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ALL account on Quicken?

Posted: Fri Oct 06, 2017 4:39 pm
by Keepcalm
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".

Re: ALL account on Quicken?

Posted: Fri Oct 06, 2017 4:48 pm
by Silk McCue
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.

Re: ALL account on Quicken?

Posted: Fri Oct 06, 2017 4:53 pm
by Strayshot
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.

Re: ALL account on Quicken?

Posted: Fri Oct 06, 2017 4:55 pm
by lthenderson
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.

Re: ALL account on Quicken?

Posted: Fri Oct 06, 2017 6:43 pm
by JBTX
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.

Re: ALL account on Quicken?

Posted: Fri Oct 06, 2017 6:58 pm
by DetroitRick
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.

Re: ALL account on Quicken?

Posted: Fri Oct 06, 2017 9:27 pm
by LadyGeek
This thread is now in the Personal Finance (Not Investing) forum (tracking personal finance).

Re: ALL account on Quicken?

Posted: Fri Oct 06, 2017 10:11 pm
by Bacchus01
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!?

Re: ALL account on Quicken?

Posted: Sat Oct 07, 2017 10:47 am
by Silk McCue
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.

Re: ALL account on Quicken?

Posted: Sun Oct 08, 2017 8:47 am
by Strayshot
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.

Re: ALL account on Quicken?

Posted: Sun Oct 08, 2017 10:39 am
by Bacchus01
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.

Re: ALL account on Quicken?

Posted: Sun Oct 08, 2017 2:11 pm
by michaeljc70
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.