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Posted by avraham on February 11, 2007, 12:40 pm
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For some stupid reason I cannot understand how/where to enter CD's.
Help file confuses me. Just switched over to Quicken 2007 from Money.
Thanks
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Posted by Andrew on February 11, 2007, 5:02 pm
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avraham wrote:
> For some stupid reason I cannot understand how/where to enter CD's.
> Help file confuses me. Just switched over to Quicken 2007 from Money.
>
> Thanks
Goggle the archives for 'Quicken Certificate Deposit' and you'll see a lot
of different answers to this age-old question. Since there isn't a
well-defined way that Quicken provides, various people have tried various
approaches over the years. Personally, I name each CD a different
'security', value it at $1/share, and manually use Reinvest Interest
transactions monthly.
--
-------------------------------------------------------------
Regards -
- Andrew
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Posted by Skeptic on February 11, 2007, 5:03 pm
Please log in for more thread options > For some stupid reason I cannot understand how/where to enter CD's.
> Help file confuses me. Just switched over to Quicken 2007 from Money.
>
> Thanks
You just select CD in the security type field, asset class is cash.
The price would usually be 1.
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Posted by R. C. White on February 11, 2007, 5:31 pm
Please log in for more thread options Hi, Avraham.
> For some stupid reason I cannot understand how/where to enter CD's.
Right! But you and I are not the stupid ones! Quicken does NOT understand
Certificates of Deposit. :>(
We have ranted here about that many times over the past several years. Yes,
the recent versions of Quicken CLAIM to be able to handle CD's, but as soon
as we try to actually record the purchase, interest income (especially
compounding), and redemption at maturity, it is obvious that the programmers
actually are quite clueless ("stupid") about CD's.
In lieu of a satisfactory solution from Intuit, we in this newsgroup have
devised several workarounds, which you can find by searching the archives,
using Google Newsgroups, perhaps. None of the workarounds are really
satisfactory. I came up with my solution several Quicken versions ago, so
there may be better ways available now.
I created a new Investment Account, called "CDs". Here I've recorded
several CD's over the years from several different banks. Each CD is a
separate Security, in Quicken parlance. The purchase is fairly
straightforward: I just enter a Buy, showing a $10,000 CD, for example, as
10 shares at $1,000 each. Sales are easy enough to record, too, so long as
you've made entries to recognize increases in the value from compounding.
(Quicken probably will report a Sale with Zero gain.)
Interest received by check must be recorded each time; there is no way to
schedule entries in Investment Accounts. You can schedule them in a cash
account (Checking or Undeposited Checks, for example), but such income does
not get tied to the CD in the Security View for the CD. I've taken a
two-step approach: I've scheduled the transaction - simply as a reminder -
in my Checking Account where the interest is automatically transferred, but
I don't Enter this scheduled transaction each month (or quarter). Instead,
I open the CDs Account and record the Memorized Investment Transaction - and
then Skip the scheduled checking transaction, so that it will remind me
again next month to go through the two steps again.
For compound interest, I've created an Excel spreadsheet for each CD and
calculated the interest for each compounding period to maturity. Then, each
month, I record the ReinvInt to recognize the income and to add the amount
to the balance of the CD asset. To get around the inability to schedule
these investment transactions, I "bit the bullet" and went ahead and entered
ALL the future monthly amounts until maturity into the Transaction List.
Each month, Quicken moves the current transaction from below the "current"
line in the register. (The bank and I often disagree on the interest amount
by a few cents; I adjust that at year-end or maturity, or whenever I get a
statement.)
The bottom line is that Intuit has not seen fit to fix this simple (it seems
to me) programming problem, even after years of adding bells and whistles to
Quicken.
RC
--
R. C. White, CPA
San Marcos, TX
(Retired. No longer licensed to practice public accounting.)
rc@grandecom.net
Microsoft Windows MVP
(Currently running Vista Ultimate x64)
> For some stupid reason I cannot understand how/where to enter CD's. Help
> file confuses me. Just switched over to Quicken 2007 from Money.
>
> Thanks
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Posted by John Beurket on February 12, 2007, 10:33 am
Please log in for more thread options R. C. White wrote:
> Interest received by check must be recorded each time; there is no way
> to schedule entries in Investment Accounts. You can schedule them in a
> cash account (Checking or Undeposited Checks, for example), but such
> income does not get tied to the CD in the Security View for the CD.
> I've taken a two-step approach: I've scheduled the transaction - simply
> as a reminder - in my Checking Account where the interest is
> automatically transferred, but I don't Enter this scheduled transaction
> each month (or quarter). Instead, I open the CDs Account and record the
> Memorized Investment Transaction - and then Skip the scheduled checking
> transaction, so that it will remind me again next month to go through
> the two steps again.
As a variation on this scheme I schedule the transaction as a transfer
from the Investment Account then after entering the transaction go to
the matching transaction. There I edit that transaction, changing it
from a cash transfer to an interest payment for the appropriate CD.
The transaction will already have the transfer to the checking account
and does not alter the checking account when saved.
John Beurket
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