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Posted by CDavey on August 12, 2008, 4:21 am
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I have just installed Quicken 2008 on my computer, and it has found
previous files from 2003, which was the last time I used it. I would
like to enter data back to 2000, and also bring it forward up-to-date.
I have been holding off filing my 2007 taxes because I knew I would
have a Quicken printout to give to my tax prepper.
My question is, what is the best way to proceed entering the data for
2000, 2001? Then there is existing data for a couple of years, and
can I first enter 2007, then go back and do the previous years, or do
they have to be entered in sequence? OR can I have multiple Quickens
running? If I seem confused; it's because I am confused. Help!
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Posted by R. C. White on August 12, 2008, 9:09 am
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Hi, CDavey.
Wow! How much data do you have to enter?
If your finances are like mine, it might take months or even years to enter
more than 7 years worth! But if all you must enter is a monthly paycheck
for income and a single "miscellaneous expense" category to record that you
spent it all, then I guess it could be done quickly enough.
In other words, there's no way that we can answer your question without some
idea of your personal finances.
Ordinarily, it's best to enter Quicken data chronologically, reconciling
periodically as you go. It is theoretically possible to start at some
arbitrary date, like 1/1/07, and then later go back and enter transactions
leading up to that date, it's very hard to get the 12/31/06 ending balances
to agree with the 1/1/07 beginning balances. But you may be much less fussy
about such niceties than I would be.
So, in your case, a workable plan might be to first create a new Quicken
file with a 1/1/07 starting point and enter all your 07-08 (to date)
transactions, just so that you can file your 07 tax return. (You didn't
mention any other years, so I assume they are all in order, taxwise. Where
did you get the data for those tax returns each year?) Then, revive your
2003 file and chronologically enter all the transactions since then up to
12/31/06. Reconcile any differences between the end of the revived file and
the beginning of the new file, then merge them into a single continuous file
by creating the new file and importing from both of the old ones. Keep both
old files intact until you are sure the new one is complete and working
properly.
For the simplest tax situation, you don't need Quicken at all. Just hand
your "tax prepper" your 2007 W-2 and tell him/her to use the Standard
Deduction.
For any but the simplest financial situation, this could be a very long,
large and tedious project. If you need further help or advice, please tell
us more background information.
Good luck!
RC
--
R. C. White, CPA
San Marcos, TX
(Retired. No longer licensed to practice public accounting.)
rc@grandecom.net
Microsoft Windows MVP
(Currently running Quicken 2008 Deluxe in Vista Ultimate x64 SP1)
> I have just installed Quicken 2008 on my computer, and it has found
> previous files from 2003, which was the last time I used it. I would
> like to enter data back to 2000, and also bring it forward up-to-date.
> I have been holding off filing my 2007 taxes because I knew I would
> have a Quicken printout to give to my tax prepper.
>
> My question is, what is the best way to proceed entering the data for
> 2000, 2001? Then there is existing data for a couple of years, and
> can I first enter 2007, then go back and do the previous years, or do
> they have to be entered in sequence? OR can I have multiple Quickens
> running? If I seem confused; it's because I am confused. Help!
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Posted by CDavey on August 12, 2008, 7:25 pm
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Hi R.C.!
What a very helpful and thorough response R.C., many thanks!
Let me fill in some details. I have most of the files from my
checking account downloaded and ready to go into Quicken so the data
entry is a snap. However, I remodeled my house in 2001 and was
computer-challenged that whole year so that is the year (along with
2000) that I will have to enter by hand. Not a big deal really, since
there's no deadline for any of this.
Usually, what I do is a cash flow printout and that is what goes to
The Prepper. I have been giving them that for several years so I
guess maybe I have up to 2006 in Quicken as well. Not sure about
this.
So, mainly, I want to load up all the files for 2007 and generate the
printout for my taxes. That's the first priority.
Next, I want to build a Quicken that starts in 2000 and goes forever.
I must have more data in there than I think I do. Some filenames got
very strange looking toward the end of 2006. I need to get cozier
with the file structure & naming protocol.
Anyway, as I progress into this further I will be calling upon your
obvious expertise in these matters. Thanks for the response, I posted
this on the other forum and got nothing, glad to have found the right
place!
wrote:
>Hi, CDavey.
>
>Wow! How much data do you have to enter?
>
>If your finances are like mine, it might take months or even years to enter
>more than 7 years worth! But if all you must enter is a monthly paycheck
>for income and a single "miscellaneous expense" category to record that you
>spent it all, then I guess it could be done quickly enough.
>
>In other words, there's no way that we can answer your question without some
>idea of your personal finances.
>
>Ordinarily, it's best to enter Quicken data chronologically, reconciling
>periodically as you go. It is theoretically possible to start at some
>arbitrary date, like 1/1/07, and then later go back and enter transactions
>leading up to that date, it's very hard to get the 12/31/06 ending balances
>to agree with the 1/1/07 beginning balances. But you may be much less fussy
>about such niceties than I would be.
>
>So, in your case, a workable plan might be to first create a new Quicken
>file with a 1/1/07 starting point and enter all your 07-08 (to date)
>transactions, just so that you can file your 07 tax return. (You didn't
>mention any other years, so I assume they are all in order, taxwise. Where
>did you get the data for those tax returns each year?) Then, revive your
>2003 file and chronologically enter all the transactions since then up to
>12/31/06. Reconcile any differences between the end of the revived file and
>the beginning of the new file, then merge them into a single continuous file
>by creating the new file and importing from both of the old ones. Keep both
>old files intact until you are sure the new one is complete and working
>properly.
>
>For the simplest tax situation, you don't need Quicken at all. Just hand
>your "tax prepper" your 2007 W-2 and tell him/her to use the Standard
>Deduction.
>
>For any but the simplest financial situation, this could be a very long,
>large and tedious project. If you need further help or advice, please tell
>us more background information.
>
>Good luck!
>
>RC
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Posted by CDavey on August 24, 2008, 3:28 am
Please log in for more thread options
RC,
So, I gave you more personal information and the lines have gone dark
it seems. Please see my previous message and tell me what else you
need to know to help me sort this all out. I'm countin' on ya' RC!
wrote:
>Hi, CDavey.
>
>Wow! How much data do you have to enter?
>
>If your finances are like mine, it might take months or even years to enter
>more than 7 years worth! But if all you must enter is a monthly paycheck
>for income and a single "miscellaneous expense" category to record that you
>spent it all, then I guess it could be done quickly enough.
>
>In other words, there's no way that we can answer your question without some
>idea of your personal finances.
>
>Ordinarily, it's best to enter Quicken data chronologically, reconciling
>periodically as you go. It is theoretically possible to start at some
>arbitrary date, like 1/1/07, and then later go back and enter transactions
>leading up to that date, it's very hard to get the 12/31/06 ending balances
>to agree with the 1/1/07 beginning balances. But you may be much less fussy
>about such niceties than I would be.
>
>So, in your case, a workable plan might be to first create a new Quicken
>file with a 1/1/07 starting point and enter all your 07-08 (to date)
>transactions, just so that you can file your 07 tax return. (You didn't
>mention any other years, so I assume they are all in order, taxwise. Where
>did you get the data for those tax returns each year?) Then, revive your
>2003 file and chronologically enter all the transactions since then up to
>12/31/06. Reconcile any differences between the end of the revived file and
>the beginning of the new file, then merge them into a single continuous file
>by creating the new file and importing from both of the old ones. Keep both
>old files intact until you are sure the new one is complete and working
>properly.
>
>For the simplest tax situation, you don't need Quicken at all. Just hand
>your "tax prepper" your 2007 W-2 and tell him/her to use the Standard
>Deduction.
>
>For any but the simplest financial situation, this could be a very long,
>large and tedious project. If you need further help or advice, please tell
>us more background information.
>
>Good luck!
>
>RC
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Posted by R. C. White on August 25, 2008, 1:25 pm
Please log in for more thread options
Hi, CDavey.
Sorry for the delay, but I didn't realize you were waiting for a further
response. Not much I can add to what I already said - and what you said you
were probably going to do: start at the beginning (however you define "the
beginning") and enter everything chronologically to the present. A tedious
job, but not hard.
I can add comments on a couple of points in your second post. But I need to
remind you that this advice is free and I don't claim it to be worth more
than you are paying it for. You really should be talking with your "tax
prepper"; if he is unable to help, then you may need to talk to someone
else, maybe even a local CPA.
> However, I remodeled my house in 2001 and was
> computer-challenged that whole year so that is the year (along with
> 2000) that I will have to enter by hand.
Remodeling. A much more complex topic than it may seem to be. It almost
always includes a mix of repairs and improvements - and those two intermixed
kinds of expenditures require significantly different treatment. It's
always easier to take separate subtotals and add them together than it is to
take a single conglomerate total and separate it into its many components.
So the more detailed classification you use as you go, the easier it will be
to sort out the final accounts or categories when your remodeling project is
finished.
For instance, adding a pool to a house that doesn't have one is clearly an
improvement. It's an asset and adds to the value of the property.
(Accountants will want to record the COST of the improvement; the tax
assessor and the Realtor will be more interested in the VALUE that it adds.
Those are NOT usually identical amounts!) Repairing a leaking pool is
clearly repair and maintenance. That's an expense category that does not
add value, but merely restores value that was there but has deteriorated.
But most pool projects will involve both. You might repair a leaking small
pump by replacing it with a larger pump. But that's easy compared to the
problems of sorting out the expenses of, say, modernizing a kitchen.
Neither repairs nor improvements of our residence is currently deductible,
so many users will ignore the distinctions. But the cost of improvements
can be added to the cost of the residence and, when the property is sold
some day, deducted from the selling price in calculating the gain. But the
gain may be less than the exemption, anyhow, so even that information may be
less important to the tax man than to you, personally.
Good luck.
RC
--
R. C. White, CPA
San Marcos, TX
(Retired. No longer licensed to practice public accounting.)
rc@grandecom.net
Microsoft Windows MVP
(Currently running Quicken 2008 Deluxe in Vista Ultimate x64 SP1)
>
> RC,
>
> So, I gave you more personal information and the lines have gone dark
> it seems. Please see my previous message and tell me what else you
> need to know to help me sort this all out. I'm countin' on ya' RC!
>
>
> wrote:
>
>>Hi, CDavey.
>>
>>Wow! How much data do you have to enter?
>>
>>If your finances are like mine, it might take months or even years to
>>enter
>>more than 7 years worth! But if all you must enter is a monthly paycheck
>>for income and a single "miscellaneous expense" category to record that
>>you
>>spent it all, then I guess it could be done quickly enough.
>>
>>In other words, there's no way that we can answer your question without
>>some
>>idea of your personal finances.
>>
>>Ordinarily, it's best to enter Quicken data chronologically, reconciling
>>periodically as you go. It is theoretically possible to start at some
>>arbitrary date, like 1/1/07, and then later go back and enter transactions
>>leading up to that date, it's very hard to get the 12/31/06 ending
>>balances
>>to agree with the 1/1/07 beginning balances. But you may be much less
>>fussy
>>about such niceties than I would be.
>>
>>So, in your case, a workable plan might be to first create a new Quicken
>>file with a 1/1/07 starting point and enter all your 07-08 (to date)
>>transactions, just so that you can file your 07 tax return. (You didn't
>>mention any other years, so I assume they are all in order, taxwise.
>>Where
>>did you get the data for those tax returns each year?) Then, revive your
>>2003 file and chronologically enter all the transactions since then up to
>>12/31/06. Reconcile any differences between the end of the revived file
>>and
>>the beginning of the new file, then merge them into a single continuous
>>file
>>by creating the new file and importing from both of the old ones. Keep
>>both
>>old files intact until you are sure the new one is complete and working
>>properly.
>>
>>For the simplest tax situation, you don't need Quicken at all. Just hand
>>your "tax prepper" your 2007 W-2 and tell him/her to use the Standard
>>Deduction.
>>
>>For any but the simplest financial situation, this could be a very long,
>>large and tedious project. If you need further help or advice, please
>>tell
>>us more background information.
>>
>>Good luck!
>>
>>RC
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