ALL account on Quicken?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Keepcalm
Posts: 108
Joined: Sat May 13, 2017 7:51 pm

ALL account on Quicken?

Post by Keepcalm » Fri Oct 06, 2017 4:39 pm

I have one card I solely use, however I have 11 credit cards in total and some are department store cards that can only be used at the specified department store. What is the consensus on which accounts to track in Quicken, are you putting all cards on there even when they are not used and just letting them sit dormant on Quicken?

I'm trying to remain "tidy".

Silk McCue
Posts: 391
Joined: Thu Feb 25, 2016 7:11 pm

Re: ALL account on Quicken?

Post by Silk McCue » Fri Oct 06, 2017 4:48 pm

One reason I like Quicken is that I quickly see charges that appear and on rare occasion they are fraudulent. By tracking all of your cards you will catch any fraud sooner than later and will never "forget" about a purchase you made.

User avatar
Strayshot
Posts: 276
Joined: Thu Mar 05, 2015 8:04 am
Location: New Mexico

Re: ALL account on Quicken?

Post by Strayshot » Fri Oct 06, 2017 4:53 pm

I track 30 credit cards, 10 savings and checking accounts, 4 brokerage accounts, 2 401k's, and 4 IRA's in quicken.
Just as Silk mentions, I have also caught fradulent charges almost immediately in quicken. Do it.

User avatar
lthenderson
Posts: 2470
Joined: Tue Feb 21, 2012 12:43 pm
Location: Iowa

Re: ALL account on Quicken?

Post by lthenderson » Fri Oct 06, 2017 4:55 pm

I too let them sit dormant on Quicken. It is easy to see if the balance isn't zero as I expect it to be.

JBTX
Posts: 1720
Joined: Wed Jul 26, 2017 12:46 pm

Re: ALL account on Quicken?

Post by JBTX » Fri Oct 06, 2017 6:43 pm

I have quite a few credit cards set up in quicken, but I typically haven't set up some of the in store retail cards that aren't frequently used ( I do have Amazon and Target set up separately). However, looking at some of the responses in this thread, I could certainly see some benefit in doing so.

DetroitRick
Posts: 436
Joined: Wed Mar 23, 2016 9:28 am

Re: ALL account on Quicken?

Post by DetroitRick » Fri Oct 06, 2017 6:58 pm

I keep them all on Quicken and update (One Step Update) all automatically - multiple credit cards, bank accounts, brokerage accounts. You can hide accounts in Quicken anyway. By keeping everything updating and visible, I can spot problems and errors quicker. Once an account is closed, then I'll hide it.

User avatar
LadyGeek
Site Admin
Posts: 41664
Joined: Sat Dec 20, 2008 5:34 pm
Location: Philadelphia
Contact:

Re: ALL account on Quicken?

Post by LadyGeek » Fri Oct 06, 2017 9:27 pm

This thread is now in the Personal Finance (Not Investing) forum (tracking personal finance).
To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

Bacchus01
Posts: 1147
Joined: Mon Dec 24, 2012 9:35 pm

Re: ALL account on Quicken?

Post by Bacchus01 » Fri Oct 06, 2017 10:11 pm

Strayshot wrote:
Fri Oct 06, 2017 4:53 pm
I track 30 credit cards, 10 savings and checking accounts, 4 brokerage accounts, 2 401k's, and 4 IRA's in quicken.
Just as Silk mentions, I have also caught fradulent charges almost immediately in quicken. Do it.


What? Why so many!?

Silk McCue
Posts: 391
Joined: Thu Feb 25, 2016 7:11 pm

Re: ALL account on Quicken?

Post by Silk McCue » Sat Oct 07, 2017 10:47 am

Bacchus01 wrote:
Fri Oct 06, 2017 10:11 pm
Strayshot wrote:
Fri Oct 06, 2017 4:53 pm
I track 30 credit cards, 10 savings and checking accounts, 4 brokerage accounts, 2 401k's, and 4 IRA's in quicken.
Just as Silk mentions, I have also caught fradulent charges almost immediately in quicken. Do it.


What? Why so many!?
One reason might be that you manage multiple family members accounts. I currently track mine and my wife’s and my elderly mother’s that lives with us. That includes, bank, investment, credit ... across numerous institutions. Prior to her death in 2016 I also handled my mother-in-laws finances (but not her spending lol) and that in itself was a dozen accounts. Quicken is an excellent yet imperfect tool. I’m glad I’ve had it all these many years.

User avatar
Strayshot
Posts: 276
Joined: Thu Mar 05, 2015 8:04 am
Location: New Mexico

Re: ALL account on Quicken?

Post by Strayshot » Sun Oct 08, 2017 8:47 am

I play the "points and miles game" with credit cards, so quicken lets me see everything in one place to make life easy for my spouse and I. I also use categorization in quicken to get a "gut-check" about whether or not my charges on particular cards are getting the points they should be (3x for dining, 4x for gas, etc).
There are many Quicken haters on here who get up in arms about pricing model changes for the software, but Quicken quite literally saves me thousands of dollars a year in my time.

I also monitor accounts for an elderly family friend but did not include those items, and I am guessing in short order I will be handling my parents accounts as well.

Bacchus01
Posts: 1147
Joined: Mon Dec 24, 2012 9:35 pm

Re: ALL account on Quicken?

Post by Bacchus01 » Sun Oct 08, 2017 10:39 am

Silk McCue wrote:
Sat Oct 07, 2017 10:47 am
Bacchus01 wrote:
Fri Oct 06, 2017 10:11 pm
Strayshot wrote:
Fri Oct 06, 2017 4:53 pm
I track 30 credit cards, 10 savings and checking accounts, 4 brokerage accounts, 2 401k's, and 4 IRA's in quicken.
Just as Silk mentions, I have also caught fradulent charges almost immediately in quicken. Do it.


What? Why so many!?
One reason might be that you manage multiple family members accounts. I currently track mine and my wife’s and my elderly mother’s that lives with us. That includes, bank, investment, credit ... across numerous institutions. Prior to her death in 2016 I also handled my mother-in-laws finances (but not her spending lol) and that in itself was a dozen accounts. Quicken is an excellent yet imperfect tool. I’m glad I’ve had it all these many years.
But 30 credit cards? Wow.

michaeljc70
Posts: 1989
Joined: Thu Oct 15, 2015 3:53 pm

Re: ALL account on Quicken?

Post by michaeljc70 » Sun Oct 08, 2017 2:11 pm

I put every credit card in Quicken. I don't see the harm. Even it is a card I use infrequently, how would you record it if you don't have an account setup? For example, Macy's card. Charge $50. Pay bill from checking for $50. How would you record that? I record $50 in Macy's under clothing (or whatever) and when bill is paid $50 credit to Macy's and $50 debit to checking.

I also see any transactions made on those cards when I do a download (usually daily) to see any fraudulent charges without waiting weeks for a statement.

Post Reply