And More & More Great Quicken Tips - Page 9

TIP: ACCOUNT FOR ALL TRANSACTIONS

If you're like most of us, you've probably received a canceled check from the bank and wondered what it was for. Instead of wracking your brain trying to remember, get into the habit of making a notation on your checks' Memo lines, no matter how mundane or obvious the check may be. The same advice applies to the Memo field in Quicken's transactions. These fields not only remind you of the nature of the transaction, but they also can hold any descriptive information you'd like to record. Rather than creating a whole new subcategory to track specific purchases, for example, you can use the Memo field to enter in the items you purchased. For example, if you have a Category named Gifts, you can use the Memo field to enter the name of the individual for whom you purchased the gift. Or if you go to dinner with a friend, you can assign the Dining Category to the transaction and then enter your friend's name in the Memo field. In any case, as you enter transactions, get into the habit of supplying as much information as you can in the Memo fields.

______________________________________________________________

TIP: TRACK YOUR INVESTMENTS--PART 1 OF 6

Okay, so you've been playing the stock market for some time, and every time those statements arrive, you promise yourself that this month you'll start actively tracking the performance of your investment portfolio. Well, procrastinate no more. In this series of tips, we show you how to set up that Investment account in Quicken. Next month, we concentrate on how to keep on top of its performance. To create an Investment account: 1. Choose Features + Investments + Create New Investment. 2. Click OK in the Enter a New Investment box. 3. Enter a name for the Investment account and an optional description; then click Next. 4. Select No in the resulting dialog box; (regarding application for online service) then click Next. 5. If your investment account also allows you to withdraw money through a checking account or debit card, select Yes; otherwise, select No. Click Next. 6. If your investment account contains multiple stocks, bonds, or several mutual funds, select that option; otherwise, select One mutual fund. Click Next. 7. Indicate whether this account is tax deferred and click Next. 8. Review the information displayed in the Summary screen and make any necessary changes. (It's a good idea to use the Info screen to record as much information as you can about the account.) Click Done when you have finished. 9. At this point, the Security Setup screen appears. Quicken uses this series of screens to help you enter your securities. The options displayed in these screens vary depending on the type of security you are adding to the account. For now, click Cancel and then click Yes to cancel the setup screen and return to your new Investment account register. Over the next few days, we show you how to add specific security types to your Investment account.

______________________________________________________________

TIP: TRACK YOUR INVESTMENTS--PART 2 OF 6

Our last tip started you on the process of tracking your investments in Quicken. To create an Investment account, choose Features + Investments + Create New Investment and then follow the Account Setup screen, providing the required information. In this tip, we show you how to add stocks to your account.

1. Choose Features + Investments + Create New Investment.

2. Select I Want to Setup a Security in an Existing Account. Click OK.

3. The Security Setup screen appears. Click Next to begin the setup process.

4. From the Account Name drop-down list, select the Investment account in which you want to add the security. Click Next.

5. Enter a name for the first security you are tracking. For example, enter the name of the company whose stocks you have purchased.

6. Enter the ticker symbol for the security.

7. Select Stock as the type of security and click Next.

8. Click Next to skip over the resulting screen. (We explain the Investment goal and Asset class options in upcoming tips.)

9. Indicate the date from which you want to start tracking the security. You can choose the current date, the end of last year, or the date you purchased the stock. To choose this last option, you will have to enter the date you bought the stock. Click Next.

10. Enter the number of shares you purchased, the cost per share, and the commission fee on the transaction. Note that the Total Cost is calculated at the bottom of the screen. Click ENTER and you are done..

When you create a report, do you very rarely customize the settings? If so, you can turn off the display of the Create Report screen altogether; this window appears by default whenever you create a report. To turn off the window, you must first generate a report or switch to a report you have already created.

1. Choose Reports + Home + Cash Flow, or any other report type and click the Create button at the bottom of the Create Report screen. Or, click on the appropriate QuickTab to switch to an existing report.
2. Click the Options button located in the upper right corner of the report screen.
3. In the resulting Report Options dialog box, select the Skip Create Report Prompt box.
4. Click OK.

Now, the next time you create a report, Quicken will do just that, create a report. If you need to make any changes to the report's settings, click the Customize button located in the upper left corner of the report screen and make your changes as necessary.

****************************************************************

TIP: WHAT'S YOUR NET WORTH?--PART 1 OF 2

It's time to start planning for the new year. Maybe 1999 will be the year you buy a new house or finally do all that work on your existing home that you've been putting off. Before you make any life purchases, the first thing you need to do is to figure out how much you're worth, better known as your net worth.
To calculate your net worth, you must determine how much cash you have on hand or available to you (known as your assets) and then compare it with any outstanding debt (known as liabilities). The difference between these two amounts represents your net worth. Quicken's Net Worth report produces just that--a report that compares your assets to your liabilities.

To calculate your net worth:

<:I> From the menubar, choose Reports + Home + Net Worth.
1. In the Create Report screen, enter the last date of the current year in the Report Balance of field.
2. Click the Create button located at the bottom of the screen to generate the report.

The resulting Net Worth report is comprised of two parts. The Assets portion contains the balances of your checking, cash, asset and investment accounts. The Liabilities section contains the balances of your credit or charge card accounts, as well as any liability accounts you may already have, including existing home mortgages, car loans, and the like. The Overall Total portion of the report then calculates the difference between your assets and liabilities. It is this figure, among others, that the bank or lending institution looks at to determine your viability as a loan candidate.

_________________________________________________________________

TIP: WHAT'S YOUR NET WORTH?--PART 2 OF 2

In our last tip, we introduced Quicken's Net Worth reporting tool, which helps you determine how much you are worth. To calculate your net worth, choose Reports + Home + Net Worth.
The Overall Total figure represents your net worth. Before you become too discouraged, you might want to take a closer look at your possessions to determine if you can assume them as Assets. For instance, even if you currently have a car loan, you can add the present value of your car (minus the loan balance of course) to the net worth report as an asset. To obtain the car's worth, either get the blue book value from your insurer or simply enter what you think the car is reasonably worth. You can also create asset accounts for any land you may own, or any jewels you may have (ha! We should be so lucky.) Basically, you want to include in your report any items that could potentially lead to additional cash.

To add your car (or other item) as an asset:

1. From the menubar, choose Lists + Account.
2. Click the New button located in the upper left corner of the Account List window.
3. Select Asset from the list of account types and click Next.
4. Enter a name for the account, such as My Car, and click Next.
5. Select Yes in the following dialog box to indicate that you will set the amount of the asset and click Next.
6. Enter the current value of the asset in the Value field and click Next.
7. Review the information in the Summary screen and then click Done to complete the account setup. If you need to make any changes, do so and then click Done.

If necessary, choose Reports + Home + Net Worth to create a new Net Worth report to include your additional assets. Or, switch back to the Net Worth Quicktab to see your updated report and Overall Total.

____________________________________________________________________________________________

TIP: CLEARING YOUR DESKTOP

Are you the type who cleans off your desk before leaving work for the day? If so, we don't want to talk to you. For all those who can't seem to rid their physical desktop of the day's work and look to those who can with envy, this tip is for you. (Well, okay, seeing as it is the holiday season, you neat freaks can listen in too.) Unless you indicate otherwise, Quicken saves the location of each and every window you have open when you quit the program. But more often than not, you'd like to start your Quicken day with a clean slate right? Well, even if you can't clean up your actual desktop, you can at least clear your Quicken desktop when you exit the program. To do so, you must first indicate to Quicken which windows you want to remain open when you start the program and then record that setting.

To clear your Quicken desktop:

1. First, close all those windows you don't want Quicken to save. To close a window, click the X located in the upper right hand corner of the screen.
2. Choose Edit + Options + Desktop.
3. Select Save Current Desktop and click OK.

Now, the next time you start Quicken, only those windows that you indicated should remain open will be shown.

WANT MORE & BETTER TIPS? BACK TO PREVIOUS PAGE OF TIPS BACK TO QUICKEN HOME PAGE