Quicken 2019 and forward

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FiveK
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Re: Quicken 2019 and forward

Post by FiveK »

stan1 wrote: Tue Aug 30, 2022 9:46 pm I was prompted to do the Chase credit card migration tonight. Followed directions, logged into the Chase site and selected the 4 credit card accounts. Quicken would not link the online accounts to the existing accounts, wanted to add them as new.

I stopped and saved a full backup.

Then I deactivated the 4 Chase credit card accounts separately and tried again. This time the correct online accounts were linked to their existing Quicken account as expected.
Only one Chase credit card account, but otherwise had exactly the same experience - after reading your note so "forewarned is forearmed" applied. Thanks!
DetroitRick
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Re: Quicken 2019 and forward

Post by DetroitRick »

stan1 wrote: Tue Aug 30, 2022 9:46 pm I was prompted to do the Chase credit card migration tonight. Followed directions, logged into the Chase site and selected the 4 credit card accounts. Quicken would not link the online accounts to the existing accounts, wanted to add them as new.

I stopped and saved a full backup.

Then I deactivated the 4 Chase credit card accounts separately and tried again. This time the correct online accounts were linked to their existing Quicken account as expected.
Your post was much appreciated. Read it last night, was prompted for the migration this morning. Some accounts (I have both bank and credit cards at Chase) would have linked, while most wouldn't. Did exactly as you suggested (manually deactivated the accounts, reinitiated conversion) and all worked. You saved me some digging - so thanks.

To add, when I got to that "successful download", two minor issues remained for me. I had to delete 90 days of history that was re-downloaded. Back with Schwab conversion this was a huge issue for some - with years of transactions and no bulk delete function. Now Quicken has fixed it so that you can bulk delete. Cleanup of first download took me just seconds.

I also noticed that my credit card registers were off. Turned out to be an extraneous "opening balance" download at the beginning of each register from all this. Didn't happen with bank accounts. Anyway, a quick deletion and I was good to go, with registers matching Chase.

Thanks again for posting this. Big time saver for me.
PSM
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Re: Quicken 2019 and forward

Post by PSM »

Oh no. Just got an email from Quicken saying that Bank of America account holders will need to do a migration.
I also went through the Schwab debacle.
However, Quicken has served me well for the decades I have used it. I still have to manually edit some of the downloads coming from the banks and brokerages, but not very often.
I also love to use TurboTax.
If anything ever happens to me unexpectedly, my wife will always be able to open Quicken and see how we stand financially, since I manage our assets.
Mkw
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Re: Quicken 2019 and forward

Post by Mkw »

My Quicken download connection with Fidelity stopped working 3 weeks ago. Quicken forum offers weekly “work in progress” update with no ETA for resolution.
Anyone else experiencing the same?
michaeljc70
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Re: Quicken 2019 and forward

Post by michaeljc70 »

Mkw wrote: Wed Aug 31, 2022 6:56 pm My Quicken download connection with Fidelity stopped working 3 weeks ago. Quicken forum offers weekly “work in progress” update with no ETA for resolution.
Anyone else experiencing the same?
No. I don't have Fidelity accounts, However...and I'm not trying to be a troll....but these comments that paying a subscription fee will make everything great are just nonsense. I think people thinking a private equity group buying the company was going to make things better for consumers and not the bottom line are kind of silly. And I am a die hard capitalist. Yet...as I've said before....I am addicted to Quicken and don't like the alternatives.
marcopolo
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Re: Quicken 2019 and forward

Post by marcopolo »

Mkw wrote: Wed Aug 31, 2022 6:56 pm My Quicken download connection with Fidelity stopped working 3 weeks ago. Quicken forum offers weekly “work in progress” update with no ETA for resolution.
Anyone else experiencing the same?
My Fidelity connection is working fine currently. But...

This happens to me periodically, maybe once every 6 months or so. I have found that picking one of my accounts and going to the online services menu and either resetting, or in a few cases disabling/re-enabling the online connection for that account resolves the connection issue for all my Fidelity accounts.
Once in a while you get shown the light, in the strangest of places if you look at it right.
InMyDreams
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Re: Quicken 2019 and forward

Post by InMyDreams »

michaeljc70 wrote: Wed Aug 31, 2022 7:29 pm...I am addicted to Quicken and don't like the alternatives.
Yeah. Worked in an ancient copy of Quicken for years, finally got worried enough about support that I decided it was time to move. On to a Mac-based app. Tried the two big competitors. Finally went to Q for Mac. Really wish I were working in my old standalone Quicken. Hope the Q for Windows sub has better features.
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LadyGeek
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Re: Quicken 2019 and forward

Post by LadyGeek »

DetroitRick wrote: Wed Aug 31, 2022 10:49 am
stan1 wrote: Tue Aug 30, 2022 9:46 pm I was prompted to do the Chase credit card migration tonight. Followed directions, logged into the Chase site and selected the 4 credit card accounts. Quicken would not link the online accounts to the existing accounts, wanted to add them as new.

I stopped and saved a full backup.

Then I deactivated the 4 Chase credit card accounts separately and tried again. This time the correct online accounts were linked to their existing Quicken account as expected.
Your post was much appreciated. Read it last night, was prompted for the migration this morning. Some accounts (I have both bank and credit cards at Chase) would have linked, while most wouldn't. Did exactly as you suggested (manually deactivated the accounts, reinitiated conversion) and all worked. You saved me some digging - so thanks.
...
FYI - Quicken just updated. I don't have Chase, but thought this would help. From the release notes:
Version R43.20 (HF1)(Sep, 2022)
What's fixed

- While reauthorizing Chase accounts, even though accounts were linked, existing account names that are linked were not shown. Also, in some cases accounts were not linked automatically, causing duplicate accounts.
If this was the only thing they fixed, it must have been a serious problem.
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CardinalRule
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Re: Quicken 2019 and forward

Post by CardinalRule »

After my Schwab experience, I'm waiting until the last possible date to apply the Chase (checking, credit cards) migration steps in Quicken.

My one-step connections to Citi (credit card), Capital One (savings and credit card), Fidelity and NetBenefits, TD Ameritrade, Chase, Schwab, Barclays (savings), American Express (savings and credit card), BofA (credit card) and Wells Fargo (brokerage and checking) are all working well at the moment, and I have not had any recent issues with them.
DetroitRick
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Re: Quicken 2019 and forward

Post by DetroitRick »

LadyGeek wrote: Tue Sep 06, 2022 7:42 am FYI - Quicken just updated. I don't have Chase, but thought this would help. From the release notes:
Version R43.20 (HF1)(Sep, 2022)
What's fixed

- While reauthorizing Chase accounts, even though accounts were linked, existing account names that are linked were not shown. Also, in some cases accounts were not linked automatically, causing duplicate accounts.
If this was the only thing they fixed, it must have been a serious problem.
[ quote fixed by admin LadyGeek]

Thanks LadyGeek. Yeah, I think it was a serious problem for many, based on reports in Quicken Community. I saw and installed that this morning, even though I was already up and running. As always, I was relieved when the new update didn't cause new problems :sharebeer . But the week is young....
spammagnet
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Re: Quicken 2019 and forward

Post by spammagnet »

CardinalRule wrote: Tue Sep 06, 2022 8:13 am After my Schwab experience, I'm waiting until the last possible date to apply the Chase (checking, credit cards) migration steps in Quicken.

My one-step connections to Citi (credit card), Capital One (savings and credit card), Fidelity and NetBenefits, TD Ameritrade, Chase, Schwab, Barclays (savings), American Express (savings and credit card), BofA (credit card) and Wells Fargo (brokerage and checking) are all working well at the moment, and I have not had any recent issues with them.
I have no experience with Schwab. My experience with Chase was almost painless. I learned that I had to deactivate all Quicken card accounts on the Chase login being activated. When I did that, it worked as expected.

I agree that it's harmless to wait unless Chase sunsets the old connection.
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CardinalRule
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Re: Quicken 2019 and forward

Post by CardinalRule »

spammagnet wrote: Wed Sep 07, 2022 11:26 am
CardinalRule wrote: Tue Sep 06, 2022 8:13 am After my Schwab experience, I'm waiting until the last possible date to apply the Chase (checking, credit cards) migration steps in Quicken.

My one-step connections to Citi (credit card), Capital One (savings and credit card), Fidelity and NetBenefits, TD Ameritrade, Chase, Schwab, Barclays (savings), American Express (savings and credit card), BofA (credit card) and Wells Fargo (brokerage and checking) are all working well at the moment, and I have not had any recent issues with them.
I have no experience with Schwab. My experience with Chase was almost painless. I learned that I had to deactivate all Quicken card accounts on the Chase login being activated. When I did that, it worked as expected.

I agree that it's harmless to wait unless Chase sunsets the old connection.
Thanks - I deactivated all three of my accounts (checking and two cards) and everything worked smoothly. :beer
spammagnet
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Re: Quicken 2019 and forward

Post by spammagnet »

CardinalRule wrote: Thu Sep 15, 2022 10:06 pm
spammagnet wrote: Wed Sep 07, 2022 11:26 am
CardinalRule wrote: Tue Sep 06, 2022 8:13 am After my Schwab experience, I'm waiting until the last possible date to apply the Chase (checking, credit cards) migration steps in Quicken.

My one-step connections to Citi (credit card), Capital One (savings and credit card), Fidelity and NetBenefits, TD Ameritrade, Chase, Schwab, Barclays (savings), American Express (savings and credit card), BofA (credit card) and Wells Fargo (brokerage and checking) are all working well at the moment, and I have not had any recent issues with them.
I have no experience with Schwab. My experience with Chase was almost painless. I learned that I had to deactivate all Quicken card accounts on the Chase login being activated. When I did that, it worked as expected.

I agree that it's harmless to wait unless Chase sunsets the old connection.
Thanks - I deactivated all three of my accounts (checking and two cards) and everything worked smoothly. :beer
I was prompted today to reactivate some Bank of America connections for the same reason - conversion to EWC+. I reactivated them as prompted without deactivating them first. They processed without flaws.
MGBMartin
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Re: Quicken 2019 and forward

Post by MGBMartin »

I got the must re-authorize my Chase CC notification last week which I did.
The darned thing did not seem to care I already the account in Quicken and would not let me link to the existing account.
I kept the new account and moved all transactions from the existing to the new one, something I shouldn’t have to do.
Come on Quicken it’s not brain science.
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Silk McCue
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Re: Quicken 2019 and forward

Post by Silk McCue »

MGBMartin wrote: Fri Sep 16, 2022 10:10 am I got the must re-authorize my Chase CC notification last week which I did.
The darned thing did not seem to care I already the account in Quicken and would not let me link to the existing account.
I kept the new account and moved all transactions from the existing to the new one, something I shouldn’t have to do.
Come on Quicken it’s not brain science.
They have already fixed that issue with an update.

Cheers
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LadyGeek
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Re: Quicken 2019 and forward

Post by LadyGeek »

The latest update of Quicken overwrote my splash screen image (what you see when Quicken first starts).

In C:\ProgramData\Quicken\Config\QUICKEN.INI, look for the line which starts with "Splash=".

Code: Select all

Splash=C:\ProgramData\Quicken\07776\SPLASH.BMP
Overwrite that file with the image of your choice. Or, change the path to something else.
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michaeljc70
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Re: Quicken 2019 and forward

Post by michaeljc70 »

Silk McCue wrote: Fri Sep 16, 2022 12:11 pm
MGBMartin wrote: Fri Sep 16, 2022 10:10 am I got the must re-authorize my Chase CC notification last week which I did.
The darned thing did not seem to care I already the account in Quicken and would not let me link to the existing account.
I kept the new account and moved all transactions from the existing to the new one, something I shouldn’t have to do.
Come on Quicken it’s not brain science.
They have already fixed that issue with an update.

Cheers
Yes. I had that issue and they did fix it. I however did receive additional emails after that saying I needed to update my Chase accounts even though they were all switched to express connect.
MGBMartin
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Re: Quicken 2019 and forward

Post by MGBMartin »

michaeljc70 wrote: Fri Sep 16, 2022 8:31 pm
Silk McCue wrote: Fri Sep 16, 2022 12:11 pm
MGBMartin wrote: Fri Sep 16, 2022 10:10 am I got the must re-authorize my Chase CC notification last week which I did.
The darned thing did not seem to care I already the account in Quicken and would not let me link to the existing account.
I kept the new account and moved all transactions from the existing to the new one, something I shouldn’t have to do.
Come on Quicken it’s not brain science.
They have already fixed that issue with an update.

Cheers
Yes. I had that issue and they did fix it. I however did receive additional emails after that saying I needed to update my Chase accounts even though they were all switched to express connect.
They may have fixed but that doesn’t help me and I too have received additional emails regarding updating my Chase account. I am away from home for a while so I am anticipating more shenanigans when I get home.
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michaeljc70
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Re: Quicken 2019 and forward

Post by michaeljc70 »

MGBMartin wrote: Sat Sep 17, 2022 3:26 am
michaeljc70 wrote: Fri Sep 16, 2022 8:31 pm
Silk McCue wrote: Fri Sep 16, 2022 12:11 pm
MGBMartin wrote: Fri Sep 16, 2022 10:10 am I got the must re-authorize my Chase CC notification last week which I did.
The darned thing did not seem to care I already the account in Quicken and would not let me link to the existing account.
I kept the new account and moved all transactions from the existing to the new one, something I shouldn’t have to do.
Come on Quicken it’s not brain science.
They have already fixed that issue with an update.

Cheers
Yes. I had that issue and they did fix it. I however did receive additional emails after that saying I needed to update my Chase accounts even though they were all switched to express connect.
They may have fixed but that doesn’t help me and I too have received additional emails regarding updating my Chase account. I am away from home for a while so I am anticipating more shenanigans when I get home.
1) I got a message today in Quicken that I need to upgrade my Chase accounts. I have 2 active Chase accounts and both show Express Web Connect. I verified I have no old Chase accounts with online services enabled.

2) When I go into the account list, my 2 active Chase accounts say I have transaction download and show an "improve connection" link. Clicking this prompts me to change back to the Direct Connect method they are discontinuing!
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Re: Quicken 2019 and forward

Post by LadyGeek »

Quicken just pushed out another update:
Version R43.32 (HF3) (Sep, 2022)
What’s Fixed
An issue where migration to Express Web Connect Plus caused duplicate transactions for Chase investment accounts.
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MGBMartin
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Re: Quicken 2019 and forward

Post by MGBMartin »

I’m going to write out 25 times.
Must make a backup before doing the Chase update again.
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Re: Quicken 2019 and forward

Post by TomatoTomahto »

Got an email from the CEO today discussing changes. The one that I really appreciated was one that I recently noticed: much improved handling of RSUs. I continue to be happy to pay my Quicken subscription.
I get the FI part but not the RE part of FIRE.
DetroitRick
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Re: Quicken 2019 and forward

Post by DetroitRick »

michaeljc70 wrote: Wed Sep 21, 2022 8:00 am
1) I got a message today in Quicken that I need to upgrade my Chase accounts. I have 2 active Chase accounts and both show Express Web Connect. I verified I have no old Chase accounts with online services enabled.

2) When I go into the account list, my 2 active Chase accounts say I have transaction download and show an "improve connection" link. Clicking this prompts me to change back to the Direct Connect method they are discontinuing!
Same exact thing here. I have a feeling everybody got that redundant first message. I safely ignored it (mine came over the past weekend), and my downloads all still work perfectly. And I have that "improve connection link" showing now too. Really it just looks like Quicken just forgot to kill that link, since going back to Direct Connect isn't what we want.
spammagnet
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Re: Quicken 2019 and forward

Post by spammagnet »

LadyGeek wrote: Wed Sep 21, 2022 1:39 pm Quicken just pushed out another update:
Version R43.32 (HF3) (Sep, 2022)
What’s Fixed
An issue where migration to Express Web Connect Plus caused duplicate transactions for Chase investment accounts.
If you don't have Quicken set to automatically accept downloaded transactions, it's easy to delete them before they're saved in the account.
spammagnet
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Re: Quicken 2019 and forward

Post by spammagnet »

michaeljc70 wrote: Wed Sep 21, 2022 8:00 am1) I got a message today in Quicken that I need to upgrade my Chase accounts. I have 2 active Chase accounts and both show Express Web Connect. I verified I have no old Chase accounts with online services enabled. ...
The new connection is "Express Web Connect+". The difference is that you have to authenticate directly through a web page that Chase presents. When you do, and authorize Quicken/Intuit to connect to Chase, Chase sends a certificate (or something to that effect) to Intuit. User IDs and passwords are no longer involved. You can rescind the authority at any time through the Chase web site.
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Re: Quicken 2019 and forward

Post by CardinalRule »

TomatoTomahto wrote: Wed Sep 21, 2022 2:10 pm Got an email from the CEO today discussing changes. The one that I really appreciated was one that I recently noticed: much improved handling of RSUs. I continue to be happy to pay my Quicken subscription.
I bought a tiny bit of bitcoin last year; I was not aware of the Crypto support until I read the letter.
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Re: Quicken 2019 and forward

Post by spammagnet »

CardinalRule wrote: Wed Sep 21, 2022 10:31 pm
TomatoTomahto wrote: Wed Sep 21, 2022 2:10 pmGot an email from the CEO today discussing changes. The one that I really appreciated was one that I recently noticed: much improved handling of RSUs. I continue to be happy to pay my Quicken subscription.
I bought a tiny bit of bitcoin last year; I was not aware of the Crypto support until I read the letter.
New partnership items recently appeared in the list under the "enter transactions" button in investment accounts.
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CardinalRule
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Re: Quicken 2019 and forward

Post by CardinalRule »

I was prompted to reauthorize my Bank of America credit card for download this weekend. It seemed to go OK. I was redirected back to Quicken and I confirmed the link to the existing account.

The email I subsequently received from BofA was interesting, in that it refers to Intuit. I assume that Intuit is licensing technology or providing services to its former Quicken unit (and/or to BofA). I can't recall if the messaging from Chase was the same.

We're letting you know that on 09/25/2022 we received your request and consent to share your information with Quicken (via Intuit). Because your security is our top priority, we've recently improved the way your info is shared by eliminating the need for Quicken (via Intuit) to store and use your login credentials.

Use of your account info by Quicken (via Intuit) is governed by your agreement with them, not by Bank of America. You can always log in and visit your Security Center to view and, if you choose, revoke your consent at any time.
stan1
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Re: Quicken 2019 and forward

Post by stan1 »

Now it is Discover that won't update. Enter card number and password to reauthorize, account not found. Enter login ID (different than account number) and password, account found but asks again for card number with the next update.
miket29
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quicken budgets - are they useful?

Post by miket29 »

[Thread merged into here --admin LadyGeek]

I wanted to monitor my spending this year so I spent some time in January setting up a budget based on last years expenses and what I want to spend this year. For ordinary expenses the budget has helped out but for expenses that occur only every few years it seems to not be very good at all. I'm hoping someone in the community has found a way to make this helpful or can give another approach they've found better.

To give further detail, I had two larger expenses this year. The car needed new tires, and the TV decided it wanted to be replaced by making a loud popping sound and then no longer working. The problem is Quicken sees these expenses and applies the total amount to their budget category this year rather than applying a portion over multiple years. So even though I hope the tires and TV last several years my spending looks pretty bad this year.

Is there a way to use the Quicken budget with expenses that only occur every few years?
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Re: quicken budgets - are they useful?

Post by Gill »

I basically use a sinking fund approach but only for large infrequent expenses. For example, if I anticipate replacing my car every five years with a cash layout of $25,000 I sinply put $5000 in my budget over the next five years. Seems to work for me
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GuyInFL
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Re: quicken budgets - are they useful?

Post by GuyInFL »

Gill wrote: Mon Sep 26, 2022 8:15 pm I basically use a sinking fund approach but only for large infrequent expenses. For example, if I anticipate replacing my car every five years with a cash layout of $25,000 I simply put $5000 in my budget over the next five years. Seems to work for me
Gill
+1
Don't worry about small purchases like tires and TVs. Things like this always pop up.
prd1982
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Re: quicken budgets - are they useful?

Post by prd1982 »

I use a OTHER category that I give a percentage of my overall budget. I put the amt in December. When I have these medium sized expenses, I move the money from OTHER to the appropriate budget. Every year has some of these expenses; you just never know what they are ahead of time. For the truly large (eg car) I hopefully have budgeted it for the year.

I use a budget more to track how I have spent the money rather than limit my spending. For example, we have gone way over on food this year. I do use the budget to help control my discretionary spending (e.g., electronics and yard tools).
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Re: Quicken 2019 and forward

Post by LadyGeek »

I merged miket29's thread into the ongoing discussion.

(Thanks to the member who reported the post and provided a link to this thread.)
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Re: Quicken 2019 and forward

Post by Gryphon »

stan1 wrote: Mon Sep 26, 2022 8:01 pm Now it is Discover that won't update. Enter card number and password to reauthorize, account not found. Enter login ID (different than account number) and password, account found but asks again for card number with the next update.
Discover is dropping support for Direct Connect. If you're using Direct Connect, you'll need to change to Express Web Connect (Quicken Connect if you're a Mac user).

I heard a few days ago that this was coming but there hasn't been any official announcement anywhere, they just sprung it on us. When I synced my accounts earlier this evening I got the pop-up telling me to change the connection method.
Last edited by Gryphon on Mon Sep 26, 2022 10:38 pm, edited 2 times in total.
stan1
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Re: Quicken 2019 and forward

Post by stan1 »

Gryphon wrote: Mon Sep 26, 2022 10:23 pm
stan1 wrote: Mon Sep 26, 2022 8:01 pm Now it is Discover that won't update. Enter card number and password to reauthorize, account not found. Enter login ID (different than account number) and password, account found but asks again for card number with the next update.
Discover is dropping support for Direct Connect. If you're using Direct Connect, you'll need to change to Express Web Connect (Quicken Connect if you're a Mac user).

I heard a few days ago that this was coming but there hasn't been any official announcement anywhere, they just dropped it on us.
I had to deactivate direct connect manually, then was able to reactivate using express web connect.
miket29
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Re: quicken budgets - are they useful?

Post by miket29 »

prd1982 wrote: Mon Sep 26, 2022 8:32 pm I use a OTHER category that I give a percentage of my overall budget. I put the amt in December. When I have these medium sized expenses, I move the money from OTHER to the appropriate budget. Every year has some of these expenses; you just never know what they are ahead of time. For the truly large (eg car) I hopefully have budgeted it for the year.

I use a budget more to track how I have spent the money rather than limit my spending. For example, we have gone way over on food this year. I do use the budget to help control my discretionary spending (e.g., electronics and yard tools).
Thanks for you post, it gave me an idea on how to set up the budgeting. We are slightly different in that I look every 3 mos or at the annual view of my budget to see how I'm doing and how much I have left in various categories. So for example if I've allocated X for travel during the year and I find I've already spent most of it I can either change my plan or decide to rein in travel spending for the rest of the year.

What I'm going to do is track large expenditures over $1K for durable items (TV, etc) into a single asset account I'm calling Depreciation. That is a transfer in Quicken, not an expense. From the Depreciation account I'm scheduling a transaction every January for each item I put in to create an expense of the lifetime that has expired. So if I assume my TV will last 10 years like the last one did I create an Electronics expense of 1/10th the purchase price. By putting the expense in January then anytime I look at my budget I will see how much I have left in each category for the rest of the year.
michaeljc70
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Re: quicken budgets - are they useful?

Post by michaeljc70 »

miket29 wrote: Tue Sep 27, 2022 2:25 pm
prd1982 wrote: Mon Sep 26, 2022 8:32 pm I use a OTHER category that I give a percentage of my overall budget. I put the amt in December. When I have these medium sized expenses, I move the money from OTHER to the appropriate budget. Every year has some of these expenses; you just never know what they are ahead of time. For the truly large (eg car) I hopefully have budgeted it for the year.

I use a budget more to track how I have spent the money rather than limit my spending. For example, we have gone way over on food this year. I do use the budget to help control my discretionary spending (e.g., electronics and yard tools).
Thanks for you post, it gave me an idea on how to set up the budgeting. We are slightly different in that I look every 3 mos or at the annual view of my budget to see how I'm doing and how much I have left in various categories. So for example if I've allocated X for travel during the year and I find I've already spent most of it I can either change my plan or decide to rein in travel spending for the rest of the year.

What I'm going to do is track large expenditures over $1K for durable items (TV, etc) into a single asset account I'm calling Depreciation. That is a transfer in Quicken, not an expense. From the Depreciation account I'm scheduling a transaction every January for each item I put in to create an expense of the lifetime that has expired. So if I assume my TV will last 10 years like the last one did I create an Electronics expense of 1/10th the purchase price. By putting the expense in January then anytime I look at my budget I will see how much I have left in each category for the rest of the year.
$1k over 10 years is $100 a year. That seems pretty trivial. I don't have a lot of purchases of items over $1k. I amortize car purchases over 7 years- straight line depreciation. Of course the car still has value after 7 years and much more appreciation comes at the beginning but this keeps it simple. I schedule a transaction every month for car price/ (12*7).

The only other expenses I might capitalize (and not depreciate) are certain home improvements that are not maintenance or replacing something because it broke.

In the last couple years I spent around $8k on a door, window and exterior work. I just expensed it. Yes, it makes my expenses a little lumpy but that is okay. If I really want to know what my expenses are I can average 2, 3, 4 or 5 years together or fairly easily remove those big ticket items (subtracting them from the Quicken Report). You could also use the tag feature on transactions for large/lumpy expenses to easily exclude them from reports.
miket29
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Re: quicken budgets - are they useful?

Post by miket29 »

michaeljc70 wrote: Tue Sep 27, 2022 2:43 pm $1k over 10 years is $100 a year. That seems pretty trivial.
Which is exactly why I'm doing it this way. Since I'm retired a $1K expense for a TV (for example) may exceed everything I planned on spending in electronics for the year but $100 is, as you say, trivial. So if I want to buy other electronic goodies and only count $100 as the expense I don't think I have nothing left to spend during the year and stay in my budget.

I think this will work for me, others may prefer a different approach
michaeljc70
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Re: quicken budgets - are they useful?

Post by michaeljc70 »

miket29 wrote: Tue Sep 27, 2022 2:49 pm
michaeljc70 wrote: Tue Sep 27, 2022 2:43 pm $1k over 10 years is $100 a year. That seems pretty trivial.
Which is exactly why I'm doing it this way. Since I'm retired a $1K expense for a TV (for example) may exceed everything I planned on spending in electronics for the year but $100 is, as you say, trivial. So if I want to buy other electronic goodies and only count $100 as the expense I don't think I have nothing left to spend during the year and stay in my budget.

I think this will work for me, others may prefer a different approach
Yes, budgeting is highly personal. I don't really budget on a line item level. I have a total of all expenses that I try to roughly stay under. If I go over I look at what categories I spent more in and possibly why. Then I usually have one of two reactions: It was a lumpy expense that I had to incur or I didn't realize I was spending that much more on X (and decide if it was worth it or I was just careless).
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