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Posted by Al on July 5, 2008, 12:15 pm
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> Walter_Slipperman wrote:
> > I just purchased Quicken with the hope of trying to understand my
> > finances. My wife and I have been pretty good with money but as we
> > get older I'd like to get more organized with our money and have a
> > way to see all accounts at one time.
>
> > My first impression of Quicken Deluxe 2008 (for Windows) =A0is that it
> > looks pretty sophisticated and I can't figure out the most basic
> > thing:
> > - I thought I would be entering every penny that we spend . =A0I can't
> > figure where to do that.
>
> > Next thing:
>
> > - I've been paying my bills online with my bank, Citibank, FOR FREE.
> > Browsing the Citibank web site it looks like they want $9.95 a month
> > to do it through Quicken. =A0Is that true?
>
> > Walter
>
> Walter -
>
> The easiest thing to do if you're new to the program is simply go to your
> local Barnes and Nobles (or Borders) and buy a copy of one of the books
> about Quicken - I'd suggest the "Quicken for Dummies" series, or one of t=
he
> "Official" Quicken books you'll find on their bookshelves. =A0 =A0It's a =
lot
> more readable than going through help panels and will give you a much bet=
ter
> sense of the program from your local armchair.
>
> As far as the general comment about "I thought I would be entering every
> penny that we spend . =A0I can't figure where to do that.". =A0It is true=
that
> you can do that by posting EVERY expenditure in one of the Quicken regist=
ers
> that you'll read about, but I doubt many people are that anal. =A0For exa=
mple,
> do you REALLY want to try to track every cent that you spend when you tak=
e
> money of out an ATM for pocket change? =A0Thing about the payback you'll =
get
> vs. the time and effort and bookkeeping you'll need to worry about.
> --
> -------------------------------------------------------------
> Regards -
>
> - Andrew- Hide quoted text -
>
> - Show quoted text -
Well, on a tangent to "posting EVERY expenditure", as we live in
Florida and can deduct state sales taxes on the federal tax return, I
started this year (purely as ***experiment***) to break out
expenditures into the appropriate category and state sales tax, if
any. I am doing this under the "general feeling" that the amount
allowed to de deducted without backup detail is lower than reality.
Unfortunately, some of our biggest expenses do not carry Florida state
sales taxes (i.e., travel expenditures like cruises, gasoline). Those
carry state excise taxes and other fees not deductible on the federal
return.
More unfortunately, YTD reports indicate that, so far, the allowed
amount (broken into 12 equal budget months) is higher than actual
taxes paid. I was close to a little ahead of budget at the beginning
of the year when we bought a couple of computers for relatives, but
have fallen behind since. Anyway, federal allows additional deductions
for "big ticket" items in addition to the allowed amount.
This one-year exercise may be good as an experiment, but Andrew is
correct in his suggestion to the OP about evaluating expected payback
vs. time and effort of bookkeeping.
AL
=2E
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