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FAQ Quicken Mac (2015 including subscription 2018+) savings goal accounts (work-around)

Quicken Generic UserQuicken Generic User Member ✭✭✭✭
edited June 2019 in FAQ'S (Mac)

does Quicken 2015 for Mac have a function like the Windows version savings goal accounts? I use those as a quasi-envelope system and if the new Mac version can't mirror that functionality in some way I'll have to hold off and continue to use my 2012 Windows version

Comments

  • Quicken JeffQuicken Jeff Member, Employee ✭✭
    edited June 2019
    Quicken 2015 for Mac does not have the same Savings Goals feature you have in Quicken Windows.

    See this link of a chart that compares Quicken 2015 for Mac features vs. Quicken Windows and Quicken 2007 for Mac: http://www.quicken.com/mac/compare

    Here you can also vote on the next features to be added to Quicken 2015 for mac (Savings Goals is listed) and sign up to be notified when the features you are interested in are released. As new feature improvements are completed they will be delivered via free updates through August 2015.

    Savings Goal Work Around

    However, you can achieve a result similar to Savings Goals by using an Asset Account as a Savings Goal in Quicken 2015 for Mac.

    You won't get a graphical progress indicator against the goal as you do in Windows, but you can "hide" money from your checking account and track your goal progress by using the Asset account balance in a manner very similar to the Quicken Windows feature.

    If you'd like to try it:

    1. Create a new "Asset" account in Quicken 2015 for Mac. By default the account is called "Asset" but you can rename this to be be your goal name (e.g. "Travel Goal")

    2. In your checking register, turn on the Transfer column: click the "columns" icon on the bottom, register toolbar and select "Transfer." (You can turn on or off any of the columns like this, BTW.)

    3. Now, in your checking account you can "transfer" the money to you Goal account (the asset account) much like in windows. A transfer out of Checking will reduce your checking balance by the amount of the transfer and increase the Asset/Goal account value. (Note: If you're using just the "amount" column to enter transactions in your checking account, make sure to enter a minus sign (-100) when making the transfer to ensure it's recorded as an outflow rather than an inflow. You can also turn on the Payment and Deposit columns if you prefer the Windows/Mac 2007 style value columns.)

    4. When you're ready to spend your savings (or want to have it show up in your checking account again) you can either do another transfer into your checking account from the Goal account, which will retain the goal history, OR (perhaps more simply) just go the Goal/Asset account and delete the transfer transaction(s) you wish to return to the source account (e.g your checking account).

    You can setup an Asset Account in this manner for all of your Savings Goals.

    I know this is not exactly the same as the windows feature, but the end results are similar.


    A note on Mobile balances:

    If you use the method described above with an account where you download transactions from your bank, please note that the "ending balance" displayed on your mobile device (if you choose to use the mobile app) will reflect the balance of your checking account MINUS the savings goal transfer--just as on windows. However, the Online Balance (the balance seen on the mobile home screen) will still reflect the Current Balance as reported by your financial institution. So, if you want to see the balance less the Goal transfers on mobile, tap the account to view the transactions then swipe the account header to view the Ending Balance.

    I hope this answers the question!

    Jeff
  • Quicken Generic UserQuicken Generic User Member ✭✭✭✭
    edited June 2019
    Won't this approach create complications in the checking account when it comes time to reconcile against a statement?
  • John_in_NCJohn_in_NC SuperUser ✭✭✭✭✭
    edited June 2019
    Yes, it indeed will.
  • Quicken JeffQuicken Jeff Member, Employee ✭✭
    edited June 2019
    Great point. This would complicate reconciliation. You'd have to subtract the sum of your Savings Goal contributions from the ending balance of the statement period to make it work out. And, yes, I think this could get messy/painful month-over-month. I believe the windows Savings Goal feature corrects for this condition during reconciliation and ignores the savings goal contributions.

    So, you're right. If you Reconcile against the bank statement, this method would require some extra work when you reconcile.  Sorry about that...
  • Quicken Generic UserQuicken Generic User Member ✭✭✭✭
    edited June 2019
    Yeah, I guess I'll have to stick to Quicken for Windows running under Parallels until Quicken Mac adds this feature.  Too bad because I was looking forward to using a Quicken version that is native to the Mac environment.  I'll keep watching.
  • miller.90miller.90 Member
    edited June 2019
    This problem with reconciliation was immediately evident to me, too!  Like Elrond87, this silly omission from Quicken 2015, condemns me, also, to continue using Quicken under Parallels, and deprives Intuit of yet another sale.  If you're listening, Intuit, what is the big hulking deal that prevents you from making the Mac version's feature set identical to the Windows version?!?!?  Sheesh!
  • miller.90miller.90 Member
    edited June 2019
    The only workaround I see, and it's tenable only if one uses but a single Savings Goal account, is to create a real savings account at the same bank, and have both the bank and Quicken 2015 schedule a transfer between the two accounts for the same amount on the same day of the month.  Reconciliation will work seamlessly, and when it comes time to use the money in the so-called Savings Goal account, manually transfer it to checking or withdraw it, reflecting that transaction in Quicken 2015.  I use only one Savings Goal account, for my property taxes which are considerable, but if one had multiple Savings Goals accounts in his present version of Windows, this workaround would be too tedious to be practical.
  • germer2germer2 Member
    edited June 2019
    I can't believe how long we must wait for a feature that been in windows quicken for ever... just when I thought the day has come. we must wait again. (the story of intuit and MAC).  Mac community has buying power guess inuit doesn't care.
  • smayer97smayer97 SuperUser ✭✭✭✭✭
    edited June 2019
    The above work-around does present a limitation with reconciling an account using this approach BUT it does 'hide' the savings amount from the account. 

    If you want to avoid the reconciliation issue yet still use an asset account to track some savings, another alternative is that for every entry you transfer to the asset account, you enter an adjustment split line to offset the amount in the same transaction at the source. So if you transfer $100, place another line below with -$100.

    The benefit is that the reconciliation will remain intact. The trade-off is that this saved amount will NOT be 'hidden' from the account balance. But you can try to mentally deduct that amount from any available balance in the account.

    Neither is a perfect solution. 

    HTH
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  • smayer97smayer97 SuperUser ✭✭✭✭✭
    edited November 2018
    Meanwhile, you can add your VOTE to Add savings goals to Quicken for Mac.

    First, click on the underlined link above to go there, then click VOTE at the top of THAT page, so your will vote count for THIS feature and increase its visibility to the developers by seeking to have the features you need or desire end up in the latest version.

    This idea will eventually be added to the List of Requests for New CapabilitiesClick on the underlined link, then click FOLLOW at the top of the page so you can be notified of any new related IDEAS to which you could add your vote when they are added. Your VOTES matter!

    (If you find this reply helpful, please be sure to click "Like", so others will know, thanks.)
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    (
    Canadian Q user since '92, STILL using QM2007)

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