Join Sally Norred for an in-depth discussion in this video Defining common Quicken terminology, part of Quicken 2014 Essential Training.
Quicken 2014 Premier uses some specialized terminology. Let's get familiar with what these terms mean before we dive into the detail of how to use the product. Your Quicken file is the file you open from the Quicken software that contains all the information that you've added to Quicken. Accounts refer to your personal accounts including checking, savings, credit card, loan, investment, retirement, or even cash accounts that you can add to Quicken. All of your accounts are listed in the account bar on the left side of your screen. When you look at an account, you'll open up an account register for the account.
You can think of the account register like a checkbook register, where you'd see each of expense and income transactions, and the current balance on the account. Each account register lists the transactions for the account. These transactions are the expenses, such as purchases or bill payments, as well as income transactions and transfers. The account register also shows you the balances on the account. The online balance is the balance that is currently shown on your financial institution's web site. The current balance includes any recurring payments or bills that may not have been cleared by your bank, but have been entered into Quicken.
The ending balance is the upcoming balance based on any future bill and income reminders that you've entered into Quicken. Within the account register, you can track your spending in different categories and subcategories. These categories are used by your budget, to help you manage your monthly spending. As you enter transactions Quicken uses the memorized payees feature to store information associated with payees. So, the next time you enter a transaction with that payee, the register fields will be prefilled. Reconciling an account means comparing your bank records with your Quicken register, so you can be certain that neither you nor the bank has recorded any transactions incorrectly.
One Step Update is a tool that Quicken uses so that you can update your transactions and balances online from all of your accounts at once. Quicken's Password Vault helps make that One Step Update work by saving all of your usernames and passwords with a single master password. So you only have to enter one password to update all of your accounts. The Tabbed Centers in Quicken allow you to access tools and features that are organized around common financial activities. Reports display information about your finances in a clear, easy to read format.
Often there's an option to show a graph to give you a visual summary of your financial information along with your report. Let's talk about a few extra add-ons that are provided by Intuit. There's Quicken Bill Pay, which is a monthly fee-based subscription service you can optionally sign up for to pay bills directly from your Quicken software. There's also the Quicken 2014 mobile app, a free app for tablets and smartphones that syncs your Quicken data to your mobile device. In the Quicken help tool, available in the Help menu, there's a comprehensive glossary of financial and Quicken-specific terminology.
Click Help > Quicken Help > Contents. And click Glossary to access this glossary.
- Touring the interface and setting up an Intuit ID
- Understanding account types
- Adding and updating accounts
- Tracking spending
- Searching, sorting, and filtering transactions
- Categorizing transactions and customizing categories
- Reconciling accounts
- Creating and understanding spending reports
- Projecting future balances
- Using Quicken Online Bill Pay
- Creating a budget
- Creating a debt reduction plan and savings goals
- Using the Lifetime Planner and the Tax Center
- Tracking investments
- Viewing your investment portfolio
- Creating and understanding investment reports
- Using the Quicken mobile app