Basic Quicken questions

[Mike]

I am currently using Quicken 2003 Premiere and Home Business. I never really
learned how to use the program, I only use it to keep track of checks that I
write and withdrawls from the ATM or my debit card. That's it. But I would
like to start using more of the features.


1. Is there any real benefit for me to upgrade to 2005?

2. My checking account is completely wrong because I do not enter direct
deposits from work. So it is actually showing a large negative amount. If I
want to fix this, what is the best way to fix my checking account so that it
reflects the accurate amount and I can start recording all deposits and
withdrawls?

Thanks.

[Fred Smith]

See below.

--
Regards,
Fred
Please reply to newsgroup, not e-mail


"Mike" <mike12@gmail.com> wrote in message
news:374r5jF59rrcaU1@individual.net...I am currently using Quicken 2003 Premiere and Home Business. I neverreally learned how to use the program, I only use it to keep track ofchecks that I write and withdrawls from the ATM or my debit card. That'sit. But I would like to start using more of the features. 1. Is there any real benefit for me to upgrade to 2005?

No.
2. My checking account is completely wrong because I do not enter direct deposits from work. So it is actually showing a large negative amount. If I want to fix this, what is the best way to fix my checking account so that it reflects the accurate amount and I can start recording all deposits and withdrawls?

Two options:
1. Enter an adjustment (where the category is the name of the bank account)
to bring you balance up to date.
2. Go back and enter the old deposits. Quicken quite happily lets you enter
history whenever you want. You could start with point 1, then enter
historical deposits at your leisure. Every time you enter a deposit, just
change the adjustment transaction by the same amount, so your account stays
in balance.
Thanks.

[Mike]

ok, here is where it gets confusing for me. Over the past year and a half, I
have not entered my direct deposits, so there is a substantial amount of
deposits, sometimes 3-4 a month, and a lot of $. I always transfer money
from my checking into my savings to earn my 1% interest. When I put the
money in my savings, I show it as a deposit in my savings, and I also show
the money being deducted from my checking.

So I want to make sure that whatever solution I attempt, that when it is all
done, that everything balances.






"Fred Smith" <fredsmith99@yahoo.com> wrote in message
news:p%ePd.365087$8l.10315@pd7tw1no... See below. -- Regards, Fred Please reply to newsgroup, not e-mail "Mike" <mike12@gmail.com> wrote in message news:374r5jF59rrcaU1@individual.net...I am currently using Quicken 2003 Premiere and Home Business. I neverreally learned how to use the program, I only use it to keep track ofchecks that I write and withdrawls from the ATM or my debit card. That'sit. But I would like to start using more of the features. 1. Is there any real benefit for me to upgrade to 2005? No. 2. My checking account is completely wrong because I do not enter direct deposits from work. So it is actually showing a large negative amount. If I want to fix this, what is the best way to fix my checking account so that it reflects the accurate amount and I can start recording all deposits and withdrawls? Two options: 1. Enter an adjustment (where the category is the name of the bank account) to bring you balance up to date. 2. Go back and enter the old deposits. Quicken quite happily lets you enter history whenever you want. You could start with point 1, then enter historical deposits at your leisure. Every time you enter a deposit, just change the adjustment transaction by the same amount, so your account stays in balance. Thanks.

[Dick Weaver]

Ok, we'll give it a try.

Mike wrote: ok, here is where it gets confusing for me. Over the past year and a half, I have not entered my direct deposits, so there is a substantial amount of deposits, sometimes 3-4 a month, and a lot of $. I always transfer money from my checking into my savings to earn my 1% interest. When I put the money in my savings, I show it as a deposit in my savings, and I also show the money being deducted from my checking.

Beginning with "I always transfer ...", it reads like you make a Quicken
entry to record the deposit in savings and another Quicken entry to
record the deduction from checking. If my interpretation is correct,
then we want to change how you do that. Quicken provides transfer
entries for that very purpose. Try making those two entries with one
transfer entry: in your checking amount, enter whateve you want for
payee, enter the amount to be deducted. In the category field, click on
the icon to display the list of categories. Page down that list, after
the income and expense categories, you'll come to the transfer
categories - these are the names of your accouts! Click on the savings
account name that you want to transfer to. That's all you need. That
entry will be recorded in both checking and savings accounts - look at
both entries to see how it works.
So I want to make sure that whatever solution I attempt, that when it is all done, that everything balances.

Now to make everything balance - with as little work as possible. Make
an entry in your checking file such that the current balance of the the
checking file is the same as the closing balance on the last bank
statement. Now mark every entry in your checking file as reconciled!
(I've read in this newsgroup that find/replace can be used to do this -
you don't have to do them one at a time).

What we have just done isn't correct, but it was easy.

Now when next months statement is received and you go to reconcile,
you'll find that some entries on that statment are already marked as
reconciled in the checking file (because we marked everything as
reconciled). So - change just those entries back to unreconciled AND
change the adjustment entry so that the total of reconciled entries
stays the same (if you make a mistake you'll see that the opening
balance displayed by the reconcile process isn't correct - isn't the
same as the prior months closing balance).

Repeat each month. After a few months, changes to the adjustment entry
will no longer be needed.

If you are using Quicken totals for anything and don't want the
adjustment entry to affect this years reports, just date it 12/31/04.

dick w