This article is for Quicken 2005 and earlier. If you have Quicken 2006 or later, read this version of Setting Up Quicken Cash Accounts.
As you set up Quicken accounts, follow these instructions for a better understanding of what you need to do. Quicken cash flow accounts represent your checking, savings, credit card or cash accounts. The cash flow accounts in Quicken are the center of your financial planning.
Difficulty: Average
Time Required: 5 - 8 minutes
Here's How:
- In Quicken, click on the Cash Flow menu (sixth item over on the top bar of menu commands listing File, Edit, and so on).
- Click on Go to Cash Flow Center. The Cash Flow Center opens in Quicken. Click the My Data tab, if it is not already open. You will see the data view, with your accounts and scheduled transactions, if you have any set up already.
- On the lower left of the Spending & Savings Accounts box, click Add Account. The Add New Account wizard opens in Quicken. Select the account type that most closely matches your real-world account.
- Click Next and fill in account name, naming the account something that makes sense to you. Examples of simple account names in Quicken would be Checks, VISA, or Credit Union.
- Fill in the name of financial institution. First try to select the financial by typing the first few letters of the name of the institution, then selecting the name from the drop-down list by clicking on the small down arrow to the right of the Financial Institution name box. If you do not find your financial institution listed, simply type the name into the Financial Institution box.
- Fill in the optional description if you wish. Click on Next. If you were able to select your institution name from the list, click on Next and skip to step 9.
- If you manually entered the financial institution into Quicken, a window appears saying Quicken does not recognize your institution. Quicken will give you some choices that closely match the name of your institution. If one of these institutions is a match, select it. If not, click on 'Or tell Quicken to use the name you entered'. There is also an option listed to show a complete list of institutions which simply shows you the same list you saw on the previous screen.
- Click on Next after you have made your choice for the institution name in Quicken.
- Enter the ending date and balance from your last statement. If you do not have a statement, you may choose to leave the balance at zero since changes can be made to the account later. Click Done.
- Your new account has now been added to your Account List in Quicken. To see your Account List, choose Tools menu, then choose Account List.
What You Need:
- The last statement for the account you are setting up.
