotal of the Preceding Items, that
makes this a Summary Item, that subtotals
| | 02:59 | any number of other Items. Sometimes
you want to set Items apart so in that
| | 03:03 | case, you will click Print Extra Blank
Line. If your Item has a Per Item Rate,
| | 03:08 | enter it here and you can choose
whether or not it's Taxable or a Percentage.
| | 03:15 | Clicking OK enters the Category when
I press Tab to get to the Description
| | 03:18 | field. After I went through the
Description, I press Tab again. If I was doing
| | 03:31 | this on an hourly basis, I would put
on the Hours here and then in the next
| | 03:34 | field, I would put in the Rate. If I'm
doing a flat rate, I just put in 1 here
| | 03:38 | and put in the flat rate that was negotiated.
| | 03:40 | When I press Tab, Quicken does the
Rate extension. When I press Tab, I'll get
| | 03:46 | to the T column, which is where I can
say whether or not that item is Taxable.
| | 03:50 | Pressing Tab again allows me to enter
in other Line Item. However, I don't have
| | 03:53 | any other Line Items on this Customer
Invoice, so I'll move on to other fields.
| | 03:58 | If I was invoicing for taxable items,
I'll put in the Tax Percentage here and
| | 04:02 | then of course, Quicken
would figured out the total.
| | 04:06 | In the Customer Messages section,
Quicken gives you a selection of pre-written
| | 04:10 | messages. I'll use, Thank you for your
business! The Memo field is just like
| | 04:15 | the Memo field in any Account Register;
you can put in any thing you want and
| | 04:19 | it won't print on the Invoice. Now, if
you've created the Invoice and you've
| | 04:22 | already actually received payment for
it, you could just jump ahead and click
| | 04:26 | the Received Payment button.
| | 04:27 | I'm going to be showing you receiving
payments in a later video. You can also
| | 04:31 | see the Payment History for that client
and you can add any Expenses associated
| | 04:35 | with this Invoice. You can Print the
Invoice or you can E-mail it or send it to
| | 04:41 | the Clipboard. When you are done
creating the Invoice, click Save/ Done or if
| | 04:45 | you are immediately going to
create a new Invoice click Save/New.
| | 04:48 | The new Invoice appears in your
Accounts Register and the Customer Invoices
| | 04:54 | account now has an Ending Balance of
500 and it also shows over here in the
| | 04:59 | Account Bar. Invoices are the way your
business gets paid and Quickens forms
| | 05:03 | walk you through the
process with the minimum of fuss.
| | Collapse this transcript |
| Receiving a customer's payment| 00:00 | After you invoice a client, you have
to wait for the payment. Hopefully, it
| | 00:04 | doesn't take too long to arrive. When it
does show up, you have to enter it in Quicken.
| | 00:08 | Go to the Customer Invoices Account
Register, click on Create New and choose
| | 00:14 | Customer Payment. In the Customer
Payment dialog, it shows today's date and
| | 00:19 | pressing Tab gets me to the Customer
field. I'll put in my customer and when I
| | 00:24 | press Tab, two things happen; the
cursor goes to the Amount field and I can
| | 00:27 | also see down on the bottom of the
dialog, the outstanding invoices from that
| | 00:31 | customer. Now, I could type in $500
here, but it's easier to click in the Pay
| | 00:36 | column next to the Invoice that the
payment is for. So, I click there, a green
| | 00:41 | check mark appears, the entire amount
of the Invoice appears in the Amount field.
| | 00:45 | So, now I need to tell Quicken where
I'm making that deposit to and it's going
| | 00:50 | into my Business checking account. If
you want, you can record the Check Number
| | 00:54 | from your customer and as usual,
there is a Memo field where you can add
| | 00:59 | e-mails if you want.
| | 00:59 | If the customer had any outstanding
credits, they would show up here and if
| | 01:05 | this is only a partial payment, Quicken
can handle applying the partial payment
| | 01:11 | to this Invoice. In this case,
we'll say that it's a full payment.
| | 01:17 | When you're done receiving the customer
payment, click the Enter button and the
| | 01:22 | payment appears under the Paid
column in the Account Register. It has a
| | 01:26 | Transfer Category shown, showing that
the money was deposited into our Business
| | 01:30 | checking account, and over in the
Account Bar, we can see that the value of the
| | 01:34 | Business Account went up by $500.
| | 01:37 | Maybe I'm shallow, but one of the
things I like the most with my small business
| | 01:41 | is receiving payments. Customers don't
always pay on time or in full and I like
| | 01:46 | having the flexibility in Quicken to
handle partial payments, full payments and
| | 01:51 | to have Quicken alert me
when I haven't been paid at all.
| | Collapse this transcript |
| Issuing credits or refunds| 00:00 | Every once in a while, hopefully not
worried often, you have to issue a credit
| | 00:03 | or a refund to a customer. Perhaps the
customer didn't like some of the work
| | 00:07 | that you performed and you agreed to
make good on it, or maybe you sold your
| | 00:10 | customer an item that turned out to be
defective. In either case, you'll need
| | 00:14 | to issue a Credit or Refund. To do that,
go to the Customer Invoices account
| | 00:18 | register, click Create New and choose
either Credit or Refund. Now, you will
| | 00:22 | use a Credit if you intend to invoice
a client in the future and the client
| | 00:26 | agrees that the amount of the Credit
can simply be taken off his debt. A
| | 00:30 | Refund, on the other hand, is money
that will actually come out of your
| | 00:33 | checking account and be sent
to the customer as a payment.
| | 00:36 | In this example, we will issue a
Credit. Credit Form looks a lot like an
| | 00:39 | Invoice Form. So, let's just go ahead
and fill it up. There is the Customer,
| | 00:45 | Job is Fall Rollout, I'm not going
to put in the Business tab; I'm just
| | 00:51 | pressing tab to get from field to field.
The Item is Copywriting. Because we
| | 00:55 | previously set up that item when we
created Invoice, Quicken automatically put
| | 00:59 | the category in.
| | 00:59 | Now, you want to put in a reason
for the credit. It could be a whole
| | 01:03 | explanation or could just be simple.
In this case, I'll just use something
| | 01:06 | simple. Once again you should put in
the Quantity, Rate depending on whether
| | 01:09 | it's a flat rate or a piece rate or
an hourly rate. It's going to be a flat
| | 01:14 | rate and we are providing $150
credit. That's all I need to do for this
| | 01:18 | particular credit. So, I'll click
Enter, and now the Credit appears in the
| | 01:23 | Account Register as a Credit; shows
that it goes to CreativePros and it is
| | 01:27 | showing as Paid even though you haven't
actually physically paid the money. But
| | 01:31 | because you have a Credit, it shows a
negative amount in your Account Register,
| | 01:35 | which also changes your Ending Balance,
and the value is shown in the Account Bar.
| | 01:41 | Issuing refunds or applying Credits is
something that you hope you won't have
| | 01:44 | to do, but it does happen from time
to time. Tracking them in Quicken, make
| | 01:48 | sure that you know just how much
income you still have coming in.
| | Collapse this transcript |
| Creating a bill| 00:00 | A bill that you receive from your
vendor represents money that has to flow out
| | 00:03 | of your business. In any kind of cash
flow; in or out needs to be tracked in
| | 00:07 | Quicken. To enter a bill, select your
Business Bills account and just like
| | 00:12 | Invoices, Quicken uses forms to create
a bill. In the Business Bills Account
| | 00:17 | Register, click Create New and
we are going to create a new bill.
| | 00:22 | In the Bill form, begin typing your
vendor's name. You can choose to add a
| | 00:25 | business tag or not and now you have
to decide whether or not you want to
| | 00:28 | assign this bill to a particular
Project or a Job. Not all bills will be
| | 00:33 | associated with a Project or a Job. If
you do want to assign it to a Project or
| | 00:37 | a Job, click the button and then choose
the correct job from the dialog. If you
| | 00:42 | want, you can create a new Project/Job
here. In this case, I'll assign the Bill
| | 00:46 | to the Fall Rollout Job. Click OK
and now Fall Rollout shows up on the
| | 00:51 | Project/Job and its associated
customer, CreativePros, also appears.
| | 00:56 | Pressing the Tab key gets me to the
Vendor Address, which I don't need to
| | 00:59 | change. Quicken puts in today's day. If
the vendor is giving you a bill number,
| | 01:03 | you can put it in here or not, it's up
to you. Under Due Date, you should put
| | 01:07 | in the due date that appears on the
vendor's bill. We'll leave it to as default
| | 01:11 | of 30 days. If there was a relative
P.O. Number, you can enter it here.
| | 01:15 | Pressing Tab gets us to the first
line item and this is a standard Category
| | 01:19 | field. Because it's a bill, Business
Expenses is automatically selected.
| | 01:23 | We are going to assign this bill to
the Printing and Reproduction category.
| | 01:30 | Pressing Tab gets us to the
Description field. Pressing Tab gets us to the E
| | 01:36 | column and E stands for expenses. So,
if you are going to expense this amount,
| | 01:42 | you'd click in this field and an E
would show up. We won't be doing that in
| | 01:46 | this case. I put in the amount and
pressing Tab gets me to the next line item.
| | 01:51 | This particular bill only has one line
item. Now, you can choose to add a Memo
| | 01:55 | to the bill and if you are done, click
Save/Done. If you want to immediately
| | 02:01 | create another bill, click Save/New.
| | 02:05 | When I click Save/Done, the bill
showed up in my Account Register and the
| | 02:09 | balance shows in red showing it's
negative because I have to pay that bill.
| | 02:12 | Down at the bottom, you see the ending
balance for the whole account and over
| | 02:17 | in the Account bar, business bills now
shows a negative balance indicating that
| | 02:21 | I have to pay $75 worth of bills. By
entering your bills into your Payables
| | 02:25 | account, you can see how much cash is
set to flow out of your business and keep
| | 02:29 | an eye on your spending which is
always a good idea for a small business.
| | Collapse this transcript |
| Paying a vendor| 00:00 | When your business receives a bill,
you are going to want to pay it off. Well
| | 00:03 | maybe you don't want to pay it
off but you are going to anyway.
| | 00:05 | To pay the bill go to the Business
Bills account register and click the Create
| | 00:09 | New button, then choose Payment to
Vendor. As you can see, this form looks a
| | 00:15 | lot like you receiving a customer
payment form, and it's basically because this
| | 00:19 | function is the mirror image of that form.
| | 00:21 | So let's put in the Vendor, which I
have chosen from the pop-up menu, and when
| | 00:26 | I press Tab Quicken shows me the
balance I owe to Vendor and it shows me the
| | 00:30 | Vendor's bill. I'll click in the Pay
column next to the Bill that I want to pay
| | 00:34 | and the total of the bill
appears in the Amount field.
| | 00:37 | We are going to be paying this bill
out of our Westamerica checking account,
| | 00:41 | which is our Business checking account.
And for the Check Number, I'll just
| | 00:45 | choose Next Check Number. Let me go
back to that for a moment. You can see that
| | 00:50 | I could also choose to Print the Check,
Tab would be a Transfer between one
| | 00:54 | account into another, or to have it to
be an Electronic Financial Transaction
| | 00:58 | which will be that I paid
the bill electronically.
| | 01:00 | In this case, I'm going to write out a
paper check by hand. This Vendor has no
| | 01:05 | Existing Credits and I'm going to
apply this payment to the entire amount of
| | 01:08 | the bill. I'm done so I'll just click Enter.
| | 01:13 | The payment appears in the Account
register, the Ending Balance of the Account
| | 01:16 | changes, and over in the Account bar,
I can see that I've paid off all my
| | 01:21 | Business Bills.
| | 01:22 | Paying your bills isn't the most fun
you can have with a computer, but it is a
| | 01:26 | necessary part of running your business.
Entering the bill with a friendly form
| | 01:29 | at least makes things as painless as possible.
| | Collapse this transcript |
| Applying credits and receiving refunds| 00:00 | When you get a refund from a vendor,
you enter it into Quicken in a two step
| | 00:04 | process. First you need to apply a
credit for the amount of the refund to that
| | 00:08 | vendor and then you enter the refund
transaction and receive the money into
| | 00:12 | your checking account.
| | 00:14 | Begin in the Business Bills account
register and click the Create New button
| | 00:19 | and choose Credit. The credit form
comes up and you enter the vendor, just Tab
| | 00:24 | through the fields, enter the Category,
Printing and Reproduction in this case,
| | 00:31 | and enter a description. Now enter the
amount of the credit. Press the Tab key
| | 00:37 | to get to the next line of item, if
this is the only line of item, you can just
| | 00:40 | add a Memo, and when you are done,
click Enter. The Credit now appears in the
| | 00:46 | Account register.
| | 00:48 | Now let's actually receive the
Refund check. Click the Create New button,
| | 00:53 | choose Refund, and in the Refund dialog,
choose which account is going to get
| | 00:57 | the Refund check. We use our Business
checking account. Enter the vendor. If
| | 01:04 | you want, you can apply the Refund
against particular projects or job, I'm not
| | 01:07 | going to bother in this case, and now
I'll enter the amount which should be the
| | 01:12 | same amount as the credit that you
previously issued and as usual you can
| | 01:16 | either choose to add a Memo or
the Refund check number if you like.
| | 01:21 | When you click Enter, the Refund
appears in your Account register. When you are
| | 01:25 | owed a Refund by a vendor, you want to
make sure that you add it into Quicken
| | 01:29 | so that your accounts are accurate.
| | Collapse this transcript |
| Creating customized business reports| 00:00 | You cannot run a successful business if
you don't know what's going on with the
| | 00:03 | business's finances. Business reports
provide your primary snapshot of your
| | 00:08 | businesses health. Quicken provides
many business report templates and you can
| | 00:12 | customize and save those, so you can
reuse them whenever you need to. You'll
| | 00:17 | find the business reports by going to
the Reports menu and choosing items from
| | 00:20 | the Business sub-menu. Many of the
standard business reports are here;
| | 00:24 | Accounts Payable, Accounts Receivable, the
Balance Sheet, Cash Flow, Profit and Loss and others.
| | 00:30 | Let's take a look at the Accounts
Payable report. By default, it shows Accounts
| | 00:34 | Payable on a month-to-month basis. In
this case, we have just started tracking
| | 00:38 | our payables, so we could choose
display by Quarter, by Half year or even by
| | 00:46 | Full year. I'm going to close this now
and I won't save this report. Let's take
| | 00:54 | a look at the Receivable report. It's
very similar and again, you can change
| | 01:01 | the display as you need. You can
also choose the date range and Quicken's
| | 01:05 | standard date ranges are available to
you. If you prefer, you can choose Custom
| | 01:09 | dates and entering any date as you want.
| | 01:14 | I'll close this report too and I
won't save it. Another standard businesses
| | 01:20 | report is the Profit and Loss report.
So, choose Reports, Business, and then
| | 01:26 | Profit and Loss Statement. And this
report shows things on a cash basis, which
| | 01:30 | means that it doesn't include payables
or receivables; it only includes money
| | 01:35 | that you've actually received and
expenses that you've actually incurred.
| | 01:38 | Next, we'll take a look at the Balance
Sheet. Back in the Reports menu, and the
| | 01:43 | Business sub-menu and when I choose
Balance Sheet, I see way too much data
| | 01:47 | because Quicken Home and Business
shows both your home and business, the
| | 01:52 | balance sheet is showing me
information that I don't want. Mainly information
| | 01:55 | about assets that are not part of my
business; the house and the Lexus, my
| | 02:00 | investments and
liabilities, such as credits cards.
| | 02:05 | Instead, I'll customize this report so
that it only shows the Business account.
| | 02:09 | To do that, I'll click the Customize
button in the upper right-hand corner and
| | 02:14 | into the Customize Balance Sheet dialog,
I'll click Accounts and I can see what
| | 02:17 | the problem is that I have all my
accounts selected. I don't want that so I'll
| | 02:21 | click Clear All. Then I'll go to the
Businesses tab and I'll choose Mark All
| | 02:27 | because all that is showing here are
my businesses related accounts. When I
| | 02:31 | click OK, all I get is my Business
checking account, my Customer Invoices,
| | 02:36 | which at the moment I have no
outstanding invoices, and then the Balance Sheet
| | 02:40 | totals my assets. I don't happen to
have any Liabilities at the moment, no
| | 02:43 | outstanding bills. It shows my
business's equity and it shows the total of my
| | 02:49 | liabilities and equity.
| | 02:51 | This is the report that I'd like to
save. So, I'll click Save Report in the
| | 02:54 | toolbar, I'm going to change the name
of this report to Business Balance Sheet.
| | 03:01 | When I click OK, Quicken takes the
snapshot of the report, which I'll close now
| | 03:08 | and that snapshot is available in two
places; it's available under My Saved
| | 03:12 | Reports & Graphs and it's also
available in the Reports & Graph Center under My
| | 03:17 | Saved Reports. Quicken's built-in
business reports are often all that you
| | 03:21 | needed to run your business. Customize
them as needed to get a clear view of
| | 03:26 | your own financial picture.
| | Collapse this transcript |
| Generating business graphs| 00:00 | Quicken doesn't provide any specific
graphs for business use so you'll have to
| | 00:04 | customize your own. Begin by going to
the Reports menu, and choosing Graphs.
| | 00:09 | From the Graph sub-menu, choose the
graph that would show you the relationship
| | 00:12 | you want to see. I'll choose Income and
Expense by Category. Just from looking
| | 00:17 | at this graph, I can already tell that
I'll need to customize it. So, I'll go
| | 00:23 | to the Customize button in the upper
right-hand corner, and I'll click on the
| | 00:29 | Accounts tab and as I suspected, it's
showing Accounts that don't include my
| | 00:33 | business accounts.
| | 00:34 | So, I'll choose Clear All to clear all
those marks. Go to the Business tab, and
| | 00:42 | choose Mark All. When I click OK, I see
Income and Expense by Category just for
| | 00:50 | the Business accounts. Like any graph,
I can choose to change the display
| | 00:54 | interval. In this case, I'll change
it to Year and if I want to see more
| | 00:57 | information, I can move my cursor over
one of the bars until the cursor turns
| | 01:02 | into a magnifying glass and when I
double click, I can see the components that
| | 01:06 | make up the Income column.
| | 01:08 | For each category, I can see the
amount and the percentage of the total.
| | 01:14 | Naturally, I can do the same thing for
Expenses. I'll close that and if I want,
| | 01:22 | I can see a report showing the numbers
that make up the chart. This is now a
| | 01:25 | useful graph so I want to save it. So,
I'll click the Save Report button in the
| | 01:29 | toolbar and I'll change the name
of the report and graph to Business
| | 01:38 | Income/Expense. When I click OK,
Quicken takes the snapshot of the report, and
| | 01:46 | that snapshot is available in two
places; in the Reports menu, under My Saved
| | 01:52 | Reports & Graphs, under Business
Income/Expense and also, in the Reports &
| | 01:59 | Graphs Center under Business Income/Expense.
| | 02:02 | To show the Report & Graph again, I
click on it under My Saved Reports. If I
| | 02:07 | want to, I can change the date range
and I'll click Show Graph. Graphs help
| | 02:11 | make your business's money
relationships clear with just a glance.
| | 02:15 | Make sure that you create, customize and save
business graphs; it will save you time and money.
| | Collapse this transcript |
|
|
ConclusionGoodbye| 00:00 | Hi! It's Tom again. It looks like
you made it all the way to the end.
| | 00:03 | Congratulations! Now, it is up to you
to grab your finances by the scruff of
| | 00:07 | the neck and rustle them under
control. With Quicken's help and a little
| | 00:10 | patience, you can soon have the clear
picture of where your money is going.
| | 00:14 | You'll able to quickly balance your
accounts, accomplish your financial goals,
| | 00:18 | and plan for the future. Best of all,
you will be creating a better and a
| | 00:21 | richer life for you and your
family. Thanks for listening.
| | Collapse this transcript |
|
|
