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What You Can Do with Quicken Online
Is Quicken Online for You?

by Shelley Elmblad
for About.com

While Intuit has offered TurboTax Online tax software for some years, Quicken Online is Intuit's first venture into online personal finance software. Find out if Quicken Online is right for your money management needs.

Who Should Use Quicken Online

See how you can track spending with Quicken Online. Courtesy of Intuit
Quicken Online is free online personal finance software for consumers who want:
  • simple help with living within their means
  • reminders to pay bills on time
  • all checking, savings and credit card accounts together in one place
  • to use reasonably priced, online software
  • no hassles with account or software updates
While Quicken Online was designed with younger consumers who may be living from paycheck to paycheck in mind, anyone who wants the listed features can try Quicken Online.

If you need more advanced features like investment tracking or tax planning, check out Quicken Desktop. For a mobile solution, use Pocket Quicken for Windows Mobile SmartPhones, Pocket PCs or Palm OS devices (syncs with Quicken desktop software).

What Quicken Online Delivers

Monitor your account balances, upcoming bills and spending with the Quicken Online home page.Courtesy of Intuit
  • Windows, Mac or Linux platforms use Internet Explorer, Safari, or Firefox browsers to run Quicken Online.
  • Quicken Online is also iPhone compatible, and sends bill payment reminders to a cell phone or email.
  • View bills, spending details, account balances and transactions on any computer or device that can use the Web where ever there is an Internet connection.
  • View a simple analysis of your spending habits with pie chart graphs that represent spending categories, and drill down to transactions from graphs.
  • Transactions for accounts in Quicken Online automatically download each night, with transactions being automatically categorized.
  • Connects to over 5,000 financial institutions.
  • Fast, easy set up.

How Quicken Online Automates Personal Finances

Courtesy of Intuit
Quicken Online automatically updates account transactions nightly, and you can add transactions manually the day the expenses occur to get the RealBalanceTM real-time view of account balances.

Quicken Online automatically categorizes transactions and chooses payee names for transactions. Edit categories or payees in transactions and Quicken Online will remember your preferences from then-on.

Setting up Quicken Online is straight forward. Select your financial institution and enter the information required to log in to an account. Quicken Online then automatically populates the account with in 90 days worth of transactions.

What Could be Next for Quicken Online

Quicken Online data will import into TurboTax starting with tax year 2008.
Quicken Online does not yet support the following features, but these features may be developed down the road:
  • Split transactions.
  • Data exports to Quicken desktop. Quicken Online customers may need to migrate to the more robust features in Quicken some day.
  • Online bill payment.
  • TurboTax software integration.
Investment Accounts
Quicken Online does not support investment accounts at this time. Many people in the target market for Quicken Online could conceivably have a 401(k), so I hope to see investment accounts supported in Quicken Online in the future.

Quicken Online Help and Support

Quicken Online incorporate Live Community so you can get answers to questions.Courtesy of Intuit
Live Community is a convenient forum for getting help with Quicken Online and to discuss personal finances. Get answers and input from other Quicken Online customers as well as Quicken Online support technicians.

Tight Security

Quicken Online uses multi-factor identification.Courtesy of Intuit
Quicken Online uses multi-factor identification, just as financial institutions do. To ensure that you are the only on who sees your data, this security measure requires you to answer questions to log in. Other important security features for Quicken Online are:
  • SSL and 128 bit encryption renders data unreadable as it moves from financial institution to Quicken Online.
  • Quicken Online does not store account numbers or social security numbers.
  • Quicken Online do not use a third party service such as Yodlee to do the automatic account updates. The updates happen directly between Intuit and your financial institutions.

Quicken Online: Hit or Miss?

Courtesy of Intuit
Quicken Online looks like a great addition to online financial software choices, and it is a free, secure, low cost money management solution with a feature set that is just right for the younger target market Quicken Online aims to serve.

I think Quicken Online looks like a hit, and I suspect a lot of people who want a very simple and convenient yet elegant financial software solution will also be checking out Quicken Online.

Looking for more features? Consider Quicken Desktop Software.

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