joint accounts: ownership multiplier ( 3 Legacy Votes)

lholho@

I vote for this feature as well. Without it, it throws off the planner, budgeting and net worth....

Perhaps Quicken Business should have this feature.

Quicken_Tyka

Hello all,

Thank you for taking the time to visit the Community to post your question, although I apologize that this feature isn't currently offered.

I see several comments in favor of this feature, however, the vote count on the first page is shown as 0.

Be sure to navigate to the first page of this thread and view the top of this post and click the up arrow to add your vote!

Thank you,

-Quicken Tyka

gayste

> @buck9063 said:
> I also heartily vote for this feature and agree with Mr. Gumpertz, Jake, and JRuff. I've always wanted and been looking for this feature. My partner and I have been together for 20 years, but have always maintained our own financial accounts and records (in addition to my partner maintaining our joint financial accounts and records). He' s used Quicken desktop forever, since long before we met, meticulously tracking his finances all these years. I'm a recent refugee from Mint, which I found wanting. We have no interest in combining our record keeping. I'm fine with not including our joint bank accounts in my Quicken (since he does such a great job of it already, and the joint bank accounts add up to a relatively small amount of money), but I would really love to track our sizeable mortgage along with all my other assets in Quicken. As Mr Gumpertz points out, regardless of whether I import 0% or 100% of the mortgage (the only options currently afforded me by Quicken), my net worth and other mortgage calculations are incorrect.

We also keep our finances separate. We only share one checking account and a mortgage. I would love to be able to split these assets so that only half would show up in my net worth. This has nothing to do with partnerships, S Corps.

NotACPA

"We also keep our finances separate. We only share one checking account and a mortgage. I would love to be able to split these assets so that only half would show up in my net worth."

It's VERY simple, in Q to create memorized Net Worth reports that only show YOUR accounts and "other's" accounts.

BUT how would you handle income and expenses?  Are they separate also?  You COULD use Tags for this purpose ... but would you REALLY want to get down to the nitty gritty of "Who ate how much cereal, from the Grocery expense"?

OR, you could imply have 2 Q data files, "splitting" those shared items with offsetting accounts as was suggested some time ago in this thread (perhaps by Tom Young).

nicci

Hi all. My husband recently inherited four properties that we now co-own with his brother. I was quite surprised to find there is no way to have a shared asset in Quicken today. And at some of the comments here. Not sure how this would not be considered a personal finance topic.

Has anyone figured out anything creative with low manual entry?

NotACPA

"Not sure how this would not be considered a personal finance topic. "

Because shared assets are, most commonly, a business function ... not a personal function.

What your husband has is a Partnership ... not a Sole Proprietorship, and Q simply doesn't handle Partnerships.  Try Quickbooks.

JRuff

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JRuff

> @NotACPA said:
> "Not sure how this would not be considered a personal finance topic. "Because shared assets are, most commonly, a business function ... not a personal function.What your husband has is a Partnership ... not a Sole Proprietorship, and Q simply doesn't handle Partnerships.  Try Quickbooks.


[removed - violation of community guidelines]
 
No, Quickbooks doesn't give a PFS, it's not a solution. In a PFS for one person, only one person's assets can be shown and that means splitting even spouse owned assets.

kiki1

I voted for this great idea.

I own a property with my sisters and thought, piece of cake, I'll go into the account details and enter my % ownership... Nope! Not there! Quicken Please implement.

EVERYONE WHO SUPPORTS THIS IMPLEMENTATION, PLEASE GO TO THE VERY FIRST ENTRY OF THIS THREAD BY RICK GUMRTZ AND UP-VOTE IT.

janna99

"Because shared assets are, most commonly, a business function ... not a personal function."

My daughter and I own a house together 60/40. We also have a joint checking account, and joint savings for 'house' expenses. I think many more people need this function than some others on this thread are considering.

baxie

+1. Two use cases:

- My wife has a joint account with her siblings; therefore, our personal finances should only reflect 1/3 of the value and dividend/interest income. The portfolio is very large, so it would take a lot of effort to do manually.

- I own a small portion of rental property with immediate and extended family. This isn't too crazy because I can manually enter my value and portion of the income hits our checking account.

NotACPA

baxie said:

+1. Two use cases:

- My wife has a joint account with her siblings; therefore, our personal finances should only reflect 1/3 of the value and dividend/interest income. The portfolio is very large, so it would take a lot of effort to do manually.

- I own a small portion of rental property with immediate and extended family. This isn't too crazy because I can manually enter my value and portion of the income hits our checking account.

And, again, these are partnerships and Q doesn't support partnerships. Try Quickbooks

Blaniac

This function should be added. I use Quicken Home, Business, and Rental Property. It is extremely common to have partnerships in business and rental real estate investments and tracking your partial ownership percentage across all associated accounts is fundamental. Without this automated functionality, I think Quicken is misrepresenting the product with the name.

NotACPA

@Blaniac Re-read my reply in the message immediately before yours.

swkutz2009

Hi all,

Please add the ability to split account ownership!!

The advantage of Quicken over QuickBooks is that by allowing marketable securities and wider variety of personal accounts to be added, one can more clearly see personal finances. Yet when you are part of a partnership, co-own, or co-share accounts, but are not able to split these accounts to represent the split, the advantage of Quicken over QuickBooks is gone. My net worth and other summary features are false.

Steven

volvogirl

Can't you just enter your part?  Like half the shares?

splasher

Quicken is not meant for partnerships, never has, you are trying to use the wrong tool.  You use a hammer to drive nails, not to wash windows.

Jim_Harman

One way you could do this would be to set up separate actual accounts and a separate Quicken file for the partnership and track its assets, income, and expenses there.

When the partnership makes a payment to you, record it as a withdrawal in the partnership's file and a deposit in yours. Also in your personal file, set up an asset account that has your share of the partnership's value.

q_lurker

I've suggested this idea be merged into this older one:
https://community.quicken.com/discussion/7752003/joint-accounts-ownership-multiplier-3-legacy-votes

My thoughts are expressed early on in that other idea.

[Deleted User]

I see this as only appropriate for business situations.  For joint personal accounts each party doesn't own a percentage but have equal rights and access to 100% of the joint account.  That being said, I don't think this feature is appropriate for a personal finance software such as Quicken.  It would be more appropriate for Quickbooks which is used for business finance applications.

Another interesting note is that there is no such thing as a joint personal credit card.  The owner of the CC is 100% responsible for all charges, no matter who made them.

OPV

Please add the ability to have a multiplier to an account so that I can track my share of the account value. I own x% of an investment club that will have many transactions each month. Having this functionality helps me automatically download transactions and let the quicken apply x% to everything so that my quicken file shows my share of account value, and will be part of all my personal income/expenses, investment holdings/performance and networth tracking.

I tried another approach to implement this need in Quicken. Quicken allows to define a manual foreign currency for a specific account. I defined a fake currency with a symbol as G and exchange rate as G = x * $. I tried to add my investment account with this foreign currency. This could have been the simplest implementation and functionality for Quicken. However, to my sadness, quicken did not allow me to define a foreign currency to an investment account, while it allowed for checking/savings accounts. So, my problem still remains.

I dont understand why quicken did not allow a foreign currency to an investment account. Is it too much of an ask to add that ability? This will open up the ability handle joint accounts, investment club accounts and any other shared accounts with a % split as an equivalent foreign currency.

Any thoughts?

NotACPA

@opv, what you're asking for is a partnership function and this has been requested in the past and rejected by Q. It's not likely to happen in the future.

Partnerships are a function of Quickbooks, not Quicken.

Rocket J Squirrel

Surprise! Quicken (Premier at least) does offer (offline only) Partnership accounts. I have no idea how to use them, but someone who needs this feature could try what is already offered.

Chris_QPW

@Rocket J Squirrel this isn't the kind "partnership" this request is for.

These accounts are "investment partnership" accounts. Even though I don't know what the details would be on an investment partnership account that isn't someone sharing a checking or savings account. And the very fact that these are offline only removes any benefit from what they seem to want from this request (if it is manual enter, they could just enter only their part, instead they want to download say a deposit for $100 and have it automatically split somehow in certain places where $50 goes to one person and $50 goes to the other).

Out of curiosity I created one of these accounts, then when I went to the first transaction, this popped up:

As you can see, they believe that this account is for someone that is entering a partnership where they commit a certain amount to the partnership, and one has to assume then they are then going to be tracking what they put into the partnership and what returns it gives them.

In my opinion, the original request will never happen because it would have to change things all over Quicken. There would be changes to the accounts, to report, to the investment features like the portfolio. It is just too massive of a change for the few people that are requesting it.

Rocket J Squirrel

Maybe so. But often Quicken features can be bent to the user's will. This might work for some partnership participants who are willing to put in the effort.

It is obviously a little-known feature. Perhaps by making it better known, it can be better used.